Debt Talks Break Up After 50 Minutes

[cal04]

http://www.huffingtonpost.com/2011/07/23/mitch-mcconnell-debt-ceiling_n_907764.html

A tense White House meeting on the expiring debt limit broke up after less than an hour today, with the president and leaders of Congress agreeing only that it was urgent to find a path forward this weekend, a source familiar with the meeting said.

Staffers were set to work through the weekend, in hopes of crafting a compromise that could avert the United States beginning to default on its debt starting Aug. 2.

Senate Minority Leader Mitch McConnell (R-Ky.) said in a statement soon after the session that Obama wanted assurances that Congress would not let the nation become delinquent.

"The president wanted to know that there was a plan for preventing national default," McConnell said. "The bipartisan leadership in Congress is committed to working on new legislation that will prevent default while substantially reducing Washington spending."


A tense White House meeting as clock ticks toward default
http://thehill.com/homenews/administration/173123-another-tense-meeting-at-the-white-house-as-clock-ticks-toward-default

http://www.marketwatch.com/story/obama-calls-leaders-to-meet-as-debt-talks-fail-2011-07-22
(snip)
Other attendees at the meeting included Senate Majority Leader Harry Reid, Sen. Minority Leader Mitch McConnell, House Minority Leader Nancy Pelosi, and Vice President Joe Biden

No Debt Deal in Sight After White House Meeting
http://nationaljournal.com/whitehouse/no-debt-deal-in-sight-after-white-house-meeting-20110723

It was business-casual at the White House, even as both parties looked to brainstorm stopgap solutions to prevent default. Vice President Joe Biden, House Speaker John Boehner, Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell, and House Minority Leader Nancy Pelosi attended this morning’s session. The meeting, requested by the president yesterday, began at 11:08 a.m and concluded at 11:58 a.m., a White House official said.

(snip)
Pelosi, after the meeting, said she “certainly would hope” that there could be a deal reached this weekend. But she outright rejected the possibility of any short-term agreement, saying that was “absolutely, positively not” going to happen.

[Cleita]

1. You know. I have detached myself from this, particularly

since the very things, Social Security and Medicare that I rely on for a quality of life in my old age, are being bartered away without a single thought for the consequences or another thought for the necessity. I'm going into the future fifteen years and looking back at what is going to be a very bad history lesson to be learned by all concerned who have the power to do this and those like myself who will suffer from what is happening.

[DCBob]

2. I dont think any of the plans being discussed will affect current retirees.

Not that makes it right but just so you know you personally will likely not be affected regardless of the outcome.... UNLESS... they dont come to any agreement and we do actually default then we all will suffer greatly.

[YvonneCa]

4. I agree. The real danger today is...

...default.

[Bluenorthwest]

5. I don't think,,,,,will likely not...

Words are cheap, political words are the cheapest of all.
Translation :
I don't think= I have no idea, but I'm saying this.
Likely not = Just might.

Note that 'will not' means will not. Likely not means 'could be'. The wide world of words with meanings.

[DCBob]

7. Ok, Im not in the room so I dont know for sure.. but everything I have read and heard indicates..

its true. Certainly more likely true than the opposite.

[high density]

8. Those people vote the most, so of course their benefits will be considered sacred

However, I do expect my fellow gen Xers and beyond to be completely screwed. We will pay for the people who built up this house of cards at least one more time before they're six foot under. Then maybe we can build a country which has a purpose beyond propping up a Ponzi scheme for huge corporations and the insanely rich.

[newfie11]

11. It may affect current retirees

If the chained cola, cpi, or whatever it's called is on the table.

[DCBob]

13. Not sure about that one. You may be right.

[Cleita]

12. We are already being affected by not getting COLA

increases. If they start means testing Medicare we will be further affected because fewer and fewer doctors will want to accept Medicare from needy patients, just like they turn away Medicaid patients today.

[woo me with science]

21. +1

[jwirr]

15. The adjustment of the COLA will effect everyone. They need to pass

a clean one paragraph bill to raise the debt ceiling and decide this other stuff another day.

[woo me with science]

20. Nonsense.

We are still on the road to chained CPI and who knows what the hell else.

And this crap they are doing sure as hell is not going to fix the economy or create jobs anytime soon.

[Raven]

3. I join you in this...absolutely!

[golfguru]

16. If you are 55 or over, you are not affected by any change n/t

[Cleita]

18. It's not about me but the future of this country

for generations to come and frankly I am already being affected by it.

[golfguru]

19. The present trend in Medicare if continued

will bankrupt Medicare in less than 10 years per gov't actuaries. Why any one wants that to happen?

[Cleita]

22. What's bankrupting it is Medicare Part C and Medicare

Part D, because the private insurance companies and pharmacies were allowed to use the system for their own corporate welfare. Take Medicare back to being a government administered program for Part C and D and you will see it righted with no bankruptcy in sight.

[high density]

6. What is there left to "work on?"

The debt ceiling needs to be raised. The Republicans were the one that coupled this to other unrelated things, which is now blowing up in their faces. Just raise the debt ceiling already.

[DCBob]

10. They have to craft the actual legislation... which will have some additional details..

besides just raising the debt ceiling. But I suspect they will get this done by Monday. It sounds like the rating agencies are about to downgrade our debt.. and fat cat Republicans will not like that at all.

[ChiciB1]

9. I Don't Know About Anyone Else, But I'm Feeling Drained & Left Out

in the to fend for myself in some way. It's almost unfathomable to me that TPTB keep playing with so many lives as they are. Day after day there are rumors and rumors OF rumors about who will win or lose.

What I don't think ANY of them understand is how traumatic this whole process is to those of us who are being forced to watch and wait for for some kind of outcome. I recall a time when I was proud of what this country was and stood for, but as time has gone by I've become more cynical than I ever thought possible. Now, along with my cynicism I'm vulnerable and feel my life is being played with.

And for what? Ideology? I'm really worn out and feeling defeated by this charade that continues minute by minute.

Over and over I keep thinking about a "fiddle & fire" and all I want to do is run and hide.

I'm babysitting my 2 year old grandson this weekend and I look at him in all his innocence and it breaks my heart. But I am thankful that he's here to keep my mind OFF of what may turn out to be a train wreck for too many people. It's really such a shame that we've come to this.

REALLY!

[Blue Meany]

14. Maybe Obama should allow the default. It might cost us all

less than the ransom we are paying to Republicans over and over again every time they hold a bit of power. Allowing a default might be a bit like calling the police on an abuser - it might make them think twice about pulling this shit again. And it just might be better for the people of the US in the long term.

[Lorien]

17. Reducing spending (not related to the deficit) while not raising revenue

we'll be back at square one the next time around.