Quote:

---

Updated 11:10 AM Jul 14, 2011
WASHINGTON - The Federal Reserve chairman, Ben Bernanke, warned yesterday of a "huge financial calamity" if President Obama and the Republicans cannot agree on a budget deal that allows the federal debt ceiling to be increased. Moody's, the ratings agency, threatened a credit downgrade, citing a "rising possibility" that no deal would be reached before the government's borrowing authority hits its limit on Aug 2.

And the latest bipartisan negotiating session yesterday evening ended in heightened tension, if not outright discord. Republicans said Mr Obama had abruptly walked out in an agitated state; Democrats described the president as having summed up with an impassioned case for action before bringing the meeting to a close and leaving.

"Enough's enough," Mr Obama said, according to a Democratic official familiar with the talks.

The meeting came as Moody's Investors Service issued a stark warning that the United States may lose its top credit rating in the coming weeks if the US$14.3 trillion (S$17.4 trillion) limit on America's borrowing was not raised.

The warning sent the dollar tumbling against most major currencies. Stock futures and debt prices also fell.

Mr Eric Cantor, the No 2 Republican leader in the House of Representatives, said the talks became so acrimonious that Mr Obama walked out, but a Democratic aide called Mr Cantor's account "overblown".

"He said he had sat here long enough. No other president, Ronald Reagan wouldn't sit here like this," Mr Cantor told reporters.

He added: "And he (Mr Obama) said to me, 'Eric, don't call my bluff'. I'm going to the American people with this."

Mr Bernanke yesterday said if the debt limit was not raised in time, the US would pay its bondholders first. That would mean other payments, such as Social Security to the elderly, would be the first hit - a political nightmare for both lawmakers and the president.

Mr Obama accused Republicans of partisan posturing that was keeping the two sides from agreement. AGENCIES

---

Quote:

---

Originally posted by HKCavalier:
"Boy." Really.

HKCavalier

---

Quote:

---

Originally posted by Fremdfirma:

Good, maybe he'll quit sitting there and taking their shit - and start putting his boot up their ass, long past time for it, you ask me.

Of course, I have ulterior motives, as explicitly stated.

If they don't wanna negotiate, well, there's other options, heh.

-Frem

---

Quote:

---

Originally posted by Niki2:Mike, Cav, you're trying to communicate with Raptor. You might want to look to that.

It's easy to look at anything he posts as Whozit posting "Olbermann is an idiot" and recognize the lack of value in it. He will always be a contrarian, no matter how reasonable or factual the come-back might be.

It's all politics; just like Wisconsin, where the unions agreed to concessions but the Gov. wouldn't even meet with them. The Democrats have compromised, over and over, but the Republicans are doing just the same as in Wisconsin, saying "my way or the highway" and refusing to compromise. I'd lose patience too, in fact I'd have lost it long ago.

---

Quote:

---

Originally posted by AURaptor:
You're factually wrong here, again. Kwickie.

Treasury Dept falls under the Exec. Branch. If check s don't go out, it'll be because Obama directed them not to, not because there's no $.

---

Quote:

---

Oh, and there is no recovery point. Not only does he not have the power, he also doesn't have the will. Like everyone here, he's not so movable from his core beliefs that he is about to change overnight into some power to the people libertarian sort.

---

Quote:

---

Originally posted by Fremdfirma:
Nah, that analogy doesn't work, not when the pawns have teeth - they may not KNOW that they do, but that they do is an indisputable fact.

---

Quote:

---

And Niki, I've always seen it as my civic duty to say the things no one dares, to speak the things no one wants to admit, and to confront the issues we find to unspeakable to even mention.

Of course, some folk call that causing trouble.

---

Quote:

---

Originally posted by Kwicko:

Quote:

---

Originally posted by AURaptor:
You're factually wrong here, again. Kwickie.

Treasury Dept falls under the Exec. Branch. If check s don't go out, it'll be because Obama directed them not to, not because there's no $.

---

Ah, the old "Of course I still have money - I still have CHECKS!" defense.

So you're maintaining that the President can just open up the national checkbook and write a check for anything he wants to do, and Congress has no part in it at all?

Awesome. Can I hold you to that?

---

Quote:

---

A bipartisan debt commission says you're factually wrong, boy. They say the fed can pay the interest on the debt, OR seniors, OR veterans, but not all three. And failing to do all three gets our credit rating dumped down, according to Moody's.

Again, this is what the GOP is hoping for, and what Cantor has invested his money in. They WANT the economy to fail, because they get richer when it does.

---

Quote:

---

Originally posted by dmaanlileiltt:
Just 'cause I can **snark** I thought people were paid with "cheques" not "checks". Maybe someone should CHECK that. **end snark**

"I really am ruggedly handsome, aren't I?"

---

Quote:

---

Originally posted by dmaanlileiltt:
Just 'cause I can **snark** I thought people were paid with "cheques" not "checks". Maybe someone should CHECK that. **end snark**

"I really am ruggedly handsome, aren't I?"

---

Quote:

---

: a written order directing a bank to pay money as instructed : draft

---

Quote:

---

The willing media will comply and report it as such, because they want Obama to be re-elected, no matter what. Just as they've failed to report the truth on a host of Obama lies already.

---

Quote:

---

Originally posted by dmaanlileiltt:
Just 'cause I can **snark** I thought people were paid with "cheques" not "checks". Maybe someone should CHECK that. **end snark**

"I really am ruggedly handsome, aren't I?"

---

Quote:

---

Originally posted by Kwicko:
[Congress could]
Introduce a balanced budget in the House...

---

Quote:

---

Originally posted by Kwicko:
Similarly, the Republicans had control of all three branches of government and both houses of Congress from 2000-2006, and never even tried to submit a balanced budget, and didn't voice any real concerns about the deficit or the national debt.

If they only had a heart...

---

Quote:

---

Originally posted by AURaptor:

Quote:

---

Originally posted by Kwicko:
Similarly, the Republicans had control of all three branches of government and both houses of Congress from 2000-2006, and never even tried to submit a balanced budget, and didn't voice any real concerns about the deficit or the national debt.

If they only had a heart...

---

The Dems didn't submit ANY budget, is the point you're missing.

---