Biden and GOP rush to finalize debt ceiling deal; shore up support to prevent default

Start the clock on the death watch of Kevin’s Speakership.

The nihilistic cult that is the House GQP caucus Is apoplectic that their attempt to burn the US economy to the ground for political gain didn’t work and someone has to pay.

That would be Kevin and it’s no less than he deserves for making a pact with a semi-organized group of sociopaths know-nothings and dim-witted goobers.

But first, the debt ceiling is going to be raised, the full faith and credit defended.

Well done, Joe.

Looks like we got ourselves a deal that will pass. See ya in 2 years when we do it all over again.

compromise that neither the hard-right or left flanks are likely to support.

These false equivalences are the bane of mass media reportage on American political economy.

Guaranteed socialism for the rich tax breaks will be defended.

Some social programs will be cut, maybe just not as much as austerity as the corporate masters of the Republicans may have liked.

https://americansfortaxfairness.org/issue/cbo-finds-republican-tax-plan-add-trillions-national-debt-make-working-families-pay-slashing-services/

Prepare for the next rope a dope, debt negotiations election cycle.

The winners are mega corps who have bought American politics and the .01 percent investors and the losers the American worker as usual.

Most likely with a Democratic House, so, you know….

Without the attempts to destroy American capitalism for political gain.

If 80% of Americans paid taxes, a flat tax where everyone contributes we wouldn't have this problem with the debt. The only people who shouldn't be working are stay at home mothers, the disabled, and the elderly collecting social security. No one should be getting government money for laziness. As More and more illegals come in, adding to impoverished communities where people don’t work but rather rob and loot, more money will be dished out, less job opportunities for unskilled workers, businesses leaving the most crime ridden areas particularly in minority communities, the Dems answer, dole out more money and as the country becomes more automated and needs less human manpower, we just borrow more money to give to these people for a time being, and short while.. yeah, seems like a smart thing to look forward to, I mean, what could possibly go wrong? Thank God for entrepreneurship.

Thank God for entrepreneurship.

And living in another country.

This "fictional theater" is almost done....

Kevin has to go back and grovel and plead with his Kook Caucus that he waged the good fight...when it was all pre-ordained... Biden and McConnell cut this deal weeks ago - Kevin just went along for the ride...

Will he convince them? I'd say its doubtful - remember our MAGA-friends here were calling him a "RINO sell-out" just a few months ago... This deal just confirms their view...

Which comes first - Trump's indictment for obstruction of justice, another DeSantis tech meltdown, or Kevin's motion to vacate?

Welcome to MAGA-world...

Those representatives running around threatening to shoot the government in the head are every bit as insane as the January 6th rioters.

If 80% of Americans paid taxes,

Says the one very likely taking the overseas exemption and zeroing out its tax obligations.

flat tax where everyone contributes we wouldn't have this problem with the debt. 

Here comes the flat/sales tax argument completely ignoring the regressive nature of it. The idea that someone on the bottom should pay the same percentage as someone on the top is old and tired (and widely rejected by the electorate).

20% of household income for someone making 50k is dramatically different than for someone making 500k in terms of the tax burden on meeting basic needs, saving for the future, etc. People at the top should pay a higher portion of their income in taxes because they can and because it contributes to the betterment of society.

And a national sales tax to replace an income tax is even more regressive as it taxes essentials that the poor have to have. EVERY analysis both pro and con recognizes the regressive effects of sales taxes.

Here’s an idea: if you make a bigger income, pay your damn taxes.

Funny how the GQP was so against the IRS getting the funding to go after tax cheats. There was a time when dodging taxes was “bad”….

Look out Kevin - here come the kooks....

Republican Congressmen Ralph Norman and Ken Buck both attacked the agreement.

*Norman, of South Carolina, called the deal "insanity" in a tweet and said a debt ceiling increase with "virtually no cuts" was not what had been agreed. He vowed not to vote to "bankrupt our country". Buck, of Colorado, said he's "appalled" by the "surrender" to raise the debt ceiling. "The bottom line is that the US will have $35 trillion of debt in January, 2025. That is completely unacceptable," *

https://www.yahoo.com/news/quite-few-republican-representatives-not-101500613.html

Our Trump-supporting friends here said yesterday what they support McCarthy's deal...so they must think these far-right MAGA Repubs are lying...or will they flip today?

Just takes one to file a motion to vacate...here's two, how many more of the Kook Caucus will join them?

Some social programs will be cut, maybe just not as much as austerity as the corporate masters of the Republicans may have liked.

I don't think the "corporate masters" line carries any weight with the modern Repubelicken Party. Today's Repube seems more motivated to use the government to punish ethnic minorities and other groups that offend their tender sensibilities. They do not seem to be very deferential to large corporations any more. The Rockefeller Repubelickens are long gone, replaced by a bible thumping and gun toting illiterati that seems more intent on destroying institutions if they can't get their way.

Here comes the flat/sales tax argument completely ignoring the regressive nature of it. The idea that someone on the bottom should pay the same percentage as someone on the top is old and tired (and widely rejected by the electorate).

They also contradict Adam Smiths Maxims on Taxation. Here is his First Maxim:

 "The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state. The expense of government to the individuals of a great nation is like the expense of management to the joint tenants of a great estate, who are all obliged to contribute in proportion to their respective interests in the estate. In the observation or neglect of this maxim consists what is called the equality or inequality of taxation."

And the refutation of a national sale tax, also from Adam Smith:

"As the wages of labour are everywhere regulated, partly by the demand for it, and partly by the average price of the necessary articles of subsistence, whatever raises this average price must necessarily raise those wages so that the labourer may still be able to purchase that quantity of those necessary articles which the state of the demand for labour, whether increasing, stationary, or declining, requires that he should have. A tax upon those articles necessarily raises their price somewhat higher than the amount of the tax, because the dealer, who advances the tax, must generally get it back with a profit. Such a tax must, therefore, occasion a rise in the wages of labour proportionable to this rise of price.

It is thus that a tax upon the necessaries of life operates exactly in the same manner as a direct tax upon the wages of labour. The labourer, though he may pay it out of his hand, cannot, for any considerable time at least, be properly said even to advance it. It must always in the long-run be advanced to him by his immediate employer in the advanced rate of his wages. His employer, if he is a manufacturer, will charge upon the price of his goods this rise of wages, together with a profit; so that the final payment of the tax, together with this overcharge, will fall upon the consumer. If his employer is a farmer, the final payment, together with a like overcharge, will fall upon the rent of the landlord."

bass4funk

The only people who shouldn't be working are stay at home mothers, the disabled, and the elderly collecting social security. No one should be getting government money for laziness. As

Justifications for work requirements rest on the false assumptions that people who receive benefits do not work and must be compelled to do so. But it's just not true.

Most adults who are under 65 and who get SNAP benefits are already working or are temporarily between jobs. People on food stamps who aren't working are often providing unpaid care to children or older family members, are in school, or are out of work because of health problems.

All it will do is add red tape that possibly cuts off a much needed social safety net.

Perhaps there was a side agreement struck that would see the House Democrats support Speaker McCarthy in case the Freedom Caucus forced a vote.

If 80% of Americans paid taxes, a flat tax where everyone contributes we wouldn't have this problem with the debt.

Hilarious self own

It is the richest who have been getting tax breaks for decades with the Republicans who are not paying taxes and contributing to the debt

https://www.google.com/amp/s/www.cnbc.com/amp/2016/09/26/trump-brags-about-not-paying-taxes-that-makes-me-smart.html

And they don't even hide it

In the end, this has little do do with policy and everything to do with politics.

The GQP wanted either total agreement on its terms or a government default and it was indifferent as to which because both would benefit the insanity caucus politically or so they thought.

The GQP theory of the case in the midterms was economy, inflation gas prices, and nutters in office.

The election took care of the nutters. The Democrats expanded their margin in the Senate and kept losses by the incumbent party to near historic lows as nutter after nutter was politely told “No thank you. We have enough lunatics already.”

So what remains?

Gas prices are back to historical levels.

Inflation is coming down although still a bit on the high side.

Unemployment is at the lowest level of my life.

Wages are rising.

Ukraine is not falling apart and NATO is reinvigorated and expanding under American (Read: Joe’s) leadership.

So what’s a Republican to do? They rooted and hoped for a meltdown on the border, but that hasn’t happened so far.

Trump incriminated himself with every utterance.

So they tried to blow up the economy (the global economy actually) under the guise of “fiscal discipline” falsely equating debt payment with budgeting and using “aw shucks” simplicity to further muddle an already complicated issue because they thought it was something they could campaign on.

It’s really that simple.

They failed.

Thank you Joe.

You're welcome, America.

And living in another country.

Not 100%

50%+ though

a flat tax where everyone contributes

You have several times claimed it is smart to not pay taxes. When did you change your mind?

How would that work for patriotic Americans who live abroad? A flat tax?

An agreement at the 11th hour? What a surprise, NOT! McCarthy's hamming it up in front of the cameras was never going to win him an Oscar. The take-away from the unfunny GOP clown show is the bad faith of Republicans gaslighting their base instead of just telling them the simple truth (no Ph.D. in economics required), to wit, that the government honor its debts by paying for expenditures previously agreed on by both parties. End of.

so this is supposedly such a huge win for the Democrats that they all are going to happily vote for it, right?

Typical responses here, make a deal= mock. and if dont make a deal= cry/criticize/muh democracy!

Always with a dash of "buuuuuut Truuuuuump" sprinkled in. (hes not in the article, btw)

Gas prices are back to historical levels.

Inflation is coming down although still a bit on the high side.

both waaaaay about the Trump administration levels. (Truuuuuuump!)

and inflation just went back up 0.4% last month.

You dont get credit when something goes back down some from historical highs that you created yourself by your poor policies.

I used to weigh 100kg for a long time. but more recently I weighed 140kg.

Im now 130 kg and I lost weight, Im thin, look at my weight loss!

Said no one truthfully, ever.

50%+ though

Exactly!

You have several times claimed it is smart to not pay taxes.

I never said that.

How would that work for patriotic Americans who live abroad? A flat tax?

The same way it would work if I’m in the States, not hard to figure out. Not to worry, Biden should be happy, I give his administration or rather he takes a lot from me.

 he takes a lot from me.

Biden raised your taxes? That’s news to me.

Biden raised your taxes? That’s news to me

I didn’t say that, I said, he’s getting more than his socialist fair share.

 I said, he’s getting more than his socialist fair share.

Which is the same “socialist fair share” Trump was getting from you.

If you’re trying to score a goal, try not tapping it into your own net.

Which is the same “socialist fair share” Trump was getting from you. 

Not really

If you’re trying to score a goal, try not tapping it into your own net.

No, it’s just did a 2-1

—Which is the same “socialist fair share” Trump was getting from you. 

Not really

So you’re flipping back to your original claim that you’re paying more under Biden?

Wish I could say I think we’re out of the woods…

now the question is if all those prerogatives McCarthy handed to the Armageddon caucus allows them to stall this in the House with endless procedural votes. Don’t matter if Jefferies and McCarthy can muster enough centrist votes if the vote itself never comes to the House Floor.

sincerely hope I’m misunderstanding something here, but isn’t this exactly why it took double digit votes for Kevin to get the gavel? So they can force him to act according to their will, not his?

Biden raised your taxes? That’s news to me

I didn’t say that, I said, he’s getting more than his socialist fair share.

This is almost comical.

Not as comical as the idea that a flat tax would be either fair or effective, but still good for a chuckle.