Comments about ‘Senate to work next week on debt limit impasse’

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Harry Reid announced the scheduling change

Published: Thursday, June 30 2011 12:00 a.m. MDT

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Clearfield, UT

Good. When lawmakers behave like bad kindergarteners, we SHOULD take away their recess.

lost in DC
West Jordan, UT

"The tax cuts I'm proposing we get rid of are tax breaks for millionaires and billionaires, tax breaks for oil companies and hedge fund managers, and corporate jet owners," Obama countered.

Doesn't he mean, "the tax INCREASES I'm proposing..."? This guy can't even tell the difference between tax cuts and tax hikes, no wonder he runs up $1.5 trillion deficits.

Salt Lake City, Utah

Obama just isn't used to hearing the word 'no'. First it was Israel and now it's the Republicans. Obama is in over his head and somebody needs to throw him a life jacket.

Ms Molli
Bountiful, Utah

No wonder there is so much laziness in the world today, including people who don't seem to think they should have to work 40 hours a week to earn their living. They are taking their direction from our leaders, who work about 6 months out of the year.

St. George, Utah

ok no recess kiddies untill you get all your homework done and dont forget to clean off your desk tops before heading home.

Kaysville, UT

Again we see that ideals without action are worthless. Murky plans without detailed written goals lead to murky outcomes. That is the problem with politics and especially the far right and left extremes that have way to much control and influence these days. Not that the ideals and general concerns are wrong, they are right on. It's the actual steps we take and the way we do it where empty rhetorical read meat politics let's us all down.

The issue of the debt ceiling should never come up in discussions of how to balance the budget or cut the size of government. The issue should be about the appropriate programs, spending and taxes. There should never be a question about whether or not the U.S. government should pay hard obligations it has already incurred. This is not hard to understand, so why do so many voters and their itching ear politicians get it wrong.

Not raising the debt ceiling is analogous to a family in debt not paying back it's obligations, when it should have a budget and cut its spending. Too many people walk away from their debts, when they could pay them back.

Kaysville, UT

A family needs to cut its spending or increase its income to balance the budget and so should the government. If one spouse favors getting a second job and the other spouse favors a decrease in spending to balance the budget that is analogous to the Republicans and Democratic positions in this debate. Fine, work it out. But that is where the analogy ends.

If the family runs out of options, and simply can't pay its debts they have legal recourse to file for bankruptcy. Not so with the "full faith and credit of the United States government." I argue that should never be held hostage, and it's shameful that many politicians choose to do so. They are demagogues. There are other more direct ways to apply political pressure. The best and foolproof way is to have the White House and veto proof majorities in both the house and the Senate. Short of that negotiation is the only route short of chaos and the decline of our nation.

In my next post I will discuss just some of the catastrophic events that will, I say will follow a defualt of U.S. obligations.

Kaysville, UT

But before I discuss consequences of not raising the debt ceiling, I will say I agree with those who believe, doing nothing to stop the bleeding debt situation will eventually land us in the same place as not raising the debt ceiling, (i.e. default on our obligations), not to mention an anemic economy and very real threats to our survival, both at home and abroad. It's just that I expect that we have adults and leaders solving the problems not two year olds, wo are so afraid of voters they can't bring themselves to lead.

Now, for just a few of the things that WILL happen and it's not a maybe. The bottom line is, defaulting on U.S. debt will make the last 3 years seem like living in paradise. The economy won't just dip into recession, it will grind to a halt. The U.S. will lose all respect in the world, and severly weakened and crippled, will eventually become vulnerable to attack from our enemies. Defaulting on our debt would eventually lead to the end of the United States as we know it. It would be the single biggest catastorphe in our history.

Kaysville, UT

Let me give you just one specific example. Standard and Poors said that if the U.S. defaults on its obligations it will lower its credit rating to D, the last rung on its scale. So what is a credit rating? Well, for insurance companies and other financial institutions who hold trillions in government debt, it would lower the value of those assets to the point where regulatory action levels will be triggered, placing the entire financial industry in liquidation. Deposits, insurance claims etc. will not be paid out. The government bond portfolios of retirees and retirement plans will be worthless and the market will collapse.

Is this something your dare devil representative playing chicken with your future is telling you? I think not. It's all a big game, a big joke to make you think they are serious about deficit reduction.

Pass a constitutional balanced budget amendment. Impose strict spending limitations, adopt a pay as you go philosopy. All fine, and very necessary and important for our long term prosperity and survival as a nation.

However, the debt ceiling and past obligations already incurred has nothing to do with the core issue. Take it off the table.

South Jordan, UT

Republicans are puposly doing nothing on the debt limit. WHY?? Because they want Obama to fail. They are sabotaging every effort to create jobs, and get the economy going. They think you wont vote for Obama if america fails. They dont care about the consequences. In 2012 lets vote republicans out of every office, and let the democrats get going on fixing our problems without the obstructionism of the GOP. The GOP has never done anything worthwhile, and never will.

Fitness Freak
Salt Lake City, UT

A question: IF the U.S. does go into default, EXACTLY who decides who will/won't get paid? Is it the Pres.?, the Treasury sec.,etc.?

We still do have revenues coming in.

I've read a lot about the issue but I don't really understand how the INCOMING revenue gets used.

Bend, OR

Maybe Obama could help show leadership by ending Michelle's expensive trips when she is not an elected politician? Maybe Obama could help show leadership by getting the United States out of Libya? Maybe Obama could show leadership by cutting corporate taxes so that company's quit relocating overseas where tax rates are lower? Maybe Obama could help show leadership by NOT having a press conference bashing Republicans in the House and Senate? Isn't this mess a function of his failed policies that doubled the deficit and provide "not so shovel-ready jobs"? That press conference does not promote a cooperative spirit. Maybe Obama could help show leadership by cutting funding to abortion groups like Planned Parenthood? Maybe Obama could help show some leadership by cutting foreign assistance to countries and groups who don't deserve our money? Maybe Obama could show some leadership by bailing out my student loans rather than failing corporations that should have gone into bankruptcy like Mitt Romney reasoned? That would stimulate my economic growth and help me (and others bailed out) to spend more.

Salt Lake City, UT

@lost in DC

"Doesn't he mean, "the tax INCREASES I'm proposing..."? "

What do you think 'The tax cuts I'm proposing we get rid of' means? He didn't say anything factually wrong. Besides, if we're going to pretend to be fiscally responsible we can't just ignore half the equation when it comes to the budget. We got into this mess because we spent too much and taxed too little and that's not a good combination.

@fitness freak
"A question: IF the U.S. does go into default, EXACTLY who decides who will/won't get paid? Is it the Pres.?, the Treasury sec.,etc.?

We still do have revenues coming in.

I've read a lot about the issue but I don't really understand how the INCOMING revenue gets used. "

I believe it's the Administration that gets to decide but Congress would of course be able to pass bills to direct funds various ways assuming they get through the senate and get signed by Obama.

American Fork, UT

Obama read 'em the riot act. Good for him.

Cedar Hills, UT

Ho hum - same ole same ole... Been down this same dusty street about a half dozen times now with Harry and Barack. Same ole scare tactics and misinformation being belched out by Obama - like a teleprompter slide he keeps replaying over and over and over. Grandma will eat dog food and little children will shiver in the cold unless I get my tax hikes. What a bunch of hooey. I hope the GOP holds firm on NO TAX INCREASES because all Barack wants is more of our money to pay off his far left cronies especially since it is coming onto to a new election cycle. Keep in mind that there are a whole slew of new tax increases from the middle income folks like us on up to the high wage guys - all signed into law and ready to roll out on the stoke on mid-night Jan 1 2013.... to start payment on Obamacare. Corporations also get blasted with these new taxes big time- small to large companies. So, don't be fooled by Barack's sad tales and scare tactic bull because that is exactly what it is.

Freedom and the Constitution

"In a challenge to President Barack Obama, the chamber's top Republican invited him to the Capitol to discuss the impasse with GOP lawmakers."

President Obama is busy and shouldn't have to go to the Capitol to discuss the impasse with GOP lawmakers when there are over 50 Senators there whom they can have discussions with.

This is merely grandstanding on the part of Republicans.

One man even if he is the President isn't going to make a difference if none of their colleagues in the Senate have been able to make a difference? If there is an real impasse Vice President Joe Biden will join his colleagues in the Senate and vote on legislation. Otherwise the Senate should get to work, do their job and let Obama do his. If there is a 50-50 split in the Senate then Joe Biden will come to vote.

The grandstanding and childishness of Republican Senators needs to stop. The President has a job to do and so do you and if you can't do yours then it is time for you (and any Democrats) who can't do your jobs to be sent home.

Bountiful, Utah

@Fitness Freak, I believe that would be the Executive Branch of Government, ultimately the President.

Salt Lake City, Utah

Re: facts_r_stubborn | 2:59 p.m. June 30, 2011
"It would be the single biggest catastorphe in our history."

Then Obama had better make sure this 'catastrophe' doesn't happen. He's the captain at the helm of the Titanic and my advice to him is slow down and take the warnings seriously. The Republicans have said 'NO' to more taxes and so Obama had better get out the knife and start cutting the fat out of the budget.

The only way to get an alcoholic's attention is to cut of his supply of booze and the same goes for Obama and the spend-what-they-don't-have liberals.

Roosevelt, UT

this is all talk and political pandering.

the white house takes care of wall street, and when wall street sells off prior to August then beware, but most likely wall street will continue as usual which will be a good indicator there will not be a default.

The last time there were tax cuts it cost the country and economy big time. George W. thought he was doing good but his tax cuts cost and did not help.

Utah has a GDP of 100 billion annually and the those tax cuts cost the country 1,500 of our annual GDP's. Yep, 1500 GDP's the size of Utah, so in hindsight it was not good even though it sounds good and looks good on paper but it would take all the money Utah makes in any way shape or form to pay off that debt, and it would take 1500 years. Man that is a lot of money.

Saint George, UT

Poor babies...

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