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Old 01-15-2013, 02:08 PM   #1
BB BMW
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Obama on Our Credit Rating

Obama said our credit downgrade, around the last Debt Ceiling, was due to not raising the debt ceiling fast enough. He also said we would be downgraded again if we do not raise the debt ceiling again.

The downgrade came about because the Super Commitee recommendations on spending cuts were ignored.

Without ANY SPENDING CUTS IN SIGHT, look for another downgrade. And look for Obama to blame republicans (again).

When he was in congress, he blasted Bush for wanting to raise the debt ceiling. Now listen to him.

He said Bush was risking the future of our children and grandchildren with runaway spending.

H Y P O C R I T E

I guess we need to SPEND our way out of DEBT or Borrow our way out.
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Old 01-15-2013, 02:13 PM   #2
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Old 01-15-2013, 02:26 PM   #3
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The downgrade came about largely because members of both parties acted like a bunch of muppets about the debt ceiling, which caused the rating agencies to lose faith in our ability to make decisions.

Also, at the same time Obama was blasting Dubya in 2006, the Republicans were taking the same position as the Democrats now are taking in reference to the debt ceiling. They are all hypocrites.
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Old 01-15-2013, 02:41 PM   #4
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The downgrade came about because the Super Commitee recommendations on spending cuts were ignored.


S&P was direct in its criticism of the governance and policy-making process, which took the U.S. to the brink of default as part of the 2011 U.S. debt-ceiling crisis that same week:
  • "More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011. Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon."
  • "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. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability."
The report specifically refused to take a position on the blend of policy choices necessary to improve or maintain the credit rating:
  • "Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.
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Old 01-15-2013, 03:44 PM   #5
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Quote:
Originally Posted by evolved View Post
The downgrade came about largely because members of both parties acted like a bunch of muppets about the debt ceiling, which caused the rating agencies to lose faith in our ability to make decisions.

Also, at the same time Obama was blasting Dubya in 2006, the Republicans were taking the same position as the Democrats now are taking in reference to the debt ceiling. They are all hypocrites.
So true
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Old 01-15-2013, 04:04 PM   #6
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Quote:
Originally Posted by evolved View Post
The downgrade came about largely because members of both parties acted like a bunch of muppets about the debt ceiling, which caused the rating agencies to lose faith in our ability to make decisions.

Also, at the same time Obama was blasting Dubya in 2006, the Republicans were taking the same position as the Democrats now are taking in reference to the debt ceiling. They are all hypocrites.
all you can do now is call out the people currently in office, yelling they did it too will not solve anything even if it is true.
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Old 01-15-2013, 04:05 PM   #7
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all you can do now is call out the people currently in office, yelling they did it too will not solve anything even if it is true.
The context is very important, in my opinion. In any event, most of the clowns from 2006 are still around today, so the point remains.
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Old 01-15-2013, 04:56 PM   #8
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Originally Posted by 'busa View Post


S&P was direct in its criticism of the governance and policy-making process, which took the U.S. to the brink of default as part of the 2011 U.S. debt-ceiling crisis that same week:
  • "More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011. Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon."
  • "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. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability."
The report specifically refused to take a position on the blend of policy choices necessary to improve or maintain the credit rating:
  • "Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.
And NO SPENDING CUTS in sight.

Are we going to borrow our way out of debt?
Spend our way out of debt?
Tax our way out of debt?

Looking at $22 trillion in debt.

None of the above. We will just continue to kick the can to the next few generations.
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Old 01-15-2013, 05:21 PM   #9
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