Debtocalypse Averted... for now

WASHINGTON (AP) — Ending a perilous stalemate, President Barack Obama announced agreement Sunday night with Republican congressional leaders on a compromise to avoid the nation's first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.

Default "would have had a devastating effect on our economy," Obama said at the White House, relaying the news to the American people and financial markets around the world. He thanked the leaders of both parties.

House Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck, officials said.

No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package.

But leaders in both parties were already beginning the work of rounding up votes.

In a conference call with his rank and file, Boehner said the agreement "isn't the greatest deal in the world, but it shows how much we've changed the terms of the debate in this town."

Obama underscored that point. He said that, if enacted, the agreement would mean "the lowest level of domestic spending since Dwight Eisenhower was president" more than a half century ago.

Senate Democratic leader Harry Reid provided the first word of the agreement.

"Sometimes it seems our two sides disagree on almost everything," he said. "But in the end, reasonable people were able to agree on this: The United States could not take the chance of defaulting on our debt, risking a United States financial collapse and a world-wide depression."

Still it's scandalous that some republicans tried to keep the tax cuts for billionaires out of this, while the future of a nation was at stake...

I mean... comon, it's your nation's future we're talking about here... :f6:

Still it's scandalous that some republicans tried to keep the tax cuts for billionaires out of this, while the future of a nation was at stake...

I mean... comon, it's your nation's future we're talking about here... :f6:

Poor people wouldn't understand.

Still it's scandalous that some republicans tried to keep the tax cuts for billionaires out of this, while the future of a nation was at stake...

I mean... comon, it's your nation's future we're talking about here... :f6:

Welcome to the United States.

This would have ended much sooner if people didn't vote Republican.

This would have ended much sooner if people didn't vote Republican.

Unfortunately, some people never learn.

This would have ended much sooner if people didn't vote Republican.

I was watching a news segment the other day where they interviewed some Republican Strategist and she was claiming that President Obama has added double to the debt than what Bush had in his terms..

I almost puked in confusion.

Greedy people live in the moment.
;/

I was watching a news segment the other day where they interviewed some Republican Strategist and she was claiming that President Obama has added double to the debt than what Bush had in his terms..

I almost puked in confusion.

To them, if they say it enough times, it becomes reality.

o-o

John Boehner got by school very well, I'm sure, with that last name.

And umm... about obama and the devastating the economy thing. Can it really get any worse?

o-o

John Boehner got by school very well, I'm sure, with that last name.

And umm... about obama and the devastating the economy thing. Can it really get any worse?

As a student of economics, I can tell you that it can get much, much worse. This is a victory, however small.

Ditto to basically everything in this thread. Thank god this deal was struck, but hopefully pomegranate's figured out by November.

I think i led you guys astray with the title. We're not out of the woods yet because this still needs to be voted on. Rest assured I hope that anyone who votes against for this bill gets thrown out of office.

Rest assured I hope that anyone who votes against for this bill gets thrown out of office.

Ha! If only. Things don't work that way unfortunately. Although, I do really wish if there was a provision officially written down somewhere for this to happen, it should say, "If you don't give a flying horse excrement about our country, you will be removed effective immediately from your seat of office."

This would have ended much sooner if people didn't vote Republican.

It's not even over yet. This has come with some serious repercussions for the US, and the republicans will get their way in the end because all they need to do is stall until November and then America loses medicare and social security. America is screwed.

Still it's scandalous that some republicans tried to keep the tax cuts for billionaires out of this, while the future of a nation was at stake...

I mean... comon, it's your nation's future we're talking about here... :f6:

The amount of money that the rich "don't pay" is heavily overstated. Sure, they probably don't pay the same percentage of their total income as a middle class person, but that doesn't change the fact that they are still paying hundreds, perhaps even thousands times more just based on the fact that they have so much more than we do. Money is money, it doesn't suddenly lose value the more you have. You think losing 10-20K a year is bad, now think about losing 100 million a year; the two aren't even comparable.

Just for clarification, I think our Legislative and Executive branch setup is absolutely useless, so I'm not a Republican and I don't support most of the garbage either party spouts out, my viewpoint just happens to minimally coincide with theirs on this single issue.

Look at this little pearl of wisdom from President Dwight D. Eisenhower in a letter to his brother Edgar on November 8, 1954:

"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H. L. Hunt (you possibly know his background), a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid."

Gosh, this quote is amazing.

Rich People pay most of our country's taxes, guys. Why should we not pay? Do we think we're entitled to our money so we can buy iPhones and $100,000 houses that we can't afford moreso than our country collapsing in bankruptcy? In the end, either way we're going to literally pay, or we're going to pay for the consequences.

Look at this little pearl of wisdom from President Dwight D. Eisenhower in a letter to his brother Edgar on November 8, 1954:

"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H. L. Hunt (you possibly know his background), a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid."

Gosh, this quote is amazing.

That is a good quote but their number is no longer negligible. Especially since some idiots in your country felt it was a GOOD IDEA to elect tea party members and now they are standing in the way of any progress even more then true republicans like McCain. They don't have anything to lose so there's no reason for them to stand down.

Hopefully people will see the tea party for what it is (just a bunch of fucking psychos) and won't elect them but by the way the pre-election polls are turning out already with people rallying behind worthless people like Michele Bachmann and Sarah Palin... well, it's not looking good for the US. We already see great disapproval for Obama in spite of most of the pomegranate going on in the USright now being the fault of republicans and tea partiers. It just seems incredibly unlikely that the United States will see another democrat in office after the 2012 election. I mean, even Canada is being overrun by idiot conservatives. People are dumb.

That is a good quote but their number is no longer negligible. Especially since some idiots in your country felt it was a GOOD IDEA to elect tea party members and now they are standing in the way of any progress even more then true republicans like McCain. They don't have anything to lose so there's no reason for them to stand down.

Hopefully people will see the tea party for what it is (just a bunch of fucking psychos) and won't elect them but by the way the pre-election polls are turning out already with people rallying behind worthless people like Michele Bachmann and Sarah Palin... well, it's not looking good for the US. We already see great disapproval for Obama in spite of most of the pomegranate going on in the USright now being the fault of republicans and tea partiers. It just seems incredibly unlikely that the United States will see another democrat in office after the 2012 election. I mean, even Canada is being overrun by idiot conservatives. People are dumb.

You have no f`ucking idea how true those words are.