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Switch to Forum Live View Lawmakers Strike Major Budget Deal
2 years ago  ::  Oct 26, 2015 - 8:47PM #1
Stardove
Posts: 17,597
Lawmakers strike major budget deal

Bipartisan congressional leaders and the White House struck a major fiscal deal in principle Monday that would raise the debt ceiling and lift budget caps on both defense and domestic programs, according to congressional sources familiar with the deal.

The agreement could be voted on as early as Wednesday, the same day House Republicans are expected to nominate Rep. Paul Ryan, R-Wisconsin, to replace retiring Rep. John Boehner, R-Ohio, as House speaker.

The final details are being ironed out and a bill could be introduced later Monday as negotiators draft the language to prepare for it for vote.

This deal would avoid a potential debt default on November 3, and it would reduce the chances of a government shutdown on December 11.

The agreement includes top line numbers for defense and domestic spending levels for the next two years, but Congress will still need to pass some type of omnibus spending bill that includes specific levels for various federal agencies to avoid a shutdown in December.

The deal includes $80 billion in increased defense and domestic spending over two years‎, a senior House source told CNN.

It also includes more money for the Pentagon's overseas contingency account.


www.cnn.com/2015/10/26/politics/congress...

More at link.
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2 years ago  ::  Oct 28, 2015 - 7:38PM #2
Stardove
Posts: 17,597

It is done.


The U.S. House of Representatives approved a two-year, bipartisan budget deal that would remove the threat of default next week and lessen the chances of another government shutdown in December.

The vote, which came on John Boehner's last full day as speaker, was 266 to 167. All of the "no" votes were Republican.

The bill moves to the Senate, where it is expected to pass before the nation's borrowing authority expires Tuesday, despite a filibuster threat from Sen. Rand Paul.


 

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2 years ago  ::  Oct 28, 2015 - 8:03PM #3
Erey
Posts: 21,730

OK how many times have they lifted the debt ceiling since Obama took office?


I ask not to blame Obama but to frame the time.


Clearly we are not doing anything to truly ballance the budget if we keep having to raise the debt ceiling. 

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2 years ago  ::  Oct 28, 2015 - 8:31PM #4
amcolph
Posts: 20,246

The debt will go up, there is no doubt about that.  The absolute size of the debt, which is what the debt limit legislates, is not necessarily an emergency.  The real problem comes when debt begins to be too big a percentage of GDP.


It's like anything else: the more money you earn, the bigger house you can afford to mortgage.


Our debt runs around 100% of GDP, higher than any of the other industrialized countries but Italy, and surprisingly, Japan at 240%.

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2 years ago  ::  Oct 29, 2015 - 8:39AM #5
Girlchristian
Posts: 13,685

Oct 28, 2015 -- 8:03PM, Erey wrote:


OK how many times have they lifted the debt ceiling since Obama took office?


I ask not to blame Obama but to frame the time.


Clearly we are not doing anything to truly ballance the budget if we keep having to raise the debt ceiling. 




This will be number 7, same number of times as under Bush and 1 less than under Clinton. 11 times fewer than under Reagan. Every President, except Truman, has had to raise the debt ceiling.


What's more interesting is this quote from Obama when he voted no during one of the debt ceiling debates under Bush:


"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills," Obama said before a March 16, 2006, vote on raising the debt limit. 


Also, I found this on politifact's website:


Typically, the party that controls the White House has had to take the difficult vote to raise the limit, while the other party was free to criticize. An analysis of the past 10 years of votes on the debt limit from the nonpartisan Tax Policy Center shows the vote usually splits along partisan lines, with the president's party voting in support.

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2 years ago  ::  Oct 29, 2015 - 8:43AM #6
Do_unto_others
Posts: 11,942

Oct 28, 2015 -- 7:38PM, Stardove wrote:


All of the "no" votes were Republican.




Nacy (Just say, "NO!") Reagan would be so proud. Seems "NO!" and "Hell no!!!" are still the Republican mantra.

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2 years ago  ::  Oct 29, 2015 - 8:45AM #7
Do_unto_others
Posts: 11,942

Oct 29, 2015 -- 8:39AM, Girlchristian wrote:

This will be number 7, same number of times as under Bush and 1 less than under Clinton. 11 times fewer than under Reagan. Every President, except Truman, has had to raise the debt ceiling.




Say not so!

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2 years ago  ::  Oct 29, 2015 - 8:52AM #8
Girlchristian
Posts: 13,685

Oct 28, 2015 -- 7:38PM, Stardove wrote:


It is done.


The U.S. House of Representatives approved a two-year, bipartisan budget deal that would remove the threat of default next week and lessen the chances of another government shutdown in December.

The vote, which came on John Boehner's last full day as speaker, was 266 to 167. All of the "no" votes were Republican.

The bill moves to the Senate, where it is expected to pass before the nation's borrowing authority expires Tuesday, despite a filibuster threat from Sen. Rand Paul.


 




According to Politifact, that's normal. Every debt ceiling vote has occurred on party lines with the President's party supporting.

"No matter how dark the moment, love and hope are always possible." George Chakiris

“For those who believe, no proof is necessary. For those who don't believe, no proof is possible.” Stuart Chase
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2 years ago  ::  Oct 29, 2015 - 10:27AM #9
Aka_me
Posts: 14,464

Oct 28, 2015 -- 8:31PM, amcolph wrote:

Our debt runs around 100% of GDP, higher than any of the other industrialized countries but Italy, and surprisingly, Japan at 240%.



at the time of this article


uhmerican debt was 233% of gdp and CONTINUES to rise.


japan was at 400%


it is an absolute inevitability that interest rates will rise


what happens when we can't afford the interest payments?

I dream in my lifetime uhmericans will come to realize hezbollah, hamas, and isis gain followers by helping society AND the only way to defeat them is to perform greater good.

the average person is 8 times more likely to be murdered by a cop than a radical terrorist
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2 years ago  ::  Oct 29, 2015 - 10:30AM #10
Druac
Posts: 14,509

Yep...it is all political theater to keep us right where they want us, split down the middle.

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