Obama and Boehner in impasse as US debt ceiling deadline approaches

Obama and Boehner in impasse as US debt ceiling deadline approaches

Barack Obama expresses dismay over the political impasse between Republicans and Democrats as the deadline for Congress to raise the US debt ceiling approaches. The Republican Speaker of the House of Representatives, John Boehner, says the onus is on the president to negotiate. If the deadline is reached without agreement on 17 October, a technical default could be triggered in the bond market

[jannmutube]

About two-thirds of nearly $1 trillion in individual "tax expenditures" (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes) goes to the top quintile of taxpayers. Banks have arranged to get lower interest rates, saving them $83 billion per year. The U.S. federal government spends $100 BILLION A YEAR ON CORPORATE WELFARE, almost half for big agriculture and the fossil fuel industry (tjt77, response to Norquist, The Guardina)

[jannmutube]

"An astonishing 75 percent of dividend and capital gain subsidies go to the richest 1%. That's still not enough for hedge fund managers, who call their income "carried interest" instead of "income" to keep their tax rate at the capital gains rate. And even this small amount may not be paid. Hedge fund managers with incomes in the billions can pay ZERO income tax by deferring their profits through their companies indefinitely". (tjt77 response to Norquist, The Guardian)

[SapaHollidaySaparonia]

Like many other things that eventually affect the Internet, I smell a rat.

[visionofhope]

The Constitution places responsibility on Congress to establish laws and set a budget. I would expect legislation that is signed into law would be funded.
However, if funding unpopular laws would take the country into higher debt, Congress needs a budget that would prevent bankruptcy. Congress and the President have a common responsibility to determine fiscal impact on individuals and government spending.
Serious parties need to control spending and prevent the need to raise borrowing.

[jannmutube]

Read the article written by Grover Norquist in the Guardian on October 8, 2013 entitled "A GOP plan B: a deal to get a win-win from shutdown and debt ceiling crises". Then read the replies, especially by tjt77.