The Bipartisan Debt Deal Fact Sheet: A "Victory" For The Republicans, The Democrats And, Of Course, The White HouseHot off the presses, here is the White House's very own "debt deal" fact sheet, which is apparently a "win for the economy and budget discipline." Which is great since we already know it is a win for the GOP and the Democrats. In other words, the only thing better than a Win-Win, is a Win-Win-Win... in which the only loser, of course, is America. We caution readers on high blood pressure medication, on blood thinners, those on dialysis, and those prone to incontinence or murderous acts of rage to please skip this post.
My fellow Americans...
Volatility? WTF. Its been basing at $33-35 for 2 months. What volatility. IB just lost my account, I suggest an immediate withdrawal of all of your funds from Interactive Brokers immediately. This is uncalled for. Now I am mad.
My Dear Friends,
Here is the latest in Political Hollywood.
You can be sure there will be a deal to avoid default. You can be equally sure it will not cure the debt problem.
Leaders Reach Deal to Raise Debt Ceiling
By CARL HULSE and JENNIFER STEINHAUER
Published: July 31, 2011
WASHINGTON – Congressional leaders of both parties and President Obama said they have agreed to a framework for a fiscal deal that they will present to their caucuses Monday morning, moving Congress closer to taking up a measure that could pass both the House and Senate with bipartisan support and be signed by President Obama, averting a fiscal calamity.
The two Senate leaders, Harry Reid of Nevada and Mitch McConnell on Kentucky, announced the agreement on the Senate floor and President Obama a few moments later. He indicated he would support it, although it was not his preferred approach.
“It will allow us to avoid default,” he said.
All afternoon, after Senate Republicans, as expected, blocked progress on a Democratic plan, Senate Democrats and House Republicans had worked feverishly with White House officials Sunday to iron out the final components of a deal to avoid imminent default, negotiating the design of a mechanism that, after an initial round of spending cuts and debt relief this year, would help force the hand of Congress when the time comes for a second round next year.
The agreement would raise the debt ceiling by $900 billion, enough to last into early next year, with spending cuts of $917 locked in for the first ten years, and an additional $1.5 trillion in cuts to be worked out on a bipartisan basis as the price for another increase in the debt ceiling next year.
President Obama just announced late this evening that a deal has been reached to cut government spending and raise the debt ceiling in order to avoid a debt default. If the deal is approved on Monday, it will raise the debt ceiling by between $2.1 and $2.4 trillion in three installments: $400 billion immediately, $500 billion this fall subject to a disapproval vote by Congress, and $1.2 to $1.5 trillion more after a special committee agrees on a matching amount of spending cuts that will be in addition to $900 billion in spending cuts proposed in the bill. With no tax increases included in this plan, all of this additional debt will eventually be monetized and paid for through monetary inflation.
Top 8 Cities by GDP: China vs. The U.S.
Economic Armageddon and You...Prepare for the Worst...Jim Sinclair’s Commentary
Here is the entire story. I would suggest spreading the truth to offset the lies.
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