Tag Archives: Debt Ceiling

How Pelosi Saved Boehner’s You-Know-What | Mother Jones

The GOP just can’t lead- or govern.

And they demonize Nancy Pelosi because she can do both so well.

From David Corn at MotherJones.com:

When the voting began on the controversial—and ugly—debt ceiling bill in the House of Representatives on Monday, Rep. Nancy Pelosi (D-Calif.), the Democratic leader, did not know how many votes House Speaker John Boehner (R-Ohio) had for the measure that had been crafted by President Barack Obama and the Republicans. Boehner had not reached out to her to make certain that the crucial legislation designed to prevent a potentially disastrous US default would be approved. When Boehner “went to the table”—brought the bill to a vote—he “had no idea” how many votes he had, Pelosi says.

Want to learn more about the debt ceiling fight? Read the editors on the real problem with John Boehner, review our detailed, updated explainer on how we got to this point, and learn why Kevin Drum thinks the deal sucks. Still hungry? David Corn has a great story on the Obama administration’s political strategy.

The speaker, as it turned out, did not have enough Republican votes to pass the bill—only 174—and he had made no arrangement to guarantee its success. When there were minutes left for the vote, and it became apparent that Boehner would fall far short of the 216 votes necessary for passage, Pelosi’s Democrats began voting in favor of the measure. “We were not going to let it go down,” she told a small group of journalists on Wednesday morning.

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In past years, a House speaker and the leader of the opposition would probably confer before such a crucial vote and figure out how to move the legislation through the chamber. (Boehner and Pelosi both were supporting this bill, albeit Pelosi quite reluctantly.)  And many outside observers assumed that Boehner and Pelosi had indeed convened prior to this vote, that a conversation such as this had occurred: Nancy, I can get up to 170 or so votes, but not all those tea party guys. John, I can tell you that at least 50 Democrats are going to hold their noses and vote for this stinker. Yet when the final dramatic vote arrived, Pelosi was surprised that Boehner was so short of the magic 216. “When they didn’t come to us for votes,” Pelosi recalls, “we thought they had the votes on their own.”

But Boehner didn’t. So the Democrats, having waited to see how many Republicans would back the measure, started filling in the gap. Pelosi didn’t have to send any signal. Her Democrats, she says, are a “sophisticated” group, and they could see that without Democratic support the bill would fail.

In a routine situation, if the House speaker were to bring a bill to the floor and only obtain 174 votes of his or her own party, he or she would pull the legislation and then talk to the other side, which would expect concessions or sweeteners in return for the votes necessary to assemble a majority. In this case, Pelosi maintains, there was no time for further bargaining. The measure had to be approved and kicked over to the Senate, for the possibility of default loomed. “I don’t know nobody [in the Democratic caucus] who wanted to vote for it,” Pelosi notes. But Democrats were committed to forestalling default. In the end, half of her caucus supported the measure, far more than necessary to put it over the top.

via How Pelosi Saved Boehner’s You-Know-What | Mother Jones.

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Obama Warns Eric Cantor ‘Don’t Call My Bluff’ As Debt Talks Stall

It’s about time someone came down on Eric Cantor…

Bravo, President Obama!

From HuffingtonPost.com.  Emphasis mine:

 

Lawmakers and the White House had what nearly every party is describing as a “tough” and “testy” meeting on the debt ceiling Wednesday afternoon, culminating in a stormy exchange between the president and House Majority Leader Eric Cantor (R-Va.).

It was the fifth straight day of talks, but the first in which attendees, speaking on background, were willing to admit that steps were taken backwards. According to multiple sources, disagreements surfaced early, in the middle and at the end of the nearly two-hour talks. At issue was Cantor’s repeated push to do a short-term resolution and Obama’s insistence that he would not accept one.

“Eric don’t call my bluff. I’m going to the American people on this,” the president said, according to both Cantor and another attendee. “This process is confirming what the American people think is the worst about Washington: that everyone is more interested in posturing, political positioning, and protecting their base, than in resolving real problems.”

Cantor, speaking to reporters after the meeting, said that the president “abruptly” walked off after offering his scolding.

“I know why he lost his temper. He’s frustrated. We’re all frustrated,” the Virginia Republican said.

Democratic officials had a different interpretation. “The meeting ended with Cantor being dressed down while sitting in silence,” one official said in an email. “[The president] said Cantor could not have it both ways of insisting on dollar-for-dollar and still not being open to revenues.”

via Obama Warns Cantor ‘Don’t Call My Bluff’ As Debt Talks Stall.

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VA Congressman Eric Cantor Could Rake in Windfall If Debt Ceiling Isn’t Raised

Talk about a conflict of interest….

This guy was one of the lead negotiators for the Republicans until he took his toys and went home…

And it seems a just a wee bit unpatriotic to bet against the interests of the U.S.A.  And a little stupid, from a PR and political standpoint, for a sitting U.S. Congressman to make this kind of investment.  But with the GOP, money trumps everything else….

Another reason Eric Cantor tops the very long and competitive list of Republican slimy jerks.

From RawStory.com:

Economists have said that failing to raise the debt ceiling could be catastrophic for the U.S. economy, but at least one lawmaker stands to gain financially if the country defaults on its debts.

House Majority Leader Eric Cantor’s (R-VA) latest financial disclosure statement indicates that he owns up to $15,000 of ProShares Trust Ultrashort 20+ Year Treasury EFT, a fund that will likely skyrocket as U.S. debt becomes less desirable.

“If the debt ceiling isn’t raised, investors would start fleeing U.S. Treasuries,” Motley Fool’s Matt Koppenheffer told Salon. “Yields would rise, prices would fall, and the Proshares ETF should do very well. It would spike.”

“Cantor’s involvement in the fund and negotiations is not ideal,” he added. “I don’t think someone negotiating the debt ceiling should be invested in this kind of an ultra-short… It looks pretty bad.”

Cantor pulled out of negotiations to raise the debt limit last week saying, “Now is the time for these talks to go into abeyance.”

Since that time, ProShares ETF is up 3.3 percent.

“Cantor’s office claims the investment is simply part of a balanced portfolio,” noted Washington Monthly’s Steve Benen. “It’s hardly a stretch, though, to suggest prominent officials should avoid these kinds of conflicts of interest.”

via Cantor could rake in windfall if debt ceiling isn’t raised | The Raw Story.

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The GOP’s Dangerous Arrogance

Great article up at YahooNews…

Even I- no political innocent- am still shocked at how callous and blatantly Political the GOP is…

They really don’t seem to care about the Country, only about their political power and their wealthy campaign contributors.

Defaulting on the national debt is just unthinkable.  If they do not raise the debt ceiling, the entire economy will be thrown into chaos and Wall Street will go crazy.  I hope their Corporate owners force the Republicans to do the right thing, but I’m afraid they are too out of control right now even for the Wall Street moneymen to bring them into line.  This is scary stuff….

The Republicans have done everything they can to slow the recovery just so the economy will either collapse into crisis again or be so weak they can use it politically.

They have no interest in Statesmanship or in what is best for the Country.  All they care about is what is best for the GOP, the Rich and the Corporations who fund them…

I just hope the Rich and the Corporations still have enough control to stop the GOP from destroying the economy just for Political gain.  If they do play politics with the debt ceiling, even the Rich and the Corporations will feel the hurt.  But the Middle Class will feel it more.  As usual….

 

Nationally and globally, the economy is at a tipping point. The GOP, driven by invincible ignorance or cynical design – and perhaps both – is working overtime to trash the recovery with budget cuts that would drain demand from the economy – or a debt ceiling vote that could trigger a financial collapse equal to 2008, or perhaps unpredictably graver. For proof, all you had to do was listen to Mitt Romney’s announcement speech today. In it, he made a smarmy attempt to blame Barack Obama for the economic pain actually caused by the dereliction of duty by George W. Bush & Co., pain that was then prolonged by the obstruction of congressional Republicans. Those legislators contrived successfully to limit the stimulus package, block a second one, and forthwith blame the stimulus that saved us from another Great Depression for the slow climb out of the Great Recession. Never, of course, did they mention that the America’s deep deficits were generated by the fraudulent Bush war in Iraq and the unfair Bush tax cuts, which were founded on the false premise that they would pay for themselves.

The same tawdry spectacle has played out for two years and more in America’s capitol, a place that is still, despite recently fashionable worries about its destiny, the indispensible engine of the world economy. Indeed, the future of billions of human beings is determined by our elections, in which most of them have no vote. JFK once noted that the proudest boast of the ancient world was the boast of democratic citizenship: Civis Romanus sum: ‘I am a Roman citizen.’ The inescapable reality of the present world, for better or worse, is that people everywhere have to say, Civis Americanus sum. That’s strikingly clear here in Europe, in good times and bad. President Obama is a more popular, hope-giving figure than the leaders he recently visited; he’s the counterpoint to Bush and the redeemer of an American image carelessly disfigured during the first decade of the century.

And now the GOP that has moved decidedly to the right of Bush would compound his errors. Congressional Republicans could shatter the restored credibility of the United States by refusing to protect its full faith and credit by raising the national debt ceiling or by holding that essential measure hostage to the repeal of the New Deal – something that never even occurred to Ronald Reagan or either Bush president. In those Oval Offices, they regularly signed debt-ceiling increases.

via The GOP’s dangerous arrogance – Yahoo! News.

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Poll: GOP Medicare-Ending Budget Bigger Political Fumble Than First Thought

Like I’ve said, the Democrats are known for shooting themselves in the foot. But luckily the GOP just shot themselves in the head….

From TalkingPointsMemo.com:

It doesn’t take much political savvy to note that Rep. Paul Ryan’s (R-WI) Medicare-destroying budget plan hasn’t panned out all that well for the GOP. But a new poll out from advocates for the Democratic health care law shows that the Ryan budget fail goes even deeper than embarrassed presidential candidates and special election upsets.

Not only does the poll show huge opposition to Ryan’s plan to replace Medicare with a voucher system, the poll shows Democrats winning the credibility war when it comes to Medicare and “protecting the middle class.” And — in a jolt of good news for the White House and Democrats — the numbers show that when voters are given Ryan budget messaging from opponents, support for the Democratic health care law actually goes up slightly in response.

I’ve seen the same types of responses in several other polls today…..

Now, if the Dems just don’t cave in during the negotiations over the debt ceiling, they have a-  probably the- winning issue for the 2012 elections.

And the GOP has got to agree to increase the debt ceiling or Wall Street-who owns most of the government-  will have a nervous breakdown.

They really have no bargaining legs to stand on….

But that’s not stopped the Dems from caving in the past…

via Poll: GOP Medicare-Ending Budget Bigger Political Fumble Than First Thought | TPMDC.

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