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Ignore the Media Spin, We Lost the Debt Ceiling Battle

By: Brad Jackson (Diary)  |  August 1st, 2011 at 10:05 AM  | 

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On today’s edition of Coffee and Markets, Brad Jackson is joined by Francis Cianfrocca to discuss the McConnell – Obama debt deal, how we got screwed, and the weak GDP report.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Erick Erickson: Not Playing the Fool
Obama, Congressional Leaders Reach Debt Deal
Monday Look Ahead: Debt Deal Rally Could Be Short-Lived
PIMCO CEO Mohamed El-Erian: Budget Deal Will Only Bring Short-Term Relief
The Q2 US GDP report – just terrible
Economists React: ‘Recovery? What Recovery?’

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COMMENTS

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  • mboyle1988

    It wasn’t a total victory, but it was a decisive victory. We won’t get new taxes out of this deal. We may get entitlement reform. With one branch of government, we pulled the other two branches much farther to the right than they were comfortable going. That’s not losing.

    • cwilson

      Sure — there are no new taxes TODAY, in this deal as it is written. But it places into law a mechanism that WILL force new taxes in four months. If this deal passes, there’s no way out — unless you want the Republicans to campaign, in 2012, on a platform of “yes, we cut off payment to medicaid doctors, so your poor granny can’t get treatment. Yes, we slashed all non-salary DoD funding, including programs to replace 20 year old hardware whose end of life our six concurrent wars has accelerated. But we did it to avoid raising taxes on people who make more money than you. ‘Cause teh jobs or something” (Sure, that’s left-wing attack ad language…but who do you think we’ll be running against? Puppies?)

      This “deal” plays right into Debbie W-S’s hands. Or it will, in just four short months.

    • clarioncaller

      I called and emailed each of them.I told them to vote NO on the latest Congressional/Obama sell out. Please do the same.

  • dkm466

    I’ll called this AM to voice my opposition the the 12 man committee and debt. I have told this congress woman that the full faith and credit of the government has already been compromised and media won’t spin that aurgument.

    We Must Pass … is not in my vocabulary. What we must do is balance the budget. Kay Granger is like a democrat. Kay Granger is like the Senate Budget … this is no position. Kay Granger can be bought. Damm RINO’s

  • cardindrake

    Let’s be honest. Both the democrats and the republicans want tax increases and entitlement cuts. They just don’t want to be blamed for them. So this grand theater is so they can compromise on both of them. What they don’t want is cuts to discretionary spending. A reasonable starting point would be to freeze non-military discretionary spending, and start doing zero based budgeting. Neither side wants that, because they don’t want to make any hard decisions in the area where they get their power.
    The tax increases are already guaranteed when the Bush cuts expire, but even that is not enough without real spending cuts.
    The public’s interest is best served by real cuts to discretionary spending and cuts to federal employment so that the special interests get short-changed instead of seniors and taxpayers.
    But neither side is interested in the public; they are interested in preserving their power to spend.

  • Death_of_the_Donkey

    but I am still concerned long term, as it seems that our potential GDP is going to be limited by a lack of labor force growth unless productivity can continue to run at these very high levels.

  • SpL

    The left is battling the tea party with Move On, Obama, Act Blue, etc money. The center-right is distancing themselves from the tea party. IF the Republicans would fight united on the economy we would ALL be better off. They may feel strapped into being accused of tea partism (crazism, racism, richism…) but if they would get their act together & talk about it anyway the Republicans would be a LOT stronger. I do no consider myself a tea partier, but I relate a lot more this: http://www.youtube.com/watch?v=mXm4j2ORYcg&feature=related, than to the Reich video. The left is talking simplistic, poplulist, let’s give you the story in 30 seconds. They are telling the View watchers and facebookers that all is ok, just vote democrat some more. Let’s not shut down the national parks over this.

  • concap

    Obama gets his extension past the election.

    Spending cuts will default and be taken out of the defense budget.

    VOTE! NO!!!!!!!!!!!!!!

  • clarioncaller

    We have a generation of Republican members and Republican Leadership that are just “Democrat lite”.That’s what they are. The Tea Party got some House and Senate members replaced with mainly principled members. Unfortunately we have to wait till November 2012 to replace another group of unprincipled “Democrat Lite” Republicans.

  • concap

    Is that our credit gets down graded and the Republicans get all the blame. As they should.

    This will greatly enhance the Tea Party movement if none of the 22 vote yes. (Baby Steps)

  • nancylee

    Obama, Reid, McConnell and Boehner royally screwed us all. They slipped a major Trojan Horse through on us, which will raise the debt ceiling, give Obama a slush fund for his re-election, hike our taxes a little way down the line and basically set us on the same path as Greece. Personally, I don’t see anything in this list, or any of the other things in the bill that I haven’t mentioned, that the Tea Party advocates.

    This whole thing was a royal sucker play, and we’re the suckers.

    I hate these perple.

  • nancylee

    Obama, Reid, McConnell and Boehner royally screwed us all. They slipped a major Trojan Horse through on us, which will raise the debt ceiling, give Obama a slush fund for his re-election, hike our taxes a little way down the line and basically set us on the same path as Greece. Personally, I don’t see anything in this list, or any of the other things in the bill that I haven’t mentioned, that the Tea Party advocates.

    This whole thing was a royal sucker play, and we’re the suckers.

    I hate these people.

  • nancylee

    when I accidentally hit the send button.

  • snowshooze

    But I think the Tea Party is solidly against this garbage.
    We will see.

  • concap

    the more the Tea Party movements gains.

    It?s a win, win for the Country.

  • dock3511

    Career pols of either party it’s pimps. No matter what happened in this battle, the country is toast in the long run until/unless Progressive Ds and milk toast Rs are removed from power. The economic forces at play will get them in the end.