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Originally Posted by sgtclub
(Post 457107)
Both parties are at fault.
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Do you have any verifiable support for this stupid opinion?
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The Ds have not passed a budget for almost 3 years.
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The 2010 budget was passed in Spring, 2009, before the fiscal year began, by the Democratic house and senate.
Here's a news report on it. The 2011 Budget was proposed by Obama in Feburary, 2011, but not passed until December, 2011, three months into the fiscal year.
Here's the law.
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Obama and a D congress pass an extension to the Bush tax cuts. They also refused to increase the debt the limit for political reasons. This is December 2010.
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By "for political reasons", you mean, "because the Rs would have gone apoplectic and Obama was trying to work with them"? I somehow don't think this is the gridlock that S&P is complaining about.
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In winter, 2011, Obama proposes a budget that would have substantially INCREASED the deficit. He was laughed at by both parties (99-0 in the senate).
Obama has not proposed a budget since. The Senate has not passed a budget. The House has passed a budget, although one that is not passable by the Senate.
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You may want to glance at the timing of all of this. The house (the "Ryan") and Obama budgets were voted on near simultaneously, and voted down by the Senate near simultaneously. Obama's budget was scored at decreasing the deficit by 1.1 Trillion; the Ryan budget was only slightly higher, despite its replacement of Medicare by a capped voucher plan, because it also included tax cuts.
Since both budgets were voted down by the Senate, Obama presented a plan with a $4 Trillion deficit reduction, while Boehner and Ryan have submitted nothing.
Note that Obama's plan included a cap on Medicare/Medicaid expenses and reforms to social security.
We have not seen anything from the Rs subsequent on the budget. Yet, hearings are supposed to begin in September.
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The Rs leverage the debt ceiling raise to cuts. The Ds reluctantly give in on a compromise deal. The result, like most compromises in Washington, doesn't go far enough.
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Damn. Adder's right, you need more news sources.
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The Rs are guilty of a no-negotiation stance on taxes. The Ds are guilty of a no-negotiation stance on entitlements. Result is a stalemate.
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You mean like proposing a budget plan with a cap on M/M and reofrms to Social Security being guilty of no-negotiation? Interesting concept of no negotiation. We don't need to rehash to $4T grand deal Boehner walked away from and its entitled reform either.
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Monday will be interesting. I expect a substantial drop in the equity markets, even though most I've heard are saying that the AA rating is a joke and UST are still the safest investment in the world. I expect bond prices to stay stable.
On another note, I took particular pleasure in hearing that Treasury found a $2B error in the S&P model. I can just picture some former Goldman banker finding the error and then Treasury hammering S&P with it on the flurry of expletive ridden conference calls that surely took place before the announcement.
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Don't forget the fall in the value of the dollar we're about to see. Our new place in the world, thank you Republicans.
