The Debt Ceiling crisis appears to have been averted...The country may not have defaulted...but the markets are still shaky and our triple A rating may still take a hit...
The U.S. avoided a feared and catastrophic default on the American debt, as lawmakers on Tuesday passed a measure that ties an agreement to raise the government's capacity to borrow to steep cuts in government spending.
The Senate passed the measure Tuesday, a day after it passed the House of Representatives, and President Barack Obama quickly signed it into law.
The emergency bill increases the nation's $14.3 trillion cap on borrowing, thus avoiding default just hours before the midnight deadline, and begins the process of curbing the country's spiraling debt.
The administration had said the government could not pay all its bills without the new borrowing authority, and it warned that default would severely damage the global economy and push the U.S. back into recession or worse. Even with the legislation now in place, there are fears that the last-minute sparring could shake rating agencies' confidence and harm the country's Triple-A credit rating.
Though the compromise deal passed, it deeply angered both conservative Republicans and liberal Democrats. Many Republicans contended the bill still would cut too little from federal spending; many Democrats said much too much.
A deeply frustrated President Barack Obama said that he was not giving up on his insistence that Congress allow taxes to be raised on big corporations, through an end to loopholes, and the richest Americans once both houses return from their summer recess in early September. The measure that now becomes law relies wholly on cutting spending as a tool for lowering the American deficit.
"We can't balance the budget on the backs of the people who've borne the brunt of this recession," the president said.
Polls showed Americans largely supported President Obama's contention that taxes need to be raised for those earning incomes above $250,000, while revoking loopholes that benefit hugely profitable oil companies and operators of hedge funds. Nevertheless, the extended and bitter fight over raising the debt ceiling, a routine matter for in past Congresses, damaged the standing of Obama and lawmakers.
A new CNN/ORC International poll found that just 14 percent of those questioned approved of the way Congress is handling its job. President Obama's approval rating stood at 45 percent.
President Obama, while praising Congress for finally passing the compromise bill, demanded legislators immediately turn their attention to fixing the economy and creating jobs.
"We've got to do everything in our power to grow this economy and put America back to work," he said, shortly after the Senate voted 74-26 to pass the measure.
The President deeply alienated many members of his liberal base(including yours truly) as he took increasingly centrist positions, apparently banking on picking up support from independent, middle-of-the-road voters.
After weeks of some of the nastiest political battles in recent U.S. history, both the Senate and House easily adopted the plan. In tandem, legislators approved more than $2 trillion of budget cuts over the upcoming decade.
"Neither side got all it wanted, each side laments what it didn't get," Democratic Majority Leader Sen. Harry Reid said.
"Today we made sure America can pay its bills. Now it's time to make sure all Americans can pay theirs," said Reid, foreshadowing Democrats plans to shift their attention to creating jobs. U.S. unemployment remains above 9 percent. Shameful!
II-
So now that the smoke is cleared...Who takes the blame for all of this? Most people,
because they don't know any better will blame the President...Because when things go bad...who else gets the blame? That comes with the job...But this entire debacle was another example of a non- issue, becoming an issue and nearly having a devestating effect on not just the nation , but the economic stability of the world because of a few idiots, a few goons who miraculously managed to get themselves elected last fall...The Tea Party now feels as if they can shut the government down , hold it hostage to get what they want...since they can't get a lot of what they want by legislation.
The Tea Party! You know I watched a couple of them on a television show last night congradulating themselves and ignoring fact after fact by over talking a liberal commentator and making goo goo eyes at the audience, while stating nothing....and I shook my head in disgust.
These are people who don't know math, don't know history (
ask Sarah Palin or Michelle Bachman anything about basic American History that they should have learned in high school and see what kind of answer you get!) and wouldn't understand a fact if it bit them in the ass...who have come into Washington D.C. thinking that they are leading some kind of people's revolution or something. These goobers are voting against their own class interests...The wealthy , who they seem to be working so hard for are laughing at how stupid many of them are....The only ones that aren't stupid are the ones who are in the pocket of some lobbyist, who has already promised them a job after they do their damage...but that's not the case with most of them!
These are stupid people who resemble those folks on Jay Leno who he routinely asks questions like...."
What year was the war of 1812 fought?" and they are scratching their heads and then answer..."
In 1776" with a goofy smile. Imagine someone like that as a senator or congressman and you have, Eric Cantor, Michelle Bachman, Doug Landers (who referred to the President as a "Tar baby" last week) and Sarah Palin (
who thankfully doesn't presently hold an elective office right now.)
They remind me of the jocks and cheerleaders I went to High School with, who only passed thier classes because someone with a crush on them (and no chance in hell of going out with them), did their homework for them or let them cheat off of them... Good Looking on the outside..."but nothing between their heads but dust"...As my mother would have so eloquently said if she were around to see this crap.
I lay the blame for this solely at the feet of the Tea Party...People in their own party began to speak out against them and in effect tell them to "cool it." Even the mainstream Republicans know that these guys (and gals) are a bunch of loons..but they are in no position to denounce them...The Tea Party is after all the reason the G.O.P. has any life whatsoever....
But polls are showing the beginning of a public backlash against the Tea Party and The Republican Party in general...Perhaps in the next election...They'll be the ones to suffer a good shallacking. Then again..it may rain or Casey Anthony may be caught having a long distance conversation with O.J. Simpson or the New Housewives of Atlanta may be premiering that day or something or other!
Do I sound just a tad pissed? Question is -
WHY AREN'T YOU PISSED?
