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08 Aug 2011 14:31

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U.S.: President Obama tries to reassure after credit rating downgrade

  • No matter what the agencies say, we will always be a AAA country.
  • President Barack Obama • Talking about the S&P’s downgrade of the United States in a speech today. He explained that they didn’t downgrade us because they didn’t believe that we would default on our debt, but because our politics get too much in the way — and because the threat of default was used as a bargaining chip. He also talked about our real challenge — long term deficit reduction. He stuck to his guns on policies like tax  cuts for the wealthy, and also said that we need to keep unemployment benefits around to keep our recovery going. However, just from this speech it’s clear that it isn’t going to be easy. It’s evident that despite the fact that Obama has good intentions, the politics simply aren’t going to change overnight. Obama also honored the troops that died in the helicopter crash over the weekend, which was well-deserved and moving. source
Posted by Justin Jones • 0 Comments • Permalink

03 Aug 2011 22:23

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Politics: Happy birthday, Obama. Here’s Romney’s gift. Aww, he shouldn’t have.

  • We’d like to see the gift receipt, please: Centering around a critique of the unemployment rate in Chicago, this ad (“Obama Isn’t Working”) was released the day before President Obama visited his hometown on Wednesday. As Obama will be celebrating his 50th birthday on Thursday, could this be a “present” from Team Romney? source
Posted by samimain • 0 Comments • Permalink

31 Jul 2011 00:27

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U.S.: Breakdown: The new new NEW new nü NEW debt ceiling framework

  • So, those Republicans finally got a framework! If anyone feels like you might be on the most boring roller coaster ever, you are, as there have been so many high and low points with this debt ceiling dramarama today that you probably feel so dizzy that people might mistake you for being drunk. Anyway, in the latest developments, Republicans have apparently reached a framework with the White House to make this debt ceiling deal happen. Based on this, which side do you think won the day? Here’s a roundup:
  • ceiling The debt ceiling would rise to $2.8 trillion (though this number is conflicting; AP reports $2.4 trillion). This would be enough to get us past the 2012 elections.
  • cuts Republicans would reportedly agree to roughly $1 trillion in cuts now, and then another $1.8 trillion later. Ignore our earlier version of the post; this is significant.
  • condition Republicans will get one thing out of the mess which in the end won’t mean anything — a vote on a balanced budget amendement. This will not pass. source
Posted by Ernie Smith • 0 Comments • Permalink

24 Jul 2011 10:42

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Politics: The long and short of it: Debt ceiling talks get complicated, stay complicated

  • long The Democrats are pushing for a longer-term debt ceiling increase in a deal that includes some revenue increases. House Speaker John Boehner has suggested that he favors a long-term plan that goes through 2012, but is having trouble selling it to his own party.
  • short Republicans, on the other hand, have suggested increasing the debt ceiling for a period less than a year in length, in part for political leverage so they can push for later long-term spending cuts during an election year. Obama suggests this is akin to playing with fire. source
  • » So, who’s the loser in all of this? The consumer and taxpayer. The uncertainty on this issue has affected the markets in some ways already (see the price of gold for example), and could endanger your ability to get a loan at a reasonable rate if the talks fail to straighten course. You may see some possible instability this week, as a deal perilously hangs in the balance.
Posted by Ernie Smith • 0 Comments • Permalink

21 Jul 2011 13:57

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Politics: Obama and Boehner near deal? Not if you ask their press folks about it

  • claim The New York Times has an article up saying that Obama and Boehner are nearing a deal on the whole debt ceiling mess that’s gripped DC for the past few weeks. Oh God, let’s hope so guys.
  • denial However, Boehner’s folks denied this. “While we are keeping the lines of communication open,” said spokesperson Kevin Smith, “there is no ‘deal’ and no progress to report.” O RLY?
  • denial Likewise, White House Press Secretary Jay Carney (who recently called Mitch McConnell “Mitch Mitchell,” then dropped a Guided by Voices reference) flatly denied the claim. source
Posted by Ernie Smith • 0 Comments • Permalink

18 Jul 2011 11:02

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Politics: Debt ceiling poll: Everyone looks bad, but Obama looks least bad

  • 71% disapprove of the way Republicans have handled the debt ceiling crisis — just 21 percent approve
  • 48% disapprove of the way Obama has handled the situation; by contrast, 43 percent approve source
  • » Obama’s the best in a bad bunch: According to a CBS News poll, while nobody’s doing particularly hot in the current debt crisis negotiations, Obama can at least say that he’s doing better than everyone else. Democrats in Congress have a meager 31 percent approval rating. But let’s face it — this has always been a fight between Republicans and Obama, with congressional Democrats off to the side. So the result is nothing but notable. Let’s raise the question: If the government defaults, is this 1995 all over again for the GOP?
Posted by Ernie Smith • 0 Comments • Permalink

15 Jul 2011 14:52

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U.S.: Obama puts Medicare means-testing on the table for debt limit compromise

  • Medicare Means-testing on the way? President Obama is eying this common Republican policy idea as a means to a big debt limit deal. As the White House was careful to point out, for the benefit of a liberal base dim on imposing costs on low-income recipients, the Affordable Care Act has already resulted in slightly higher premiums for couples earning over $170,000, or singles earning $85,000 — his ideal would be to raise these further, to “modestly higher premiums.” The question is, would it work? The GOP has been abandoning their own policy proposals when Obama gives them a thumbs up since the health care debate; modest as this is, and we don’t see why that would change. source
Posted by Chris Tognotti • 0 Comments • Permalink
 

13 Jul 2011 22:34

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Politics: Talk about drawing a line in the sand

  • I’ve reached my limit. This may bring my presidency down, but I will not yield on this.
  • President Obama • Toward the end of a budget meeting with Republicans. It’s not clear what policy he won’t yield on, but from the texture of the debate thus far, we’re guessing it’s the inclusion of revenue increases in the deal to raise the debt-ceiling.source
Posted by Seth Millstein • 0 Comments • Permalink

13 Jul 2011 14:38

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U.S.: Presidential fundraising numbers out, Obama trumps competition

  • $47 million Obama raised in the second quarter of 2011 source
  • » That’s a new record – but kind of a specific one. Obama now holds the record for second-quarter financing in the year before an election. He made way more money than any of the GOP presidential hopefuls, getting donations from over 550,000 people. That’s a lot of people. Granted, this doesn’t mean that he’s automatically guaranteed victory, but it’s definitely a strong sign that much of his base is sticking by him in 2012.
Posted by Justin Jones • 0 Comments • Permalink

12 Jul 2011 11:27

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Politics: Debt ceiling drama: McConnell, Boehner muddy the waters

  • In my view the President has presented us with three choices. Smoke and mirrors, tax hikes, or default. Republicans choose none of the above. I had hoped to do good; but I refuse to do harm.
  • Senate Minority Leader Mitch McConnell • Speaking before another debt ceiling chat with Obama, while doing what he does best: Clouding the waters. Remember the 1980s, where deals like these could be brokered without dudes like McConnell saying things to scare the base into thinking the Democrats were pure, concentrated evil? John Boehner, who we respect a lot more, had harsh but more moderated words: “This debt limit increase is his problem. I think it’s time for him to lead by putting his plan on the table, something that the Congress can pass.” It’s either Obama being a completely evil human being or Obama not coming up with a deal that can actually pass Congress. Choose your boogeyman, guys. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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