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Obama caved spectacularly to avoid a default. Great Lord of Chaos Send a noteboard - 06/08/2011 04:37:21 PM
S&P has been warning DC for months that unless significant cuts to our projected debt were accepted, the downgrade would happen. Obama resisted such cuts every step of the way and now has to suffer the consequences.

The buck stops with him.....that's the job he signed up for.

Congress must pass any legislation, and with a Republican House and Democratic Senate, only a bi-partisan bill would have any chance of passing, and we saw how well that worked this time.

Which includes tax hikes AS WELL AS spending cuts, which in turn is why they cited the GOPs refusal to even consider tax hikes as one reason for the downgrade:

"The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the [debt ceiling deal]. - Excerpt from Standard and Poors statement reducing America bond rating.

Don't make the mistake Obama did of discussing this on the terms of those who caused the downgrade. Obama DID screw up: He gave the Republicans all their spoiled childish demands at the expense of the national economy, with finanical agencies and the public demanding tax hikes AND spending cuts to cut our debt.


However, unilaterally blaming Obama for this debt crisis is naive. He gave in to the Republican demands, because at that point, it was do or die. If he did not give in, no bill would have been passed, and then America would have defaulted.
Ὦ ξεῖν', ἀγγέλλειν Λακεδαιμονίοις ὅτι τῇδε
κείμεθα, τοῖς κείνων ῥήμασι πειθόμενοι.
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US Credit Rate Downgraded - Obama should resign..... - 06/08/2011 04:12:48 AM 1449 Views
Que tonterías. - 06/08/2011 04:23:49 AM 985 Views
How... foolish? - 06/08/2011 05:13:30 AM 1005 Views
Sip - 06/08/2011 05:38:15 AM 980 Views
I took it to translate to "argument." *NM* - 08/08/2011 01:27:55 AM 491 Views
A mí me parece que él no merece que le digas "usted", tampoco. - 06/08/2011 11:03:22 AM 798 Views
Verdad - 06/08/2011 04:09:52 PM 925 Views
Really? - 06/08/2011 05:05:48 AM 1033 Views
Leaders have to lead..... - 06/08/2011 05:18:21 AM 864 Views
Cuts aren't up to him, though. - 06/08/2011 05:37:50 AM 901 Views
Yeah, sure, the President has no say or control.....good grief..... *NM* - 06/08/2011 06:13:49 AM 495 Views
I did not say that. - 06/08/2011 06:51:35 AM 976 Views
S&P didn't demand cuts, they demanded fiscal responsibility. - 06/08/2011 03:18:10 PM 1138 Views
Obama caved spectacularly to avoid a default. - 06/08/2011 04:37:21 PM 959 Views
Obama caved spectacularly to ease re-election. - 06/08/2011 05:34:04 PM 1137 Views
and haters gotta hate..... *NM* - 06/08/2011 05:49:25 AM 472 Views
I admit it, I hate what Obama is doing to our country..... *NM* - 06/08/2011 06:12:39 AM 489 Views
It's not Obama, but the Tea Party - 06/08/2011 06:16:38 PM 988 Views
The biggest? why that is pretty damn big!!! - 09/08/2011 06:29:24 PM 917 Views
you, it was the tea party republicans that caused this - 06/08/2011 05:57:16 AM 993 Views
Your momma is more to blame than the Tea Party..... - 06/08/2011 06:12:05 AM 871 Views
S&P demanded more DEFICIT REDUCTION. - 06/08/2011 03:55:19 PM 1016 Views
Does Timmy G play sax like his brother Kenny? *NM* - 06/08/2011 01:11:17 PM 476 Views
Fun fact - I dated in HS Kenny G's niece..... - 06/08/2011 03:13:52 PM 855 Views
Re: Fun fact - I dated in HS Kenny G's niece..... - 06/08/2011 04:50:35 PM 950 Views
Sadly, not that niece!!! *NM* - 06/08/2011 06:40:39 PM 483 Views
S&P specifically cited GOP refusal to raise taxes among their reasons. - 06/08/2011 03:10:22 PM 1030 Views
Of course one could just read the actual S&P report - 06/08/2011 04:01:07 PM 1023 Views
Sure. - 06/08/2011 04:53:47 PM 1051 Views
not really - 06/08/2011 10:15:32 PM 899 Views
"the mix of spending and revenue measures" - 06/08/2011 10:23:06 PM 978 Views
So you read the statement that they take no posistion as they take the dem position? - 07/08/2011 04:51:58 AM 983 Views
I read a "mix" to be a mix. - 09/08/2011 12:14:35 AM 893 Views
So in other words you just ignore the actaull words and read it say what you want it to say *NM* - 09/08/2011 02:07:57 PM 540 Views
A mix of something and nothing is impossible; one thing is one thing, not a mix. - 09/08/2011 04:56:00 PM 1075 Views
Would 99.99% to 0.01% be a mix? - 09/08/2011 06:25:08 PM 1157 Views
Yup, but 100% to 0% is not. - 09/08/2011 06:35:13 PM 981 Views
They should all resign - 06/08/2011 05:47:56 PM 1016 Views
You are either really naive or just stupid. Which is it? *NM* - 06/08/2011 06:31:58 PM 463 Views
Reply to everyone whining about the Tea Party..... - 06/08/2011 06:58:40 PM 1042 Views
When did Boehner agree to $800 billion in revenue increases?! - 06/08/2011 08:49:51 PM 987 Views
Wait Wait Wait.... - 07/08/2011 05:31:20 AM 1037 Views
In Jersey - 07/08/2011 06:13:23 PM 1096 Views
would him resigning really help? - 07/08/2011 10:24:00 AM 925 Views
not as long as he has the high functioning moron Joe Biden as VP. - 08/08/2011 12:34:32 AM 936 Views
In reality, its Congress (BOTH parties) AND the President who are to blame. - 08/08/2011 01:59:13 AM 962 Views
40% is not a small tax increase and a small spending cut - 09/08/2011 04:20:28 AM 833 Views
Why are people making a deal about the debt ceiling increase? - 09/08/2011 03:42:13 PM 865 Views
We do have a debt ceiling for a reason - 09/08/2011 04:05:59 PM 887 Views
Ultimately, I'm forced to agree completely. - 09/08/2011 05:09:19 PM 916 Views

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