Archive for the ‘debt limit’ Category

The TeaParty Giveth and Taketh Away

Friday, September 25th, 2015

Speaker John A. Boehner, who rode a conservative wave to one of the highest positions in government, said today that he would resign from Congress at the end of October, undone by the very Republicans Teabaggers who swept him into power.

His rise and fall are noted in the following timeline:

Feb 2012 – He was swept into power on the Tea Party wave of 2010, the new speaker is immediately confronted by his powerful right flank with H.R. 1, the first bill of the new Republican House, which tries and fails to defund Planned Parenthood.

Jul 2012 – Pressed by conservatives, John Boehner dug in against raising the government’s statutory borrowing limit, risking a potentially catastrophic default on the federal debt. The White House blinked and signed the Budget Control Act establishing a “super committee” to slash the federal deficit, with strict spending caps set by law if the committee failed. The committee did fail and the Sequester was born. This is the only real victory can claim against President Obama but time has proven the Sequester is no victory for the country.

Dec 2012 – With all of President George W. Bush’s tax cuts set to expire on Jan. 1, John Boehner faced a major predicament. Most Republicans were elected on a pledge not to raise any taxes. President Obama had vowed to raise taxes on the rich. If they all did nothing, taxes would go up for virtually everyone. Mr. Boehner lost to President Obama and taxes went up on incomes over $400,000.

Oct 2013 – With the federal government set to run out of money, conservatives demanded on defunding the Affordable Care Act. He knew a shutdown would hurt the GOP politically but he could not avoid it. The government shut down on Oct. 1 for 16 days, until Republicans caved in to pressure and negative PR. Once again, President Obama won.

Feb 2015 – Conservatives once again forced the Speaker to stand their ground on continued funding for the Department of Homeland Security, demanding that any funds be tied to stopping Mr. Obama’s executive actions on immigration. Again, Mr. Boehner faced a threat on his speakership. Again, President Obama prevailed.

Sep 2015 – With the end of the fiscal year approaching, conservatives are again demanding that Planned Parenthood be defunded and the Teabaggers are prepared to shut down the government. John Boehner knew that a bill to fund the government beyond Sept. 30 would pass with Democratic votes, but conservatives said such a vote would end his speakership.

Sep 25, 2015 – One day after Pope Francis addressed a joint session of congress, an invitation from the speaker, John Boehner announced his resignation. He said he wanted to resign last year but when Eric Cantor was defeated by the Teabaggers, he said he decided to stay on for one more year.

Minority Speaker, Nancy Pelosi called Boehner’s resignation “a stark indication of the disarray of the House Republicans.”

Teabaggers claimed credit and victory for the Boehner’s resignation.Dont Laugh at ME

Pelosi Provides Votes to End Republican Teabaggers Government Shutdown

Wednesday, October 16th, 2013

130910_nancy_pelosi_ap_605WASHINGTON — Today, Senate Democratic and Republican leaders reached a final agreement on a deal to reopen the government and extend its borrowing authority into February, with final passage looking increasingly possible by Wednesday evening.

In the House, Nancy Pelosi provided the votes needed to allow the bill to pass; 185-144. The Senate passed the bill 81-18. It is no surprise that Teabaggers voted against the bill.

Senator Harry Reid of Nevada, the majority leader announced the completion of the agreement shortly after noon, and the Senate Republicans who had led the push to shut down the government unless President Obama’s health care law was gutted conceded defeat and promised not to delay a final vote.

Under the agreement, the government would be funded through Jan. 15, and the debt ceiling would be raised until Feb. 7.

One can only hope that this will be a learning experience for lawmakers in the House and Senate who shut down the government in hopes of gutting “Obamacare” the Affordable Care Act.

In the midst of government collapse, the credit rating agency Fitch put the United States on a “negative ratings watch,” warning that Congressional intransigence had put the full faith and credit of the government at serious risk.
As the United States nears default, investors have demanded more compensation for lending to the government, with yields on short-term debt spiking to their highest levels in years.

Fitch warned that Congress has not “raised the federal debt ceiling in a timely manner.” It said that it “continues to believe that the debt ceiling will be raised soon,” but that “political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default.”

‘If China Calls, Let it Go to Voicemail’

Monday, June 6th, 2011

“Congress has rejected raising the debt ceiling, so if China calls, let it go to voicemail.” - Stephen Colbert

“odd political theater”

“just for show”

 

U.S. Reps. Phil Roe, Jimmy Duncan, Chuck Fleischmann, Scott Desjarlias, Diane Black, Marsha Blackburn and Stephen Fincher all voted for a budget that raises America’s debt 60% but voted against raising the debt limit.

FACT: Republican Votes Against Raising Debt Ceiling “JUST FOR SHOW.” Tenn. Republicans are happily playing politics with the full faith and credit of the United States. Republicans urged the defeat of their own measure, while Democrats — who not long ago were seeking just such a vote to raise the debt ceiling without attaching spending cuts — assailed Republicans for bringing it up, saying its certain defeat might unnerve the financial markets. Just in case, Republican leaders scheduled the vote for after the stock market’s close, and in the preceding days called Wall Street executives to assure them that the vote was just for show, to show Mr. Obama that he would have to make concessions in budget negotiations if a debt-limit increase is to pass Congress. [New York Times,
6/1/11]


FACT: PAUL RYAN BUDGET WOULD INCREASE U.S. DEBT 60% (& DESTROY MEDICARE). The Paul Ryan Budget that U.S. Reps. Phil Roe, Jimmy Duncan, Chuck Fleischmann, Scott Desjarlias, Diane Black, Marsha Blackburn and Stephen Fincher voted for, would raise the debt limit over 60%. Republicans are holding the debt ceiling hostage by claiming that “Washington must begin living within its means.” However, the Paul Ryan budget, supported by every Tennessee Republican U.S. Representative, would increase the national debt (61.5%) from $14.3 trillion today to more than $23.1 trillion by 2021. [Los Angeles Times, 4/15/11]

 

NOT RAISING THE DEBT LIMIT WOULD BE ‘CATASTROPHIC’

JP Morgan Chase CEO: Raising The Debt Ceiling “It’s A Moral Obligation.” “The U.S. Treasury will officially hit its credit limit around May 16 for the 10th time in 10 years. If House Republicans prolong the fight over raising the debt ceiling past that date, government officials and Wall Street investors agree that it would cause financial chaos. ‘This chatter about not meeting our obligations, I just don’t understand it,’ JPMorgan Chase CEO Jamie Dimon said late last month during an event at the U.S. Chamber of Commerce.  Dimon is one of the few business leaders who have been outspoken on the issue. ‘It’s a moral obligation to ourselves and anyone who owns U.S. debt,’ he said. ‘They should know the United States is good for its money, period.’” [NPR, 4/13/11]

Chief Economist For The U.S. Chamber Of Commerce Said If Congress Didn’t Raise The Debt Limit The Result Would Be Higher Interest Rates , Financial Uncertainty And Damage To The Nation’s Fragile Economy. “Martin Regalia, chief economist for the [U.S. Chamber of Commerce], agrees that there’s no other option but to raise the debt limit. The chamber is lobbying Congress and educating lawmakers about what it could mean if that doesn’t happen: higher interest rates, financial uncertainty and damage to the nation’s fragile economy. Regalia says the ramifications of a default — or even a close call — can be an eye-opener for lawmakers. ‘It’s no reflection on them that they don’t fully understand the nuances of a budget process that I don’t think anyone fully understands.’” [NPR,4/13/11]

“The Debt Problem Won’t Be Resolved – And May Even Be Made Worse – By Not Raising The [Debt Ceiling.” “A number of lawmakers -- some of whom will speak at a Tea Party rally on Thursday -- have said they will not vote to increase the debt limit because it would be fiscally irresponsible. But their rhetoric is misleading because it conflates two different things. There's raising the debt ceiling, which is a technical necessity. Then there is the country's actual debt problem, which is a political and policy matter. Indeed, the debt problem won't be resolved -- and may even be made worse -- by not raising the ceiling.”  [CNN Money, 4/1/11]

House Republican Conference Chairman Jeb Hensarling “It Would Be Catastrophic To Have The Nation Default Upon Its Debt.” “Both House Republican Conference Chairman Jeb Hensarling (Texas) and Senate Majority Whip Dick Durbin (D-Ill.) said on CNN’s “State of the Union” that not raising the debt ceiling is not an option – although they disagree on how future budgets should address closing the budget gap.  ‘What I do think is, yes, it would be catastrophic to have the nation default upon its debt,’ Hensarling said.” [Hill, 4/10/11]

House Speaker Boehner Said Defaulting On The Debt By Not Raising The Ceiling “Would Be A Financial Disaster, Not Only For Us, But For The Worldwide Economy.” “The possibility of the U.S. defaulting on its debt due to congressional inaction isn’t on the table, House Speaker John Boehner (R-Ohio) said Sunday. Boehner said it would mean ‘financial disaster’ for the global economy if Congress were unable to come to a deal to raise the debt ceiling this spring. ‘That would be a financial disaster, not only for us, but for the worldwide economy,’ Boehner said on ‘Fox News Sunday’ of the risk of default. ‘I don’t think it’s a question that’s even on the table.’” [Hill, 1/30/11]