Tag - debt ceiling

Baffling Boehner – Who owns this guy?

boehnerfinThe Speaker of the United States House of Representatives has the power to end the government shutdown and avoid the U.S. entering into default on October 17. Speaker John Boehner refuses to exercise that power.  Why? Who will save us?

There’s only one thing worse than a system of governance rife with corruption.   That’s a system of governance totally infused with ideology.  At least in a corrupt or semi-corrupt system like ours, there’s the possibility that someone or a group of some means can buy the right decision from key legislators.

Take a look at the industry groups that chose John Boehner’s 2012 campaign committee as their number one choice for contributions (see chart):  financial services and Wall Street.  We all know that campaign contributions are legalized bribery.  Politicians take money from big donors and do what they are told to do.  Boehner is a minion of big finance and Wall Street.  At least, he should be.  Read More

Debt Ceiling Disaster – Crazy or Criminal?

By Michael Collins
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(Washington, DC 1/9/13) Let’s say that on a Monday, you sit down and take a hard look at your finances. Your bills exceed your income, assets are just a feint memory, and there is no relief in sight. Reluctantly, you decide that your only choice is to declare bankruptcy. On Tuesday you say, I think I’ll do some shopping before it’s all over. You proceed to charge $2,000 on your VISA card for some jewelry and other non essentials. On Wednesday, you get a lawyer and file for bankruptcy.

Guess what? You still owe the $2,000 since the court will conclude that you made the purchases fraudulently. You knew you were filing for bankruptcy and made the charges anyway. Even worse, the court may refuse to grant the bankruptcy filing all together as a result of the obvious fraud.

That is exactly what the Republicans in the House of Representatives are doing with their open announcement that they will vote against raising the debt ceiling without their solution to government spending. Since that announcement, has one single deficit hawk stood up and said, We must stop all spending as of this moment since we are proposing to default on those expenditures? Read More

The Deal: Various Responses

Zaid Jilani:

Because the payroll tax cut is expiring and the Make Work Pay tax cut is not coming back, most working Americans will also see a tax increase. The most galling thing is that 98 percent of Americans will actually see a larger tax increase than some of the richest Americans. Working with our friends at the Center for Economic and Policy Research, we compiled the following chart to demonstrate this:

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