The game of debt-ceiling chicken

The House floor stands empty despite members of Congress' promise to work day and night until the negotiations over the looming debt ceiling are reached

Over the last week the news has been dominated by Rep. Anthony Weiner's sexting, Newt Gingrich's staff defection, Sarah Palin's correspondence, Defense Secretary Gates parting words for NATO and the struggling Arab Spring.

The U.S. economy has also been a major story. The jittery stock market dipped below 12,000, spooked by the soft job market, depressed home sales and flagging consumer confidence. And, looming over the American economy like a dark cloud is the impending debt-ceiling deadline.

According to the U.S. Treasury, the $14.3 trillion debt ceiling was exceeded in April, but accounting procedures will finance obligations through Aug. 2.  Moody's Investors Service and other ratings agencies are considering a downgrade of the United States credit rating if Congress doesn't find a way to increase the debt ceiling.

Laurence Meyer, a former member of the Federal Reserve Board of Governors, told CBS News, "It's playing with fire because we know that the markets are going to get more and more concerned and there is going to be more turbulence, there is going to be more impact on equities and rates etc."

In the midst of this growing uncertainty, Congress is playing a game of chicken with the debt ceiling, waiting until the last minute to resolve the impasse. As CBS News' Nancy Cordes reported, "It's not that Congress doesn't understand the urgency--it's that Congress is conditioned into waiting until the 11th hour. Back in April, Congressional leaders averted a government shutdown by mere minutes - but not before leaving tens of thousands of federal workers in the lurch."

Democrat and Republican lawmakers, including Vice President Biden, met on June 9 for a few hours, but the two sides are far apart. The Republicans are advocating for $2 trillion in spending cuts, and the Democrats believe that new revenue (taxes) has to be part of the solution. Republicans are talking about equalization-- every $1 dollar in deficit reduction to be accompanied by a $1 increase in the debt ceiling.

As a side note, a recent CBS News/New York Times poll showed that 63 percent oppose raising the debt ceiling and only 27 percent of Americans support raising it.  A Washington Post-ABC News poll found that 55 percent of Democrats and half of Republicans and independents were in favor of debt-limit deal, but it would have to include major government spending cuts. 

The empty halls of Congress--the House was out of the office last week --doesn't mean that the economy and the debt ceiling are not occupying the minds of lawmakers. But the game of debt-ceiling chicken is not instilling confidence in the markets or the voters. In fact, it comes off as cynical in that the opposing sides of the debt-ceiling debate cannot resolve the issue with haste, knowing that their constituents, and the country's, well-being are at stake. 

[justme2012]

50 days to the OBAMA ECONOMIC CATASTROPHE


Obama is still MIA

[justme2012]

So, is Obama in the WH creating any jobs?

Nope, he's out fundraising.

[justme2012]

The only plan, on the table, for the public to actually look at is the Ryan plan.

No one else has had the guts to put anything forth.

Obama has no guts. He hollered "do over" on his own budget.

If America can survive to 2012, we need need people in the WH and Congress.

Kick them all out. R&D

[justme2012]

Obama just got back from his Irish pub tour.

Then he played some golf.

Then he did a few fundraisers.


then he played some more golf.

Then the went to Camp David for a family vacation and golf.

Now he's off on more campaign speeches and fundraisers.

Scheduled is more golf.

51 days to "Economic Catastrophe"

Less than 2 months to Iran's nuke bomb.

Obama says

"TEE TIME"

Obama is a Failure as a Leader

[justme2012]

52 days and counting.

Where is Obama?

"Tee Time"

[jimbom121]

Where is Boehner...it starts in the House.

[justme2012]

Boehner is not the POTUS.

Should be, but isn't.

Obama is the POTUS...he's playing golf.............AGAIN


Obama is a failure as a leader.

Send him back to school!

[tellingthestory]

i have all but given up any hope for CBS . They know perfectly well that it is OBAMA that is the problem in getting the debt ceiling raised, He and he alone refuses to cut the spending that is required and advised by all economist and world leaders as well as MOODY'e the S&P in order to save our credit rating but he and he alone wants to destroy America. CBS is not deserving of the words NEWS. CBS sworn protector of Obama.

[jimbom121]

Where were you when the Repubs raised the deby ceiling 8 times in a rtow last decade?

[justme2012]

Where were you?

[slatep]

I read somewhere on one of these sites that a member of Congress said that they are going to meet 3 whole days next week.

Bukky for them.

Where I live the work week consists of 5 8 hour days,

I THINK WE SHOULD PAY CONGRESS MIMIMUM WAGE FOR THE HOURS THEY WORK; AND ONLY FOR THE HOURS THEY ACTUALLY WORK.

I get paid an hourly wage for the number of hours I work, and if I don't work I don't get paid.

If I only worked the number of hours that Congress works; I'd be living under a bridge.

Same goes for POTUS.

Instead of staying in DC and working with his advisors ( who; by the way; are also clueless) he is out campaigning on the American taxpayers dime.

When he's not out campaigning, he is out of the US traveling to improve diplomatic relations with other Countries.

At least this is what the WH Press Secretary calls them

What they really are are extravagant vacations (that cost taxpayers multiple millions of dollars) for himself, his wife and 1,000 of his closest friends.

The payoff is; he actually thinks he has earned the right to blow taxpayer money on every little thing he desires.

Truth is; if we paid Congress and Obama what the really deserve, they would be living two cardboard cartons down under the same bridge I live under.

Somebody needs to get through to these jokers that the economic welfare of the US is not a game and playtime is over.

[tellingthestory]

Until the failed idiot incompetent Obama understands that the SSPENDING must be cut proportionately to the raise in the debt ceiling it is not going to get raised. Obama is playing chicken with all our futures. He is a spoiled child and totally incompetent to be president. We all need to demand his impeachment now before he really destroys America.

[slatep]

I have been saying this for at least a year now.

Maybe hearing it from someone else will get a response.

[sjc_1]

The Republican presidents are responsible for most of the debt, George W. Bush added $6 trillion to the debt and the Republican Congress added $2.5 trillion of that when they ran everything 2003-2006. Now they want you do believe they are concerned after they refused to renew Pay as you Go in 2003.

[justme2012]

Bush ran up over 5 trillion in his 8 years, Obama has run up over 4 trillion in 2 1/2 years.

It's gotta stop.

And this debt ceiling vote, I hope, will be vote that stops it.

We'll see who votes to end it.

[retm-w]

justme

And how much of that debt that Obama ran up is from bushes two wars. Seems you republicans forget about that.

[justme2012]

Simply adding debt onto the backs of kids who can't vote is evil.

[justme2012]

Where is the POTUS?


"Tee Time" on vacation, AGAIN

[retm-w]

Where's the house on vacation still and it's their problem not the POTUS's.

[justme2012]

The POTUS is the leader of this country.

If this isn't part of his job, then we don't need him.

We can save that 1/2 million a year we pay him to play golf and visit foreign countries spreading good will.

We have ambassadors for that.