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Jan 4 - GOP: Partial Gov't Shutdown 'May Be Necessary'

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 Jan 4 - GOP: Partial Gov't Shutdown 'May Be Necessary'
Unread 01-04-2013, 06:26 PMJoined Jan 2007 - away - #1
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Ham Rove 2409 heat pts2409 space
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WASHINGTON -- The just-completed deal to resolve the so-called fiscal cliff has created an even greater cliff down the road. By the end of February, lawmakers will have to grapple with $1 trillion in sequestration cuts that are scheduled to take effect and the need for a debt limit increase. Shortly thereafter, they will have to deal with the end of a continuing resolution to keep the government funded.

Any one of these issues on its own would be difficult to resolve. Taken together, they could produce complete gridlock, which itself would have deep economic consequences.

President Barack Obama has pledged that he won't negotiate over the debt ceiling as a matter of principle. But Republicans are still insisting that they will extract as many concessions from the talks as they can.

Sen. Pat Toomey (R-Pa.) said on MSNBC's "Morning Joe" this week, "we Republicans need to be willing to tolerate a temporary, partial government shutdown" in order to achieve spending cuts and entitlement reforms.

On Friday morning, meanwhile, House Speaker John Boehner (R-Ohio) told members that he was prepared to use the debt ceiling f!ght as leverage to get spending cuts. According to a source in the room, Boehner showed fellow lawmakers the results of a survey by the Winston Group, a GOP polling firm, which showed that 72 percent of Americans "agree any increase in the nation's debt limit must be accompanied by spending cuts and reforms of a greater amount."

"The debate is already under way," the speaker said.

Elsewhere on Friday morning, Sen. John Cornyn (R-Texas), the second-ranking Senate Republican, penned an op-ed making a similar argument.

Republicans are more determined than ever to implement the spending cuts and structural entitlement reforms that are needed to secure the long-term fiscal integrity of our country.
The coming deadlines will be the next flashpoints in our ongoing f!ght to bring fiscal sanity to Washington. It may be necessary to partially shut down the government in order to secure the long-term fiscal well being of our country, rather than plod along the path of Greece, Italy and Spain. President Obama needs to take note of this reality and put forward a plan to avoid it immediately.

It wasn't entirely clear from the op-ed whether Cornyn was arguing for Republicans to avoid passing an additional continuing resolution (absent spending cuts), refuse to raise the debt ceiling, or both. A spokeswoman for the Texas Republican told The Huffington Post that she didn't see a distinction between the two, with respect to whether or not the GOP should use them as leverage.

"I wouldn't look too much into it. I think there are three big deadlines," the spokeswoman said, adding sequestration into the mix.

A Republican Senate aide added: "We all know this deadline is coming. In regards to the CR vs the debt ceiling, a downgrade will likely occur if spending is not cut, not if Congress were to refuse to [raise the] debt ceiling temporarily."

But there would, indeed, be different consequences depending on which event is used to extract spending cuts. If, for example, Congress passes a debt limit increase but fails to pass a continuing resolution, the government can continue to borrow funds to pay its existing bills. But it would cease to operate as normal.

On the other hand, if Congress were to pass a continuing resolution but not raise the debt ceiling, the government would be operating on dwindling funds. Over time, the Treasury would fail to meet its obligations on salaries and wages, retirement funds and social security benefits.

And then there would be the macro and global impact. As a 1979 Government Accountability Office report noted:

At a minimum, however, the government could be subject to additional claims for interest on unredeemed matured debt and to claims for damages resulting from failure to make payments. But even beyond that, the full faith and credit of the U.S. government would be threatened. Domestic money markets, in which government securities play a major role, could be affected substantially.
More recently, JP Morgan's managing director outlined the consequences in a letter to the Treasury Department. Among the impacts projected were the following:

A rise in Treasury's long-term funding costs;
A contraction of credit;
A reduction in the purchase of Treasuries by foreign investors on a permanent basis or even sell off exiting holdings;
A downgrading of the U.S. sovereign credit rating;
A possible run on money market funds;
The destruction of market confidence.
Debt Ceiling Showdown: GOP Pledges To Extract Cuts From Obama
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17 comments for "Jan 4 - GOP: Partial Gov't Shutdown 'May Be Necessary'"

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Unread 01-04-2013, 08:06 PMJoined Jun 2010 - away - #2
Zeeshine 24 heat pts24 space
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These fu*ks will do anything except work together. America lost. big time.

If Obama was white, I would bet the house both sides would be straight chilling...

Can't wait for these baby boomer fu*ks to retire or die off... of course they're not gonna cut their own benefits they're waiting to receive. So lets just fu*k over Gen. Y with all the bs ranging from climate change, debt, infrastructure (or lack thereof), healthcare, education reform, and etc.

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Unread 01-05-2013, 02:13 AMJoined Jan 2007 - away - #3
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Originally Posted by FoShizzle8
typical idiot liberal douche,blame his race.dont worry,the day is gonna come when the us runs out of the money to support your obamaphones and your welfare.then lets see how the majority of obama's voters attitudes are


also,lets not act like obama didnt have anything to do with theclimate change, debt, infrastructure (or lack thereof), healthcare, education reform, and etc issues
typical moron. no facts just name calling. That sh*t was barely coherent, go back to school.
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Unread 01-05-2013, 02:40 AMJoined Jun 2010 - away - #4
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Originally Posted by FoShizzle8
typical idiot liberal douche,blame his race.dont worry,the day is gonna come when the us runs out of the money to support your obamaphones and your welfare.then lets see how the majority of obama's voters attitudes are


also,lets not act like obama didnt have anything to do with theclimate change, debt, infrastructure (or lack thereof), healthcare, education reform, and etc issues
last time i checked baby boomers were in both parties, hence why i was pissed that neither side works together.

and yes, i fully believe if Obama's skin was white, half the sh*t spewed at him would not be ranging from socialist attacks to shutting down the govt etc.

btw i voted for Romney. Take your L and sit down.
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Unread 01-05-2013, 11:42 AMJoined Mar 2004 - away - #5
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Originally Posted by FoShizzle8
typical idiot liberal douche,blame his race.dont worry,the day is gonna come when the us runs out of the money to support your obamaphones and your welfare.then lets see how the majority of obama's voters attitudes are


also,lets not act like obama didnt have anything to do with theclimate change, debt, infrastructure (or lack thereof), healthcare, education reform, and etc issues

n*gga do you not see the chart?........and infrastructure, healthcare, and education reform.........that son of a bi*ch......
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Unread 01-05-2013, 04:11 PMJoined Jun 2010 - away - #6
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Originally Posted by FoShizzle8
well lets see the facts here

the debt? well,its gotten worse under obama


and jobs? well,they have to.it was already brought out that when the unemployment rate dropped it was because of people giving up on filing for it,not really because they had jobs

but the sad part is,the majority of turds like you and Zeeshine barely know any facts.all you care about is the black president you got in the white house,oh and the handouts you get from the goverment to.the funny part is,im waiting for the day the united states is so broke that you no longer recieve them,then lets see how the "yeah my n*gga obeezy gonna take care of me"people think about there great president
did you read my 1st and/or 2nd post or what?

i worked on wall st, i know my sh*t in regards to the economy and govt expenditure fool.

gov't expenditure always increases during recessions b/c most of these fools use the Keynsian and Friedman policies to ensure liquidity and demand, hence why debt increases naturally. Obviously the jobs have been lacking, hence why i voted for Romney.

the prez has very little to actually do with anything. its all the congress, which i was critisizing for fu*king over generation Y you idiot. hence why i dont understand the criticism he gets since the prez doesnt do sh*t.

read my post correctly and stop spewing nonsense.

Last edited by Zeeshine; 01-05-2013 at 04:15 PM..
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Unread 01-05-2013, 04:29 PMJoined May 2009 - away - #7
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Originally Posted by Zeeshine
did you read my 1st and/or 2nd post or what?

i worked on wall st, i know my sh*t in regards to the economy and govt expenditure fool.

gov't expenditure always increases during recessions b/c most of these fools use the Keynsian and Friedman policies to ensure liquidity and demand, hence why debt increases naturally. Obviously the jobs have been lacking, hence why i voted for Romney.

the prez has very little to actually do with anything. its all the congress, which i was critisizing for fu*king over generation Y you idiot. hence why i dont understand the criticism he gets since the prez doesnt do sh*t.

read my post correctly and stop spewing nonsense.

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Unread 01-05-2013, 07:51 PMJoined Jan 2007 - away - #8
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Originally Posted by FoShizzle8
well lets see the facts here

the debt? well,its gotten worse under obama


and jobs? well,they have to.it was already brought out that when the unemployment rate dropped it was because of people giving up on filing for it,not really because they had jobs

but the sad part is,the majority of turds like you and Zeeshine barely know any facts.all you care about is the black president you got in the white house,oh and the handouts you get from the goverment to.the funny part is,im waiting for the day the united states is so broke that you no longer recieve them,then lets see how the "yeah my n*gga obeezy gonna take care of me"people think about there great president
so jobs have gotten worse under obama? ok, you're a certified fu*king clown, turn off the FOX News, you sound stupid.
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Unread 01-06-2013, 01:37 AMJoined Jan 2010 - on now - #9
Trilluminati GA 401 heat pts401 space
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@ the chart above and the massive L's given to shizzle
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Unread 01-06-2013, 01:42 AMJoined Jan 2007 - away - #10
Ham Rove 2409 heat pts2409 space
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Originally Posted by FoShizzle8
yeah,they actually have


but whatever,you would know this if you actually researched things instead of getting spoonfed by the idiot liberal douche media.heres a tip? you know when it was announced the unemployment rate went down,it was because people stop filing for it.so it didnt get any better,just got worse


also.i dont watch fox news,or any mainstream media
you dont research sh*t, all you do is repeat the same sh*t you hear on fox or w/e other sh*t news source you get your info. And i guess its an odd coincidence you dont listen to FOX, since you say the same fact free sh*t they do. "oh people want hand outs" is that why I make almost 6 figures annually and voted for Obama? Yeah I want hand outs, you're a fu*king idiot who cant do any type of critical thinking, or barely form coherent thoughts. "jobs got worse under obama" does your remedial a.ss mean EMPLOYMENT got worse under Obama? Well that is false, but you'll go on to repeat some factually inaccurate nonsense mixed in with some generic "main stream media" Sarah Palin-esque attack. Back to big government and the blaze.com with your mouth breathing a.ss

Last edited by Ham Rove; 01-06-2013 at 01:45 AM..
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Unread 01-06-2013, 01:47 AMJoined Nov 2006 - away - #11
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Republicans are more determined than ever to implement the spending cuts and structural entitlement reforms that are needed to secure the long-term fiscal integrity of our country.
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Unread 01-06-2013, 12:03 PMJoined Jul 2004 - away - #12
mt fuji 17 heat pts17 space
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Originally Posted by FoShizzle8
well lets see the facts here

the debt? well,its gotten worse under obama


and jobs? well,they have to.it was already brought out that when the unemployment rate dropped it was because of people giving up on filing for it,not really because they had jobs

but the sad part is,the majority of turds like you and Zeeshine barely know any facts.all you care about is the black president you got in the white house,oh and the handouts you get from the goverment to.the funny part is,im waiting for the day the united states is so broke that you no longer recieve them,then lets see how the "yeah my n*gga obeezy gonna take care of me"people think about there great president

Damn, so not only am I still waiting on my "OJ Prize"

But now I gotta wait on Barry bomber too?

What's this talk of "Obama phones" are they on sprint? Because my upgrade is right around the corner!
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Unread 01-06-2013, 12:43 PMJoined Jan 2007 - away - #13
Ham Rove 2409 heat pts2409 space
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Originally Posted by mt fuji
Damn, so not only am I still waiting on my "OJ Prize"

But now I gotta wait on Barry bomber too?

What's this talk of "Obama phones" are they on sprint? Because my upgrade is right around the corner!
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Unread 01-06-2013, 06:55 PMJoined Aug 2011 - away - #14
Kadillac87 199 heat pts199 space
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The same Republicans tactics from the mid 90s with Clinton. Nothing new here
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Unread 01-06-2013, 06:56 PMJoined Jan 2010 - on now - #15
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Originally Posted by NoTitleSince73
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