Observations: The QandO Podcast for 31 Jul 11
In this podcast, Bruce, Michael, and Dale discuss concerns about Turkey, and the debt limit.
The direct link to the podcast can be found here.
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When something hits the comics page…
When something is used as fodder for the Sunday comics, that probably means the typical reader is already aware of it.
Keep that in mind as you read today’s Dilbert:
“You’re gonna pay!”
The anthem of our times?
Via Insty.
It could also be entitled “common sense 101” – but of course that’s been which has been denied for decades in DC. The rules of reality don’t apply there – until now.
~McQ
Twitter: @McQandO
Tentative deal?
ABC is reporting there may have been agreement reached between Congressional Republicans and Democrats.
Here, according to Democratic and Republican sources, are the key elements:
- A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal).
- They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.
- The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both.
- The special committee must make recommendations by late November (before Congress’ Thanksgiving recess).
- If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee’s recommendations by making the alternative painful to both Democrats and Republicans.
- A vote, in both the House and Senate, on a balanced budget amendment.
Of course we’ve seen deals much like this before. Committees never seem to get around to the promised business and triggers never seem to get pulled and, as anyone would tell you now, the balanced budget amendment will never pass. Meanwhile, Obama is authorized to spend another 2 plus trillion we don’t have.
Madness. Smoke, mirrors and madness.
~McQ
Twitter: @McQandO