House Republicans back off from fiscal clash with Obama

Comments (55)
jaham wrote:

Oh, how I wish we had THIS Barrack Obama as President:

“Mr. President, I rise today to talk about America’s debt problem. 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. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next five years, between now and 2011, the president’s budget will increase the debt by almost another $3.5 trillion. Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the federal government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America. And the cost of our debt is one of the fastest growing expenses in the federal budget. This rising debt is a hidden domestic enemy, robbing our cities and states of critical investments in infrastructure like bridges, ports and levees; robbing our families and our children of critical investments in education and health-care reform; robbing our seniors of the retirement and health security they have counted on. Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans — a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies. But we are not doing that. Despite repeated efforts by Senators Conrad and Feingold, the Senate continues to reject a return to the commonsense pay-go rules that used to apply. Previously, pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues. Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending. As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next five years. That is why I will once again co-sponsor the pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again. Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just five years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

- Senator Obama , March 16th, 2006

Jan 18, 2013 1:21pm EST  --  Report as abuse
tatman wrote:

can we make the pay freeze retroactive, back to 2008 when this congress began its deplorable dereliction of duty on the largest scale since congress’ conception? while we’re at it, let’s stop these criminals from receiving lifetime benefits and the poshest health care that no other American can obtain. NO WORK=NO PAY. and they’ve done far less work than any congress in history. I’d say we go to a public rating=pay scale system. every year their approval rating falls below 50%, they receive a comparable cut in pay as a penalty for their poor performance… then, if no improvement, TERMINATION. i can’t think of any other job in America where you continue to get pay raises, perks and benefits when you willfully defy the will of your employer (in this case, the American people) and don’t accomplish even your most basic responsibilities.

Jan 18, 2013 1:30pm EST  --  Report as abuse
redmerlot wrote:

The only “humiliating defeat” we have here is the constant, quarter-after-quarter humiliating defeat of the few remaining middle-class people who are doing all the work and getting soaked for all of this inept Government’s inaction.

Another 3 months. Another debt ceiling increase. “Demanding a budget plan”. HA HA HA. So what? They will pass some meaningless “budget” that has blank lines in it “to be decided in yet another 3 months”.

And 3 more months will pass, and they will pass another budget that agrees to, um, do nothing except put off the decisions for yet another 3 months.

I didn’t vote for any of these morons this last time. I just can’t anymore. I voted Libertarian this past time, even though I only partly subscribe to their policies. We must purge all the people who are running this Gov’t, people. Both parties are complete failures.

Jan 18, 2013 5:36pm EST  --  Report as abuse
DakotaGuy wrote:

I think we need to come to grips with the fact that the government is NOT going to address the budget problem. So, we need to figure out what is going to happen when the debt hits, 20, 30, 40 trillion and more and then do what we can do to protect ourselves the best we can.

Jan 18, 2013 5:43pm EST  --  Report as abuse
Joseph78 wrote:

So if the Congress is going to roll over and give the POTUS whatever he wants… who will look out for the public? Where’s the “three branches” we hear so much about?
Bah.

Jan 18, 2013 5:44pm EST  --  Report as abuse
smit1610 wrote:

Smart move. It keeps the issue of deficits and spending (which is the biggest problem that we face) out front and limits the attacks on defaulting the country, republican extremism, etc….). It puts the issue back to Obama and the “progressive left” to explain why they won’t address the spending problem. The problem in Washington is Obama and the so called “progressive left”; that will become evident soon! Stay tuned.

Jan 18, 2013 5:52pm EST  --  Report as abuse
JayBee123 wrote:

What about the other two years of no budget. The constitution stipulates that a budget be passes every year. No just when it is convenient.

Without a budget there is NO way to tell where the tax dollars go.
I applaud the republicans for changing to a winning strategy.

Jan 18, 2013 5:54pm EST  --  Report as abuse
yutah wrote:

Tatman you hit the nail on the head, one other thing needs to be done tho, get rid of the lobbyist, they s/have no bearing on how our government operates, that goes for both sides of the isle. Also, lets have an investigation into the paybks received by these politicians & throw them all in jail!!!!!!!!!!!!!!!!!!!

Jan 18, 2013 6:02pm EST  --  Report as abuse
Billybergh wrote:

Eliminate the debt ceiling. It makes no sense to handcuff our country. The budget deficit in a time of massive unemployment is good only for the rich: It secures their position while further impoverishing millions.

Jan 18, 2013 6:07pm EST  --  Report as abuse
Gigimoderate wrote:

This is nothing more than a PR move by the congressional Republicans, this does nothing! They meant at their retreat, saw that 75% of America has a unfavorable view of them. Their big idea; pass it to the senate democrats to pass a budget and if the don’t we’ll go without pay! Wink Wink!

Jan 18, 2013 6:12pm EST  --  Report as abuse
Bob9999 wrote:

“How that might work in practice, in light of existing budget law and constitutional restrictions on changing congressional salaries in the middle of a term, was unclear.”

The emoluments clause of the section 6 of article I of the Constitution restricts Congress’s ability to increase members’ compensation but is silent on reducing members’ compensation.

Jan 18, 2013 6:13pm EST  --  Report as abuse
bin1key wrote:

They need to stop listening to Newt Gingrich.

Jan 18, 2013 6:17pm EST  --  Report as abuse
MJT52 wrote:

They didn’t suffer a ‘humiliating defeat’. They BLINKED like some wimpy little kids rather than stand up to this President. When you win a basketball game by TWO points it is not a HUGE mandate. It’s barely scrimping by. This congress needs to get some backbone.

Jan 18, 2013 6:17pm EST  --  Report as abuse
pbgd wrote:

Bringing the United States to the brink of default is no way for the GOP to ever win an election again. They must stop playing naughty little boys and demonstrate themselves as responsible statesmen.

Jan 18, 2013 6:17pm EST  --  Report as abuse
ronajrny wrote:

Why is it that when some think that THE PRESIDENT may be consdering something that in their minds is banned in the Constitution they scream yet when THEY decide, for purely grandstanding reasons to “not pay congress unless a budget is passed” they can ignore the Constitution all they want? Just wondering here.

Jan 18, 2013 6:20pm EST  --  Report as abuse
HemiHead66 wrote:

Boy, I really get a kick outta the GOP playing their fiscal responsibility game. Not one thing that serves their interests is on the chopping block. All they care about is hanging the 90+% out to dry to keep all of their friends unfunded interests funded now that we’re broke. The GOP are determined to keep us spending 600% more on Defense than the world next biggest Defense spender. What am i saying, if Romney / Ryan won the election, they were going to throw another 2 trillion at pork-barrel Defense spending. The GOP should not be running this country, they belong in jail. Ya know, when the Bush / Cheney gang were running the show, all you heard these shills was “deficits don’t matter.”

Jan 18, 2013 6:29pm EST  --  Report as abuse
theJoe wrote:

NOT to worry Republicans, you will be booted out in 2014 and have NO say so. You all have done enough to keep America down.

Jan 18, 2013 6:35pm EST  --  Report as abuse
Valjean1 wrote:

It’s PROGRAM cuts. Quit hiding behind generic “spending” cuts and put program cuts where spending cuts demands are.

Jan 18, 2013 6:51pm EST  --  Report as abuse
rconaway wrote:

The Republican party is now manned by cowards. Obama owns them. He called them out publicly and they caved like little children. Let Obama take this country into default. I can’t see how that is worse than the money he is stealing for the thieves that keep him in power.

Jan 18, 2013 6:59pm EST  --  Report as abuse
anneshelby wrote:

Republicans in congress have lost their minds.

Jan 18, 2013 7:06pm EST  --  Report as abuse
sylvan wrote:

What a manly bunch, the House GOPers with their spray tans and hair dyes, tripping all over each other trying to back down off the ledge they insisted upon occupying so they could have high drama of screeching loudly about their omnipotent power. So we get an entire 3 month reprieve from the histrionics and showboating, only to see it all again? No thanks, dumb bunnies, you are one act ponies and we have seen quite enough.

Jan 18, 2013 7:19pm EST  --  Report as abuse
americanguy wrote:

I think we should all give a little on both sides when Washington tries to do something for the good of the country, instead of the good of “Das Party”. It serves no good to attack either side when they do what is has to be done. Can we all be Americans for a short time and not “Republicans” or “Democrats”?

Jan 18, 2013 7:22pm EST  --  Report as abuse
rsix35 wrote:

The Republican Party has been trying to fight the good fight and the media and idiot followers on the left have been running a much better PR campaign. This is the first smart thing they’ve done. They should have actually caved completely on the first round of fiscal cliff talks. Let’s give the left everything they want and when they have completely and utterly screwed things up well beyond where they are now, hopefully the people will wake up and make a change in 2014. Letting the dems have complete control gave us Obamacare, which is still not full funded and we won’t feel the full brunt of those 23 new taxes until 2018. If you want to see how much more damage they can do, by all means give them control again…. there will be no middle class. You really don’t even need to give them that long, just look at NY and California to see what long term dem leadership gets you. Oppressive cost of living, high taxes, high poverty, high crime… great welfare benefits.

Jan 18, 2013 7:25pm EST  --  Report as abuse
MikeSmola wrote:

Greatest country in the world run on the 90 days same as cash program.

Jan 18, 2013 7:45pm EST  --  Report as abuse
ronryegadfly wrote:

This is the first respectable thing congress has done in years. Smart too in that it puts the onus on the Senate and the President now. And I’m glad of that. I voted for Obama but I’ve yet to feel like he’s totally committed to reigning in our budgetary problems.

Jan 18, 2013 8:19pm EST  --  Report as abuse
Dave1968 wrote:

rsix35 wrote: “If you want to see how much more damage they can do, by all means give them control again” Yes please! we’d be very greatfull.
This is the first sain thing the republicans have done in a long time.
actually appearing at least to try to work together for the good of the country, although we all know there’s a demon behind those eye’s.
I can’t understand the mentality that would rush to destroy our country , do you people actually think this would be beneficial? to anyone?

Jan 18, 2013 9:13pm EST  --  Report as abuse

And there we have it… The conservatives act like grown ups (again) by averting the collapse of confidence, the liberals run around strutting like a bunch of peacocks, the media hails it as a huge success of the president and the lemmings in the population shrug it off as if was just more political theatre. And yet, what have we done?

Nothing- again. It’s as funny as it is sad. This is exactly the way Greece “fixed” their problems a year before the collapse. Amazingly, our media never mentions the absolute parity.

Bunch of schmucks

Jan 18, 2013 9:29pm EST  --  Report as abuse
justinolcb wrote:

“The Senate has failed to pass a formal budget resolution in nearly four years, and it has taken no action on House-passed Republican budgets.” – Could someone please explain to me how this is the fault of Repbulicans?? Sounds to me like Republicans have done what is required of them, but Democrats havent the entire time Obama has been in office.

Jan 18, 2013 9:59pm EST  --  Report as abuse
kiwibird wrote:

It makes you wonder at what point it will all come tumbling down, one day the debt will get the better of everyone.

Jan 18, 2013 10:09pm EST  --  Report as abuse
xyz2055 wrote:

justinocb…no problem..look at the 2013 proposal from the House Republican’s. Paul Ryan’s Path to Prosperity…Romney/Ryan couldn’t even carry their home states in the election on that plan. No matter what the Senate passes on their own, Boehner can’t even get his own legislation passed by House Republican’s. The wing nuts (Tea Party) have created major grid lock in Congress.

Jan 18, 2013 10:22pm EST  --  Report as abuse
Donnatello wrote:

tatman Do a little research before spewing a bunch of garbage. Congress does not get full pensions for life. They are under the same federal retirement plan as every other government employee. Look it up. They just get a slightly higher percentage applied per year, since they may not get reelected. The exta percentage is used to offset this risk. Also, their healthcare plan is the same as every other federal employee. They pay into the FEHB plan which gives them a choice of insurances to choose from. They don’t get free medical. Learn the facts Jack!

Jan 18, 2013 10:32pm EST  --  Report as abuse
xyz2055 wrote:

kiwibird…they need to start working on the debt, but we are no where near critical mass. The debt is only about 8 times annual revenue and the interest on the debt is only about 12% of the total annual expenses.

Jan 18, 2013 10:32pm EST  --  Report as abuse
Donnatello wrote:

justinolcb I’ll explain it to you. The Senate and the House are subject to different rules. Saying that the Senate can’t pass a budget, but the House can is comparing apples to oranges. This is due to the Senate having the filibuster, and them having made it so easy to filibuster. While budget bills cannot be directly filibustered, identical bills must sucessfully pass both Houses of Congress, or they are subject to Resolutions in each House. The Resolutions can be filibustered in the Senate, whereas the House of Representatives, has no provision for filibuster. Thus both parties, by their devisiveness are at fault.

Jan 18, 2013 10:36pm EST  --  Report as abuse
grasspress wrote:

is this what republican ‘leadership’ has come down to? taking advice from pollsters? wow!

Jan 18, 2013 10:49pm EST  --  Report as abuse
Bunker555 wrote:

Not to worry about pay suspension. Cantor probably went long on the the S&P 500 index futures before he made his surrender public.

Jan 18, 2013 11:15pm EST  --  Report as abuse
Bunker555 wrote:

“GOP shifting to a new, less aggressive stance” = grab your ankles

Jan 18, 2013 11:20pm EST  --  Report as abuse
rakeshdry wrote:

You are SO right. He had a better speechwriter then. The problem with this guy is that he says what he thinks people want to hear, and he lacks the courage and the character to champion what needs doing, even if unpopular. No leadership skills.

Jan 19, 2013 12:50am EST  --  Report as abuse
rakeshdry wrote:

You are SO right. He had a better speechwriter then. The problem with this guy is that he says what he thinks people want to hear, and he lacks the courage and the character to champion what needs doing, even if unpopular. No leadership skills.

Jan 19, 2013 12:50am EST  --  Report as abuse
justamaz wrote:

Are you getting it, Obama. The majority wants spending cuts. What don’t you understand about that? Feel like continuing with your arrogance?

Jan 19, 2013 1:25am EST  --  Report as abuse
bates148 wrote:

@jaham

Good find. Mr Obama is clearly a hypocrite.

Jan 19, 2013 1:57am EST  --  Report as abuse
joe10082 wrote:

The Republicans need to reevaluate their entire political platform and membership. It has become self serving political party at the expense of the American people. I can think of a few Republicans that need to hit the road specifically Boehner and Cantor. They have lost their way.To smart for their own good but not serving the nations best interests. Time and time again they have resorted to gridlock. Not to bright!

Jan 19, 2013 4:06am EST  --  Report as abuse
Crestmount wrote:

Wake up time people. The US economy is in a real bad place, with massive Govt debt. Increasing the ceiling so you can increase that debt may appease the markets for now, but until you take serious steps to decrease the debt, things will only get worse. Wallpapering over the cracks doesn’t repair the cracks.

Jan 19, 2013 5:28am EST  --  Report as abuse
DeannaTx wrote:

I, for one, am sick of paying a governing body such as our last and current Congressional House for never meeting a deadline. For kicking the can down the road on nearly every issue thats been brought before them.
They have the nerve to talk about the expense to the taxpayers to aid those struggling the most in this country while they themselves suckle payroll and staff payroll at the taypayers teat for such grossely lwo job performance which would have gotten them canned in any industry in the nation.
@jaham,
Read those words carefully then read what Obama promotes today. You’ll find they are the same stances. He says we cannot continue to rob investing into the future of our country to fun unpaid for tax breaks. America cannot continue to raid the Social Security trust find, which we continued to do until 2012 to fund 2 unpaid for wars.
Obama predicted then by 2011 the debt would increase by nearly $3.5 trillion. It increased by far more than his early prediction. This was before he ever went into office as President.
He’s still pushing for the same. He continues to talk about the dire need to reduce the debt through balanced spending cuts and tax breaks. He continues to promote investing into our country and citizens to keep America and Americans competitive with the rest of the world. He still continues to promote reducing the record high defense budget which was allocated during the height of involvement in 2 wars, and continues to grow long after one war has ended and the other reduced down to a dramatically less expensive level as it comes to near future closure also.
After Obama made that speech America saw a economic crisis erupt the likes of which hadn’t been seen since the great depression. An economic crisis which didn’t begin on his watch in office. An economic crisis which cost so much to pull America out from the spiral toward a full blown depression it sent us immediatly into a second recession.
So go back and reread what Obama said then and compare it to what he says now. If you do and with an unbiased eye you’ll see there is consistency and we do have that same Barrack Obama.

Jan 19, 2013 6:42am EST  --  Report as abuse
txnicole wrote:

I find it hilarious that the Republicans manage a perfectly timed offer that will finally force Democrats to agree to do the job they are supposed to have done years ago and somehow it is interpreted as the Republicans are backing down. Anyone who doesn’t realize that waiting until things were getting down to the wire and the Dems were getting nervous was exactly the right time to offer them a small piece with the only requirement being that they actually do their jobs. But somehow, forcing them to do their jobs is backing down.

Good grief, talk about spin and talking points.

Republicans haven’t given up on the debt ceiling, they just realize that the only way we can agree to take on new debt is to require that the White House and the Dems in Congress get serious about not only passing a budget, but working toward submitting a balanced budget plan in exchange for a raising of the debt ceiling.

Jan 19, 2013 7:12am EST  --  Report as abuse
MargaretB wrote:

Rather than a 3 month extension why not take the Debt Ceiling issue right out of the current situation? Raise it and move on to the more important issues of the automatic spending cuts and the enactment of new funding for Government agencies and programmes, both with deadlines in March. That’s where the real debate is, not in postponing a possible impasse concerning measures already taken. It could hinder growth and confidence if the debate on balanced reduction can’t move forward. The Bush Tax cuts were made permanent to prevent the topic recurring – and avoiding the fiscal cliff was not any form of humiliation, but strong decision making and leadership. Can’t the Debt Ceiling be neutralised in some way so that more important matters like the budget can take precedence.

Jan 19, 2013 7:18am EST  --  Report as abuse
bjoh249 wrote:

The Democrats actually do have a majoriy in the house after all. This “Republican”-led house has no backbone and has stopped standing up to Obama as the most important issues facing our nation has finally come up for a vote.

Jan 19, 2013 7:49am EST  --  Report as abuse
Bretfox wrote:

The fat cat elites continue to look out for their own welfare at the expense of American citizens. These fat cat elites have reneged on their pledges and promises time and time again. Sicking spineless sorry bunch of elites. Both parties are in bed together.

Jan 19, 2013 8:00am EST  --  Report as abuse
prietenul wrote:

Hey Jaham, that was a wonderful imaginary Obama speech! I can see you sincerely wish for a bi-partisan solution to our gigantic debt problem. My one quibble is that while you accurately describe the situation we are in, you ignore the reasons we got into this situation. Given the 2008 economic collapse, it was almost inevitable that deficits would balloon to $1 trillion a year levels. The combination of high unemployment and the drop in tax revenues from the economic slowdown (I’ve still got over $40,000 in realized losses left over that I can net against my capital gains) plus the lower tax rates introduced by Bush in 2001 and 2002 has resulted in this incredible deficit. I don’t think one should fault Obama or George Bush before him for trying to stave off a depression by issuing more debt and keeping the money printing presses humming. However, the House Republican approach of stonewalling any jobs programs has not helped the economy recover. And the last time they refused to raise the debt limit and almost caused a default didn’t help things. It got our government bonds down-graded! The ridiculous battle all the way to 12:00 midnight on New Year’s Eve to stave off the Fiscal Cliff further damaged our credibility around the world. I am soooo happy the Republicans finally decided to give up on the brinksmanship approach and have agreed to extend the debt limit so we can survive another 3 months. Hurray for the House Republicans! I now expect some serious but calm negotiations to begin to rein in the burgeoning deficit. I share your hope that we are now entering a phase of honest give and take to solve the problems we have. This is what I am communicating to President Obama in my response to his countless emails (alright, they’re not from him, they’re probably computer generated), and I believe he loves this country enough that he will seriously try to find a solution. I think Boehner, Reid and Obama have a chance to go down in history as the saviors of America. Let’s hope they rise to the occasion!

Jan 19, 2013 8:16am EST  --  Report as abuse

Assuming that “3 months” means from the time the debt ceiling is actually reached, which is projected now to be some where around the middle of February to the beginning of March, it is just another damper on the economy in terms of self created uncertainty. The priority should be to get the economy going. Clamping down too quickly on spending, as everyone knows or should know, would throttle the economy. A long range plan of gradual decline in debt is what everyone in the world wants from the United States. We are in this situation for the most part because the Republicans are speaking out of both sides of their mouth and trying to blame everyone but themselves for failing to come up with spending cuts. I agree with those who feel government insurance programs should not be cut or privatized. There are reforms, for sure, that could be made and will be made, and hopefully we will consider buying drugs from Canada, for example, which would represent a great savings in Mediicare. In the mean time, the Republicans are grasping at straws to continue their obstruction and are abusing the power that has been entrusted in them.

Jan 19, 2013 8:33am EST  --  Report as abuse
GetToThePoint wrote:

Republicans to do you know what you are doing??? By kicking the debt ceiling down the road, you just told President Obama that he has time now to go around the nation and drum up support for his GUN CONTROL AGENDA! Keep his feet to the fire on the budget, debt ceiling and spending cuts by NOT KICKING THE CAN DOWN THE ROAD. If the president leaves Washington, GOP needs to every hour on the hour call out the president, “Mr. President, we are in Washington trying to work through the budget issues, where are you!”. Does anyone on the GOP know how to play chess!!

Jan 19, 2013 8:47am EST  --  Report as abuse
jw_collins wrote:

What’s this? A slight glimmer of intellect appearing from within the GOP seeming to move toward the betterment of America? A postponement of inevitable can-kicking? Not to worry. The TEA’s will tinkle on this quickly and the GOP will retreat to its usual recalcitrant darkness.

Jan 19, 2013 9:41am EST  --  Report as abuse
Bruno1996 wrote:

“”NOT to worry Republicans, you will be booted out in 2014 and have NO say so. You all have done enough to keep America down.”"

Why does it matter??? Theyre acting like democRats now.

Jan 19, 2013 11:21am EST  --  Report as abuse
Bruno1996 wrote:

“”What’s this? A slight glimmer of intellect appearing from within the GOP seeming to move toward the betterment of America?”"

You have an odd definition of America’s betterment. More debt, more debt, more debt.

Jan 19, 2013 11:22am EST  --  Report as abuse
Bruno1996 wrote:

“”kiwibird…they need to start working on the debt, but we are no where near critical mass. The debt is only about 8 times annual revenue and the interest on the debt is only about 12% of the total annual expenses”"

That’s because the of Fed’s ZIRP. If short rates were 5% it would an additional trillion to the deficit annually.

Jan 19, 2013 11:24am EST  --  Report as abuse
fromthecenter wrote:

Can they get something done in three months that doesnt decimate the seniors and the poor?

Jan 19, 2013 2:55pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.