i love history, i'm such a geek:


Prior to the Budget and Impoundment Control Act of 1974, the debt ceiling played an important role since Congress had few opportunities to hold hearings and debates on the budget.[8] James Surowiecki argued that the debt ceiling lost its usefulness after these reforms to the budget process.[9]

In 1979, noting the potential problems of hitting a default, Dick Gephardt imposed the "Gephardt Rule," a parliamentary rule that deemed the debt ceiling raised when a budget was passed. This resolved the contradiction in voting for appropriations but not voting to fund them. The rule stood until it was repealed by the Republican Congress in 1995.


now, that gephardt rule makes complete sense. how could it not? too bad it was repealed...not that it matters, we haven't had an actual budget in YEARS.

[b]In 2011, Republicans in Congress attempted to use the debt ceiling as leverage for deficit reduction. The delay in raising the debt ceiling led to the first ever downgrade in the federal government's credit rating. The credit downgrade and debt ceiling debacle contributed to the Dow Jones Industrial Average falling 2,000 points in late July and August. Following the downgrade itself, the DJIA had one of its worst days in history and fell 635 points on August 8.[14] The GAO estimated that the delay in raising the debt ceiling raised borrowing costs for the government by $1.3 billion in 2011 and noted that the delay would also raise costs in later years. The Bipartisan Policy Center extended the GAO's estimates and found that the delay raised borrowing costs by $18.9 billion over ten years.[/B]

f***ing brilliant. raised borrowing costs by 18.9 billion.... and of course, those who don't study history are doomed to repeat it.

any guesses on the next downgrade? what it'll cost? that they only extend by six weeks, so we can keep arguing while solving nothing?

CNBC reporing OBama rejected offer for stay.

Anyone know what the offer was:zz::wf
Repukes weren't talking after the meeting:p

Following talks, President Barack Obama rejected a Republican plan that would postpone a possible U.S. default, because it would not also reopen the federal government.

WASHINGTON — On a day crammed with rising and falling hopes, President Barack Obama and congressional Republicans groped inconclusively Thursday for common ground that could avert an economy-tanking default and possibly end the 10-day-old partial government shutdown.

"We expect further conversations tonight," Majority Leader Eric Cantor, R-Va., said cryptically at nightfall, after he, Speaker John Boehner and a delegation of House Republicans had met for more than an hour with Obama at the White House.

The White House issued a statement describing the session as a good one, but adding, that "no specific determination was made."

The up-and-down day also featured a dour warning from Treasury Secretary Jack Lew, who told lawmakers that the prospect of default had already caused interest rates to rise — and that worse lay ahead.


http://news.msn.com/us/obama-house-g...utdown-impasse

Except interest rates are down from a month ago and yesterday the DOW was up over 300 or almost 3% :zz:

Dell that is what is called a relief rally but may be a trap.

She didn't win the Nobel but one bunch was happy..

http://worldnews.nbcnews.com/_news/2...i-taliban?lite


also catch last nite's Colbert, did a funny bit on Shep Smith's new giant screen newsroom.:)

i'll catch up on that this evening...

speaking of fox 'news', just saw this on slate. now, my first thought was 'wow, that's some hyperbole'. of course one man's treasure is another mans junk....

http://www.slate.com/blogs/the_slate...ion_since.html

i can think of worse things. lots of them.

Obama got another hot endorsement from a Church.:eek:


http://nationalreport.net/church-sat...ses-obamacare/

At least our gov't has it's priorities right..they don't miss a pay check and everyone else is on their own..:mad:..Happy Holiday..

If not for the media, I wouldn't even know the government is shut down.

Raise the debt ceiling and keep operating in essential only mode. It seems to be working. In fact States and private entities are already picking up the slack. Companies all over the nation have been streamlined to survive. Time for the Federal Government to do the same.

http://news.msn.com/us/senators-clos...pen-government

just saw this, just getting moving this a.m. now, what i don't get-why members of congress keep saying 'we need spending cuts' to the president. hello. you guys write the damn budget. well, when there's a budget. when was the last time congress approved a budget?!
of course comments like that are based on them hoping people don't realize who does what-and many don't. like the lady said on jimmy kimmel, an educated electorate is important...while discussing the differences between obamacare and the ACA. :rolleyes:

You realize congress has passed budget resolution after budget resolution and the senate has refused them? That not so long ago (during yet another ceiling raise) Sen. Schumer promised to pass a budget?

Now the taxpayer is supposed to swallow the proposal of yet another ceiling raise suspending the sequester cuts for talks on the budget?

How about this. We extend credit (debt ceiling raise) for 6 weeks while a budget that is within our means ($2.7 trillion roughly) is devised. Mind you that budget does nothing but tread water, and does nothing to address the debt but at least keeps us from sinking further into debt.

The Federal government is involved in far too many extracurricular activities outside of governing. When the first lady's tomatoes, she planted for a press OP are going bad because no National Park employees are there to attend to them we obviously have an abundance of cuts available.

http://www.slate.com/blogs/the_slate...og_day_16.html

light at the end of the tunnel?

Good times ahead for all. Raise a glass.

http://news.msn.com/us/senators-seek...p-effort-flops



we need term limits, asap!


"People are so tired of this," President Barack Obama said Tuesday in an interview with Los Angeles TV station KMEX.
....understatement of the decade.

We definitely don't need any more community organizers.

Obama reminds me of a spoiled child not willing to get into the car for school unless he gets to bring all of his toys that won't all fit in the car anyway.

No fu.cking sh.it