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BLITZER’S BLOG: Debt ceiling failure would be disastrous
July 13th, 2011
05:06 PM ET

BLITZER’S BLOG: Debt ceiling failure would be disastrous

(CNN) - I think President Obama and the Democratic and Republican leaders with whom he’s been negotiating an increase in the nation’s debt ceiling all fully appreciate the stakes. Based on everything that I’m hearing, they are all convinced that the consequences of failure would be a huge disaster for the U.S. economy and the American people. It probably would make the 2008-09 recession look like child’s play.

The warnings have been coming fast and furious in recent days – from the president, his treasury secretary, Timothy Geithner, and, today, from Federal Reserve Chairman Ben Bernanke. Plus, Moody’s, one of the big three credit rating agencies, is warning that the U.S. may lose its perfect AAA rating in the next few weeks if the debt ceiling isn’t raised in time. And all of this helps explain why Senate Minority Leader Mitch McConnell came up with his rather complicated, last-minute and very desperate proposal to resolve the issue.

Their concern is that failure would send a disastrous signal around the world. America’s creditworthiness would be seen as not reliable. Interest rates immediately would go up; the value of the dollar would go down; inflation could rise; and a new recession would grip the nation. Some doom-and-gloom experts warn that unemployment would quickly get much worse.

In effect, they say, failure to raise the debt limit would effectively amount to an enormous hidden tax on all Americans.

So the bottom line is this: the negotiators know that failure is not an option. The Democratic and Republican leaders in the room with President Obama and Vice President Biden must come up with a solution – and quickly.

RELATED: Obama, lawmakers struggle to reach middle ground on debt talks

SEE ALSO: Bernanke: U.S. default would cause 'major crisis'

Post by:
Filed under: Debt • Deficit • President Obama • White House • Wolf Blitzer
soundoff (165 Responses)
  1. tony

    When the goverment wont listen to its people then its time for a revolution.

    July 27, 2011 at 6:19 pm |
  2. Alex

    I love this country and I have willingly deployed to two wars for it. I have met and worked with true patriots during that time. I sympathized with the Tea Party on some issues in the past, but now see them as a right wing extremists group imposing political terrorism on our country. "Do what we say, or I will set off my WMD that will hurt millions of people on August 2nd!" This is not patriotism! This is imposing terror on the rest of humanity to achieve your philosophical goals!

    July 27, 2011 at 9:50 am |
  3. John Brink

    This has nothing to do with the debt ceiling, its all about the 2012 election and a divided republican party. The tea party will take this over the cliff regardless who gets hurt, because they think it will help them defeat President Obama. What will happen is the teaparty/republicans will loose any change in 2012 to keep the house or gain the Presidency.
    What the republicans and tea party members don't understand is that only compromise will save even them from lasting paralyses as a viable alternative party. John B

    July 26, 2011 at 4:13 pm |
  4. MIchael Reale

    To semi quote a well known politician:
    Never in the course of human endeavor have so few screwed up a country so badly for so many. The current U.S. Congress has created a government FUBAR. I would find it difficult to believe the members of Congress could pour pee out of a boot with a set of instructions let alone get us out of this debt crisis

    July 19, 2011 at 12:24 pm |
  5. Pat

    I have been e-mailing both party legislators that represent my state in congress to please shut up and get to work. I think the president must keep us informed of what progress is being made but I am exhausted with senators and representatives spinning their point of view and party ideology at me. I am enraged that some of them have tied their own hands by signing a pledge with a man who is not elected to represent anyone to not raise taxes. That smacks of special interest lobbying in the extreme to hijack negotiations in the business of the people of this country. What in freedom's name were they thinking? Anyone who signed away their obligations to negotiate in the interest of the voters to this arrogant tax tyrant should be soundly defeated.

    July 15, 2011 at 4:01 pm |
  6. Ken G

    We keep hearing how the governmnent can not reach agreement on a budget. If this continues until August 2nd, the US could be down-graded. The United States is the largest holder of the Iraqi Dinar. Iraq is getting very close to revaluing their currency and when they do, the US will have more than enough money to satisfy the budget. This arrangement was set in place by George Busch to essentially pay for the Iraqi invasion. Why isn't the IMF, United Nations, or the US pushing harder to accomplish this revaluation?

    July 14, 2011 at 8:53 pm |
  7. SacredEarth

    We are a great nation, and a great people. This is a crisis, not a call to arms. In all the world, we are blessed by so much wealth – the kind that REALLY matters. This blog by Mr. Blitzer is an invitation to talk about serious matters and we ought to put out our best selves as we talk so we don't shame ourselves. We really share much more than we differ. Let us work to SOLVE our problems, to find where we agree and begin from that point. Let us not continue to name-call and find ways to further divide us. Remember how blessed we are, and the pride we have in where we have come from. We have wonderful minds and brilliant problem solvers right here, in the midst of our wonderful chaos.

    July 14, 2011 at 7:13 pm |
  8. Mike

    Put a TV camera in the room with the President and the Congressional members and lets see who is really trying to fix the problem and who is not. Send the feed to the networks!!!!!

    July 14, 2011 at 6:41 pm |
    • sky

      GET THE JOB DONE IT'S NOT THAT HARD TO DO REPUBLICANS. IND VOTER OUT OF AZ.
      SUPPORT THE MIDDLE CLASS

      July 14, 2011 at 8:13 pm |
  9. roberta culver

    Wolf,
    After watching tonight's Situation Room re: debt talks, you are showing your bias towards the Republicans a little too much. Aren't you supposed to be an impartial TV host? let's give Pres. Obama a break!

    July 14, 2011 at 6:00 pm |
  10. ASG

    Let me preface this comment by saying that I am a registered NON-PARTISAN voter, and have been for many years.

    I find it interesting to listen to the discussions on the news, and to read these comments. One thing that both seem to demonstrate is that the "full faith and credit" of the United States government is already a thing of the past.

    "Credit" in all of its varities, essentially means "trust" or "belief".

    It appears that no one, not the principals involved, nor the posters on this board, has the slightest trust that the politicians involved are in any way intent on finding a solution that is in the best interest of the people of the country as a whole. Everyone appears to be firmly convinced that the actors are acting only in their own self-interest, or the interest of some special sub-group they are somehow paid to represent.

    I suspect this will prove to be a historic period...the time when the United States became the Dis-united States.

    July 14, 2011 at 5:51 pm |
  11. Judy

    Now that you've had your 15 minutes of fame, Norquist, BACK OFF!!!

    July 14, 2011 at 3:24 pm |
    • Carolyn Neuman

      Hi Judy, Great idea !!! He is a scary guy, and how did he get all that power over elected legislators?...and why? It hurts me to see someone get on television and disrespect the American people. Shameful.

      July 14, 2011 at 8:52 pm |
  12. Linka Rayburn

    Let's set the CAMPAIGN money issue STRAIGHT !!! When Republicans select ONE candidate (including Santa)....
    I am going to send the biggest check I can possibly afford, and go volunteer !!!!
    Obama appeals to voters & raises money by redistributing tax money to HIS potential voters. He would rather talk about new programs....for his next term, than do what is right..... NOW.... for OUR country. WE ARE BROKE !
    His strategy is to push center & right voters toward the "Tea Party" to divide Republican vote in 2012.
    Slash the sickening waste in Government, close loop holes, cut foreign aid, fire beaurocrats across the spectrum. Streamline tax code and programs, including entitlements. IT has to HAPPEN.
    DO IT..DO IT...YESTERDAY ALREADY !!.Then, the debt ceiling raise will pass...OR> our/his .....ASS is grass !!!!

    July 14, 2011 at 2:54 pm |
  13. Claire Walker

    Isn't it ironic that Eric Cantor has put money into a fund that would benefit from the gov't default. Seems like a huge conflict of interest. America, WAKE UP. If the gov't defaults, the 401K, IRA, gold and real estate would all crash, according to an article by McBride. That means we all lose. Interest rates would skyrocket. Why would anyone want our country to crash? Is it because they hate the idea of a black man (intelligent one at that) running our country? Get real America!!

    July 14, 2011 at 1:44 pm |
  14. dj

    I applaud President Obama for finally taking a stand against those Republicans who think they speak for the American people. How about this republicans you are willing to let those who depend on thier /social security for their daily living to go without and not raise tax on a few. How about you not getting your checks or take a pay cut in your salary and have to pay for your family insurance and lets see how much that will help in cuTting the defeict.STOP STOP STOP you are making yourselves look RACIST. Think on this where were you peple when all the business were sending all the JOBS to China where was the gov to give them incentive to stay in the US now you wanna talk about jobs. Get out of the media no ones cares to see you come and show just how unreasonable you are. I can say this Mr.President God is with you stand your ground for the US doin't underestimate the power of prayer and the one who is praying with you and for you. Be Blessed

    July 14, 2011 at 9:29 am |
  15. Anyone But Obama

    Wolf parrots all the Obama and administration comments, but relentlessly questions and challenges Republicans and conservatives. At first I didn't like Wolf moving from a journalism role to opinion, but now I am glad he did since it exposes his liberal bias.

    This, plus Fareed Zakaria and Chrstiane Amanpoor, will lead CNN to the low viewership numbers enjoyed by MSNBC!!!

    July 14, 2011 at 9:27 am |
  16. TALKing point

    LET PUT THE ISSUE TO THE PEOPLE TO VOTE ON IT, SINCE NO ONE IN WASHINGTON CAN RESOLVE IT.
    THEN PEOPLE CAN VOTE TO FIRE THEM AT THE SAME TIME TOO.

    July 14, 2011 at 9:21 am |
  17. clarke

    There will be no winners in any of this. The budget is so huge, they probably don;t even know what's in it. Make it simply cut every thing 5%, everything. What is 5% of the budget. Someone needs to go over the budget line by line to see what is really there. I bet they could find things to cut out and never be missed. They just look at the big ticket items. The small ticket items add up fast. Pennies make dollars remember.

    July 14, 2011 at 6:58 am |
  18. enough of change

    Looks like obama is playing the two year old with a temper tantrum, ohhhh dont call my bluff, whats next, more welfare, Obama its your economy, step up, be a man, own a business, learn what it is to make a payroll, obama you are the worst joke in society today. We The People cannot believe that you are doing this to this great country, but soon your last hoorah is coming, soon you will join those in the unemployment line, then you and bodonkey butt can sit on the corner, throw dice, collect food stamps and drink Ole Mil.

    July 14, 2011 at 6:49 am |
    • dj

      Speak for yourself not the people

      July 14, 2011 at 9:32 am |
    • Lester Barnes

      The mine is a terrible thing to waste, Its apparent that you never had much of a mine to waste. Education is power, President Barrack Obama is well educated, scary isn't it. Where here to stay, so get over it. Racism gets us no where!

      July 14, 2011 at 10:22 am |
    • MJ

      Your response is typical of an uninformed republican....follow your leader, fall of the cliff.

      July 14, 2011 at 11:41 am |
    • 228rory

      Well. You wont have to worry about making a payroll yourself, when consumer confidence has hit the fan, and you have no business left to run because of your misinformed hard line stance on maintaining the tax break for corporate jets that republicans are holding steadfast on.

      July 14, 2011 at 12:05 pm |
  19. Really

    You know I get tired of hearing about how the Republicans only look out for the rich.
    The top 1% incomes, pays 37% of the taxes, the top 10% pays 68% of all taxes. This group also is the reason most Americans that have jobs have them, because they invest their money. The problems this country is having now started along time ago, without jobs it can not improve, and there is enough blame to go around. The collapse of our economy means no ones money here will be any good, and you might want to start learning to speak Chinese. Just Sayin.....

    July 13, 2011 at 10:06 pm |
    • Really!!

      If tax breaks for the wealthy create jobs then how jobs are not being created now when the tax on wealthy are much lower than it used to under Clinton administration. Tax breaks do no create jobs that have been proven since once and for all when we found our self in the worse recession in decades after the largest tax cut ever under Bush. All tax breaks for wealthy does is makes the rich richer so that they can invest where ever they want which most of the time is abroad. So they just export jobs.

      July 13, 2011 at 10:20 pm |
      • Batuhan

        No... actually, the vote ganiast Bowles-Simpson was bipartisan, with Ryan, Rep. Jeb Hensarling (R-TX) and Rep. Dave Camp (R-MI) each voting ganiast it: 3 of the 7 "no" votes. The majority recommendations were not supported by a majority of Republican representatives on the commission.Thus, the plan was "ultimately sunk" by those three Republicans; switch their votes to yeas, and the official report is placed on President Obama's and Congress' desks instead of becoming a talking point.Of course, if you switch those votes, Rep. Ryan doesn't get his shot at becoming The Economic One. And the thus-nonexistent Ryan Roadmap doesn't get to try and position Bowles-Simpson as the middle-of-the-road option.

        March 3, 2012 at 6:33 am |
    • Really!!

      If tax breaks for the wealthy create jobs then how come jobs are not being created now when the tax on wealthy are much lower than it used to under Clinton administration. Tax breaks do no create jobs! period. That is why we find our self in the worse recession in decades after the largest tax cut ever under Bush. All tax breaks for wealthy does is makes the rich richer so that they can invest where ever they want which most of the time is abroad. So they just export jobs.

      July 13, 2011 at 10:22 pm |
    • Funfacts

      Given that the wealthiest 25% of US households own >= 87% ($43.6 trillion) of the USA's wealth, it's not surprising that the top 1% are paying 30+% of taxes. Take it back a few decades (Prior to Kennedy's Presidency) and the top income bracket was set at 90% ... compare that to the current 35% top tax bracket in effect 'now' and people are making out like bandits.

      July 14, 2011 at 4:01 am |
  20. Johnny

    BWAAAAHAHAHAHAHA. THis is too funny. Wolf Blitzer suddenly has an op-ed?? LOL This guy's opinion is based on what experience? Reading a teleprompter?

    July 13, 2011 at 9:57 pm |
  21. Its over

    One of the major reasons we are in the trouble we are in is because CNN has carried Obama's water from the very beginning. Blitzer and the other Democrat party sycophants at CNN promoted and protected this thug from the moment he began his run for the presidency. Has Blitzer ever uttered the words 'Bill Ayers" ? Has Blitzer ever discussed Obama's Marxist bent ? No, nyet, nada.

    July 13, 2011 at 9:42 pm |
  22. Ralph Meier

    The people in the room aren't the problem. It's the people not in the room, the freshmen tea party congressmen who don't believe there are any consequences, and don't want to negotiate at all and pay the price during the next primary. Moody's, and others, are starting to realize there is a real chance of failure here. Which means the deadline isn't August 2. It's sooner. It's whenever markets hit the panic button. Then there will be a "new normal" and no going back.

    July 13, 2011 at 9:37 pm |
  23. 2bits

    I would be surprised we could kick the can down the road again–that poor can has to be just about what you would expect from putting a tin can inside an auto crusher by now.....flattened and unkickable.

    July 13, 2011 at 9:24 pm |
  24. Rags

    Gee, I might have switch from Heineken to Beck's!

    July 13, 2011 at 9:14 pm |
  25. Occam Razor

    Don't over complicate the situation we are all in. As always we simply have to follow the "money" to find out what is really going on. Who benefits from us if we raise the debt ceiling? Who benefits from us if we don't raise the debt ceiling? It will hurt us all either way we go, but the question is who will benefit either way we move??? Also don't pay much attention to either political party, it is just a side show to distract us from discovering real answers to real problems.

    July 13, 2011 at 9:09 pm |
  26. infonomics

    The greatest irony ever has finally been achieved. Monotheistic, Capitalistic America is painfully indebted to the very ideal that the country despises: Atheistic, Communist China. Wait there's more. Enamored with our own misery, we fighting full-time around the globe to spread the same; paying a handsome price to share our ignominous bliss. To this Jefferson's words come to mind, albeit modified to suit our current egomaniacal situation: "When I think of America's greatness, I beg of them not to think of us." Signed, the world.

    July 13, 2011 at 9:06 pm |
    • Matt A.

      The negotiations for the debt ceiling will never be resolved for as long as the Taliban wing of the GOP is allowed to blow up each meeting.

      July 14, 2011 at 5:50 pm |
  27. Crafty

    Maybe if the US defaults then everyone will finally realize, at an unfortunate cost, just how disfunctional our political system is. Perhaps then all of us (Democrats, Republicans, and Independents) will see the importance of term limits so that we can get some fresh ideas and average people in decision making positions. One of the many things that is killing this country are the career politicians on both sides of the isle who are so entrenched in their allegiance to party that they are no longer capable of making decisions that are in the best interest of the country. It is time for the middle class to take this country back. Many changes are needed. Let's start with term limits!

    July 13, 2011 at 9:03 pm |
  28. Jerry

    If the Republicans do not want to raise taxes on the wealthy because "they create the jobs" why don't we do away with the tax breaks for the wealthy and add a large new tax break for every "New and verified job that is created " . There should be qualifiers such as the job must last at least a year etc. etc. This would (create Jobs and cut the debt and get us back on track. Scam jobs created to beat the system should be severely punished and there should be continuous monitoring to block loop holes that will be found in any new law but were not the intent of the tax break. I.e. Firing someone and rehiring to create a new job or whatever the loop hole attorneys come up with.

    July 13, 2011 at 9:02 pm |
  29. Will

    America's debt is already "junk" status, everyone with half a brain knows that. The dollar is weak already. Gold is nearing $1600 an ounce for a reason, five to six times higher than it was far less than a decade ago.

    July 13, 2011 at 8:59 pm |
  30. UNCLE SAM

    I SAY LET AMERICA DEFAULT!! IT's going to happen regardless! How long should we live this LIE! "CREDIT" KILLED AMERICA! We need to hit the bottom so we can see how greedy we have become. Sacrafices need to be made. Overcoming Adversity is what strenthens our minds and forces us to adapt and rebuild a broken system. plain and simple, WE ARE BROKE.

    July 13, 2011 at 8:38 pm |
    • Beatrix Kiddo

      @ Uncle Sam : Your'e an Idiot. What about the millions of people that rely on their Social Security checks? They won't be able to eat, or pay their rent, utilities, etc. You clearly have Plenty of money and are not on any kind of fixed income. If it happens, all Hell will break loose. People will suffer, a lot will be homeless. Just Shut-Up.

      July 13, 2011 at 9:18 pm |
    • Bert in UT

      Wow! You really don't have a clue, do you? There is a big difference between acknowledging your debt and just walking away from it.

      July 13, 2011 at 9:19 pm |
    • edsr

      This is all true and now Moody's has warned they will downgrade our government bonds...........

      July 13, 2011 at 9:29 pm |
    • Stevo

      Umm...no.

      July 13, 2011 at 9:29 pm |
    • Casual Observer

      right on Uncle Sam – let the US default and then have China send Vito and Rocco to collect
      they should take Obama, Reid and the rest of the "no limit on spending" folks for a ride in the country
      slap them around a bit until they agree to start thinking and acting like responsible adults
      just do the friggin' math ................ we are broke and we need to fix the system

      July 13, 2011 at 9:39 pm |
    • ironic

      since i came to america,i always thought that money ate your souls,you have become monsters.

      July 13, 2011 at 9:42 pm |
      • Pat

        So, "Ironic" they don't have money where you came from? Is that why you came here? Welcome, join the fray or sit on the sidelines until you understand it...

        July 15, 2011 at 4:25 pm |
    • Anthony

      You obviously know nothing when it comes to economics and the effect of a default. The dollar would cease to exist and the inflation would kill of the middle class. It would be the end of entitlements. An economic system as big as ours cant and wont fail!!! Even if we pass the deadline the government will pay the interest and principle owed, then dispurse the rest the best way possible. Alot of people will be left out but we have to maintain the world reserve currency.

      July 13, 2011 at 9:49 pm |
      • Anthony Caudill

        It failed in the 1930s, it can fail today.

        July 13, 2011 at 10:26 pm |
  31. Ben Alcobra

    Yesterday, Blitzer wrote "Both sides are exaggerating" Today, he writes "disastrous".

    Wolf, do you read your own columns?

    July 13, 2011 at 8:33 pm |
    • 2bits

      Wolves cannot read.

      July 13, 2011 at 9:25 pm |
    • edsr

      Don't bother Wolf Blitzer......he has a hard time finding the men's room.

      July 13, 2011 at 9:30 pm |
  32. Michael

    Does anyone think that an agreement is anything but more kicking the can down the road? Better to stand your ground now Republicans and Democrats and let the chips fall where they may. A last minute deal to only replay the – same old -same old – in few months while they do nothing to fix the organic problems of the country is just more of the same old.
    Do you think this kind of stalement will ever allow downsizing the Corporate War Machine to a level congruent with the Defense of the Homeland instead of Imperial Terrorism where it suits the needs of the multi-nationals – the wholesale lies of the Bush People – the flat out scam of IRAQ/WMD – Health Care Reform – SS Reform – Medicare Reform – "War on Terrorism" – "War on Drugs" – Washington Corruption – it goes on and on.
    I say stand your ground – Republicans and Democrats – and let the chips fall where they may – so we can pull the covers off the entire scam and that will help the voter to REENGAGE.

    July 13, 2011 at 8:28 pm |
    • George

      What the hell does Wolf Blitzer know about it?....nuthin. Anyone with the name Wolf is not to be trusted.

      July 13, 2011 at 8:46 pm |
      • Spock

        AMen

        July 13, 2011 at 9:10 pm |
      • 2bits

        Who but the little red riding hood would trust a wolf anyway?

        July 13, 2011 at 9:26 pm |
      • Matilde

        I use technology to keep me sthagirt. (What did you expect?) I currently have a Palm Treo smartphone. Any unusual stuff (and most of everything else) goes into either the calendar or the To Do list. I sync it with Entourage on my Mac daily, which is automatically backed up through Time Machine to a 1TB hard drive and Carbonite online.When I get home in the evenings, I go through the lists and make sure I take care of as much as I can.I check the lists every day, first thing after I do my Yoga.By doing these things, I keep my clients' needs on my mind as I go about my day.

        September 10, 2012 at 12:00 am |
    • Mark C

      You really are a gigantic imbecile.

      July 13, 2011 at 10:03 pm |
  33. Jimmy Crack Corn

    Fighting For Your Freedom = Deploying troops in Washington DC and arresting everyone on Capital Hill for crimes against the American People.

    July 13, 2011 at 8:26 pm |
  34. Bart Hawkins San Antonio TX

    Forgive me, Wolf, but you aren't very bright are you?

    RAISING the debt ceiling, of course, constitutes a "hidden tax," on the majority (bare majority) of Americans who actually PAY them.

    Time for a national sales tax, Wolf, coupled with FAIR taxation for everyone – in proporion to their BURDEN on government, not their income (i.e. folks with 5 kids would pay MORE taxes, not LESS, than a couple with none).

    Can you hear the FUBARLiberals squealing? Or honking, or braying, or whatever donkeys do?

    I can.

    All the way from Texas.

    July 13, 2011 at 8:22 pm |
    • Bert in UT

      Wow, if you prefer a national sales tax to a national income tax you must be very, very rich!

      July 13, 2011 at 9:22 pm |
    • Anthony Caudill

      What the "hidden tax" comment means:
      If unemplyoment rises beyond a certain level, a critical threshold is passed the likes of which hasn't been seen since the 1930s. Call this the "depression threshold". Past this point, the market simply can't pull itself up because there isn't enough market activity to meet needs. Everything goes haywire. Breadlines everywhere as the unemployment rate soars... before you know it, 50 million Americans are looking for work.

      50 million.

      No capital, no organizing principle. The banks fail. The government ends up having to borrow 5 trillion on the year.

      5 TRILLION.

      Just to feed the people and keep order. Just to pay the FDIC payments for the failed banks.

      Obama takes a cue from FDR, and proposes tax hikes on the whole country, including a 100% hike on the rich. His approval rating soars as is traditionally the case for presidents at the beginning of the crisis, and Republicans take notice. The pro-government Republicans ignore their pledges and raise taxes. Innovation declines as no one can get rich. Meanwhile, the Eurozone is in proportional collapse. Wary of Hitler's legacy, the Europeans lurch left. Socialism returns with a vengeance. But the biggest problem is in Iran, where Ahmadinejad waits to seize power from the clergy. Ahmadinejad arises as Hitler II... and we end up in WW3.

      In a nutshell, we are in a very similar situation to what we were in 1929, but with all the activity between then and 1945 compressed into 5 or 6 years. That is, IF the ceiling is not raised.

      Oh and by the way, if the SS checks do not go out as planned, you should expect roving bands of angry leftists in your neighborhood very soon, carrying those same arms the right wing has worked so hard to provide them the legal means for. If I were you, I would be begging McConnell to go through on his plan to raise the debt ceiling without cuts, because Bubba the Biker won't be happy if grandma doesn't get her SS check.

      July 13, 2011 at 9:37 pm |
    • Jack

      Texas? You're likely listening to real jackasses. Look out the window.

      July 13, 2011 at 10:00 pm |
    • Mark C

      Get psychiatric help now.

      July 13, 2011 at 10:05 pm |
    • Mike Ramirez

      You realize a LARGE portion of the "red" states get more money from the federal government then what their citizens pay out right?

      The sound you hear is more likely that of the tea-bagger reps getting dragged into the street by their trailer park supporters once their checks stop

      July 13, 2011 at 11:42 pm |
  35. Blackbeered

    How the heck does Blitzer know what will happen? Never been there, done that. Let's find out.

    July 13, 2011 at 8:13 pm |
  36. Terry P

    One would think this is shocking news just off the press. Investors have know of this possibility for months, so its not going to cause people to jump out of windows, and the threats of doom and gloom are BS scare tactics.

    Moody's told investors Mortgage Back Securities were AAA rated when they were junk. As far as their opines – I believe they leave a LOT to be desired.

    If we stop the wars in the Mid-East and N. Africa, we will save a billion dollars a month. That ain't chicken feed. The politicians want US to sacrifice – but they won't. Anyone here, hear Congress saying they will take half their $174,000 salary? Anyone here , hear Obama say he will take half of his $400,000 salary?

    Aren't politicians supposed to lead by example?

    Let the default happen, and I'll bet the Sky Won't Fall and Chicken Little will be proven wrong.

    July 13, 2011 at 8:12 pm |
  37. Judy

    To the lawmakers: Get out of the sand box and into the kitchen to stir up some sensible ingredients for an agreement!!! I'm one of the people, Obama. Read my typing. The debt ceiling fiasco is both frightening and ludicrous. Get it done – PLEASE!!! – and on time. It is absolutely essential that all of you stop bickering. And who is this Grover Norquist? How can it be that a huge government is so afraid of one man?

    July 13, 2011 at 8:12 pm |
  38. John

    Republicans are playing a game of chicken with our national debt...in the election of 2010, they said they were leaders. I have seen no leading from the Republican party. They are only about cut, cut, cut, but no tax increases for the rich. Why did so many Americans vote for these clowns? I hope everyone that voted Republican last year is real happy where we are at this point. GWB squandered the huge surplus, left by Clinton, a Democrat, on huge tax cuts for the rich! Obama came into a mess, and the Republicans are dumb enough, to claim a mandate by the American people, and not to work with him to fix it. Obama had only two years to correct the mess that eight years of Bush created before Americans got impatient. Don't blame Obama for the mess we're in....BLAME REPUBLICANS!

    July 13, 2011 at 8:10 pm |
    • Jimmy

      John hit the nail on the head! These Republicans don't care anything about the average person in this country, they only think about how they can make more money at everyone's expense! These millionaires and billionaires need to pay their fair share, pure and simple!! Do away with the Bush tax cuts for the rich!!

      July 13, 2011 at 8:49 pm |
    • mh22

      I am sorry but $300K a year is not rich, especially in LA metro area where I live and other high-cost areas like SF, NY, Boston, etc. The problem with drawing a line at $250K is that this income level in certain areas translates to much more disposable income than in others, and it doesn't take into account special situations like families with sick or diabled members or kids with special needs. If the Dems want "millionaires and billionaires" to pay more, so be it, but many if not most American families at the $250 – $350K income level are not millionaires and already pay about 50% of their income in federal, state, and local taxes.

      July 13, 2011 at 9:51 pm |
      • John

        300k is not rich???? Are you seriously trying to feed that to us? I live in CT, and my family BARELY gets by on about 40k....so quit complaning!

        July 13, 2011 at 11:35 pm |
  39. Pat

    There is not "debt ceiling", it is a *payment* ceiling.
    The debt continues to accrue and grow, Congress could spend $10 trillion more tomorrow without any problem.
    The legislative "ceiling" is on how much the Treasury can disburse to make *payments* on our debts.
    Debts and payments are two different things.

    July 13, 2011 at 8:03 pm |
    • 2bits

      Where did you get educated? It's a national debt ceiling of $14.3 trillion. That is not a payment.

      July 13, 2011 at 9:28 pm |
  40. shelby

    Every single time the government wants their way, they use scare tactics, just like when they said if we didn't bail out AIG and the banks, the sky would fall. Why should we believe them now? I say don't increase the debt ceiling and let the economy crash and the dollar so we can start over. Maybe a good flush is just what we need for new jobs. I mean first the big banks allow and cause an almost depression, get bailed out and now won't loan to the same people who bailed them out, let all of those dollars in the banks go straight to you know where!

    Sick of scare tactics to prop up the corrupt government owned by corporations. Let it go!

    July 13, 2011 at 8:03 pm |
  41. AJ

    A friend of mine used to say "I am just ONE paycheck away from being homeless". Sounds like the U.S. Govt is in a similar predicament. Except it's more like "We are just ONE massive loan away from being insolvent". Seriously – we NEED to borrow more money before the August 2 deadline or we CAN'T cover August 3 government expenses/checks? If we're THAT close to the edge, it's already GAME OVER. Start hoarding food and hunker down, people.

    July 13, 2011 at 8:03 pm |
  42. carolae

    For once, put the American people first before sending monetary aid over to other countries. Remember how the Preamble opens: We the people of the United States.....it does NOT include people from other countries. The Government needs to do whatever is necessary to see that OUR people do not suffer and lose their jobs, homes, etc. Every time that I read where the U.S. is sending millions of dollars in aid over to foreign countries, it makes me sick. It's one thing if we are NOT suffering job losses, possible social security reductions for those that are retired; our pension plans, etc. just to show those countries that the U.S. is lending a helping hand to get them back on their feet. What about helping your own people and getting this country turned around so people won't be losing their jobs or their life savings. The Government has a job to do and it better be for the people of the United States. Let another country help those foreign countries out once in awhile. You don't see any other country coming to our aid during these terrible times or sending jobs our way.

    July 13, 2011 at 7:59 pm |
  43. Diogenes

    Wow $4 Trillion over 10 years, while the defecit is running at $1.25 Trillion a year is like bringing a bucket to put out the Chjicago Fire. This level of reduction does not even get it down the level of (what liberals call the anti-christ) W. Bush levels of defecit. Becha did not think America would look back at the W years as the good old daya.

    The real issue is jobs. Time for the Tea party to dump a few thousand container ship containers of Chinese CR@P into the harbour and his lordship the king We The People have had enough. We need to add import duties while we still have the worlds largest economy and say our markets are closed and you need to start paying for those jobs you stole

    July 13, 2011 at 7:55 pm |
  44. craig

    I say to Presdient Obama that if the Republicans want cuts to entitlements then to match any suggested cuts of there's to Social Security and Medicare, with equal cuts to Defense spending, dollar for dollar. Then we'll see how much the Republicans are stuck on no elimination of the tax loop holes he is currently seeking. Have them put their sacred cow on the chopping block to see if they are ready to s_it or get off the pot !

    July 13, 2011 at 7:45 pm |
  45. MJL

    Isn't time we get our house in order. Stop spending on the war machine. We got friggin Osama. Lets get the heck outa there!
    We could save millions.

    July 13, 2011 at 7:39 pm |
  46. GOP = Greed Over People

    You guys have the numbers reversed.

    42% DO want to raise the debt ceiling

    47% DO NOT want to raise the debt ceiling.

    Sad numbers indeed.

    So, if the majority is FOR default, what are we trying to save?

    July 13, 2011 at 7:38 pm |
  47. Joe in Colorado

    The millionaires and billionaires got rich off our backs. Now it's time for them to carry us on their backs for a while.

    Tax the crap out of 'em.

    July 13, 2011 at 7:38 pm |
    • Beatrix Kiddo

      Exactly. The only people that are agreeing with it are the Wealthy. They have no idea what it's like to work hard, and still wonder where your next meal is coming from. What is happening in this country, and TO this country is vile. Only the Rich sleep well at night, they have no worries. The Politicians are in that lot. Disgusting. How much longer do they think the 'average' Broke, Hungry, and Scared American is going to put up with this? Not much longer. Just watch.

      July 13, 2011 at 9:25 pm |
    • InTouch with Reality

      Moron.

      July 13, 2011 at 9:51 pm |
    • mh22

      Define "millionaires and billionaires". A family of 5 living in LA, SF, or NYC making $280K/yr? That's how Obama, Pelosi, et al. seem to be defining it, and believe me these folks aren't millionaires and are already paying close to half of their income in federal, state, and local taxes. If you want the very rich to pay more so be it, but don't mistake hard-working small business owners for fat cats with Bentleys and vacation homes.

      July 13, 2011 at 10:05 pm |
  48. Walter

    I don't want the debt ceiling raised just to see what happens. That being said, I did switch a substantial amount of funds to Euros recently...just in case it becomes complete chaos.

    July 13, 2011 at 7:36 pm |
    • Beatrix Kiddo

      Oh Really? Well how special for you that you have extra money to play with. What about the people on Social Security that are wondering how, and IF they are going to pay their rent and eat next month. Your'e clearly out of touch with the average person. Your'e arrogant.

      July 13, 2011 at 9:28 pm |
  49. Joe here in Colorado

    Let me preface this by saying I voted for Obama.

    I did a little mini-study today on debt per citizen in all 50 states. Here are the results:

    "Red" states (who voted for McCain) have an average debt per citizen of $6,449.

    "Blue" states (who voted for Obama) have an average debt per citizen of $8,603. That's a 33% increase over the Red states.

    If you remove the "Blue" states who are actually typically "Red" states and crossed over for Obama in this past election, then the true "Blue" states left have an average debt per citizen of $9,380. That's actually a 45% increase over the Red states.

    Interestingly, the "Red" states that crossed over for Obama themselves had an average debt per citizen of $6,963. This represents an 8% increase over their true "Red" state brethren.

    The numbers I used for calculations came from usdebtclock dot org.

    To me, this begs the question: Are Republicans better, on average, at managing our money?

    I'm a bit dismayed at how Obama has not brought any "Change" that he promised. Our military is *still* hemorrhaging cash on foreign involvements.

    We need to stop spending.

    We don't need a debt ceiling increase. We don't need higher taxes.

    We need to stop spending.

    Period.

    July 13, 2011 at 7:35 pm |
    • Craig here in Georgia

      Joe, YOU GOT IT RIGHT! I'm glad someone who voted for Obama now see's the truth. While I'm more conservative than liberal/progressive, but I am first a foremost an AMERICAN and I want to see this country get back on track.

      I don't care who "gets credit", I just want to see some leadership...out of anyone.

      July 13, 2011 at 8:49 pm |
  50. Joe in Colorado

    Let me preface this by saying I voted for Obama.

    I did a little mini-study today on debt per citizen in all 50 states. Here are the results:

    "Red" states (who voted for McCain) have an average debt per citizen of $6,449.

    "Blue" states (who voted for Obama) have an average debt per citizen of $8,603. That's a 33% increase over the Red states.

    If you remove the "Blue" states who are actually typically "Red" states and crossed over for Obama in this past election, then the true "Blue" states left have an average debt per citizen of $9,380. That's actually a 45% increase over the Red states.

    Interestingly, the "Red" states that crossed over for Obama themselves had an average debt per citizen of $6,963. This represents an 8% increase over their true "Red" state brethren.

    The numbers I used for calculations came from usdebtclock dot org.

    To me, this begs the question: Are Republicans better, on average, at managing our money?

    I'm a bit dismayed at how Obama has not brought any "Change" that he promised. Our military is *still* hemorrhaging cash on foreign involvements.

    We need to stop spending.

    We don't need a debt ceiling increase. We don't need higher taxes.

    We need to stop spending.

    Period.

    July 13, 2011 at 7:34 pm |
  51. TheMostWise

    If we default, China will likely eclipse our feeble economy within the year. Americans will have to get used to saying,
    "We're # 2!! We're #2!"

    July 13, 2011 at 7:30 pm |
  52. Sam

    It is a historical fact that our monetary system as we know it is going to fail. The public needs to hear the truth that we are headed for disaster. We need a Herculean leader to guide us through the dramatic change in American lifestyle that is soon to be upon us!

    July 13, 2011 at 7:29 pm |
  53. Keith

    The GOP doesn't want to accept the fact that taxing the rich will be a huge help with the deficit. If they'd realize that the rich folk wouldn't even notice the difference, this whole mess would be fixed. Period. It's like taking $20 from Derek Jeter

    July 13, 2011 at 7:28 pm |
    • InTouch with Reality

      Define "rich" and how much is a reasonable amount to "take"? (tax) Why should I bother to utilize my talents and abilities if I have to give up the fruits of my labor to those who don't strive to develop talent or ability? Liberals will never understand reality.

      July 13, 2011 at 10:00 pm |
    • mh22

      Define "rich". A family of 5 living in LA, SF, or NYC making $300K/yr? That's how Obama, Pelosi, et al. seem to be defining it, and believe me these folks aren't millionaires and are already paying close to half of their income in federal, state, and local taxes. If you want the very rich to pay more so be it, but don't mistake hard-working small business owners for Derek Jeter.

      July 13, 2011 at 10:10 pm |
  54. Lewy

    Oh look; The Sky is Falling, The Sky is Falling.

    July 13, 2011 at 7:26 pm |
  55. Mars

    The Republicans are not scared of the general electorate but are rather scared of the fanatic wing of the GOP because of their stupid re-districting scheme to preserve their power. It's sad to say that there are more far right GOPs than normal conservatives. With the districts being structured to be safe for conservatives who ever wins the primaries usually wins the district. They are so scared of the primaries they don't care about the general elections. It's unfortunate because it marginalizes the sane Republicans that have to choose between a Democrat and a far-right Republican. It would be nice if the Democratic choice was a centrist or if the Democrats would vote for a moderate Republican who runs as an Independent but Democrats are so scared of the anything with a Republican brand in it (and they have reason to) and what we have is both sides being extreme.

    July 13, 2011 at 7:26 pm |
  56. TheMostWise

    Mr. Blitzer,
    It was child's play; George W. Bush was in the Whitehouse. Enough said.

    July 13, 2011 at 7:26 pm |
  57. GOP = Greed Over People

    I think Moody's would be doing us a favor if it dropped our rating now, sure we would all pay with higher interest rates and and we probably would not regain perfect status again, and the ripple effects in the global market would be bad, , but not as bad as default. Maybe the GOP would then realize that are playing with real people's lives. Then I remember that 47% of Americans want us to default, so what are we trying to save?

    July 13, 2011 at 7:24 pm |
  58. K from AZ

    Blitzer needs a map to get home at night. When did that propagandist became a financial expert?

    July 13, 2011 at 7:14 pm |
  59. Robert

    Wolf, I really like the idea posted of pulling up the old debt ceiling bill and letting everyone in the public know who voted for it and why they are not voting for it now. It is time to hold each and every one of our elected officials accountable for the policy they will stand behind for the long term and not waffle and bend. Funny how the Repugs ran on Mediscare tactics when Obama was trying to improve healthcare. Now they want it slashed to protect the tax give away we couldn't afford the first time Bush gave it away. Has anyone seen this new add from StoptheBlankCheck? They beat up Obama for cuts made to medicare from the healthcare bill and simultaneously beat him up for not cutting spending. Unbelievable! McConnell has now realized that the Repugs have painted themselves into a corner and the only way out is to avoid a vote at all. That way they can blame Obama either way. God help us all if we are stupid enough to NOT see through this tactic.

    July 13, 2011 at 7:14 pm |
  60. EddyL

    When the riots start, let the Republicans and the rich be the first victims. Their horded money won't do them any good then....

    July 13, 2011 at 7:14 pm |
    • Beatrix Kiddo

      I agree totally. The Wealthy in the U.S. (and the Politicians) have no idea how much the average person has suffered, is suffering, and apparently, will suffer. People are not going to sit by quietly. Your'e correct. There will be riots, and a lot more. Enough is enough.

      July 13, 2011 at 9:33 pm |
  61. Tom Walker

    The fact that all but a handful of Republicans in congress have made a pledge to someone that desires to reduce the American Government to where he can "drown it in a bathtub" (Grover Norquist, not Osama bin Laden) shows just how much they put ideology over what is good for America. How the heck they got into office is beyond me. If they keep up this craziness and mess up the economy even more than they already have I think they will pay a big price.

    July 13, 2011 at 7:04 pm |
  62. Lester Barnes

    Wolf, who side are you on. stop putting words in Grovers mouth. I really don't think he needs any help dogging out our President Barrack Obama. As Walter Kronkite said report the news as it is, take your personal feelings out of it. It's disrespectful to here Grover say Obama instead of President Obama.

    July 13, 2011 at 7:03 pm |
  63. scotty

    2008-09 recession? That's such a democratic statement Wolf.

    July 13, 2011 at 7:01 pm |
    • GOP = Greed Over People

      Actually, according to economist, the recession began in December of 2007, no way the start of this recession can be foisted off onto the Dems. The shrub was in deep denial for a year.

      July 13, 2011 at 7:31 pm |
    • bailoutsos

      "Debt ceiling: Moody's puts U.S. on notice" --– Is that the same Moody's that lead to the financial failure several years ago because they did not know much about derivatives that lead to a world wide collapse?

      July 13, 2011 at 7:49 pm |
    • sick of Liberal Democrats.

      Obama is nothing more then a Marxist look at what he is allowing to happen at any time he COULD stop this from happening but HE WON'T because Chaos is what he needs to scare people with his fear mongering. No MORE LIBERAL DEMS!

      July 13, 2011 at 7:50 pm |
      • Kevin H

        If Obama is a Marxist then Boehner and his band of merry brothers and sisters are fascists. Since neither are true on might see clearly that the GOP is consistently trying to protect the interests of the rich and powerful. Why the middle class is so smitten with them I'll never understand. I know a man who has lived comfortably off federal benefits for years and still manages to take a far right wing position

        July 13, 2011 at 8:30 pm |
  64. Thomas

    "Raise high the roofbeam, carpenters" on this very expensive house we continue to build. Everyone knows the debt ceiling issue needs be resolved with the agreement of everybody in the House and Senate.

    July 13, 2011 at 6:53 pm |
    • Alex

      I just hope no one is under that roof when it comes crashing down.

      July 13, 2011 at 7:28 pm |
  65. Rich

    Wolf the politicians know the stakes they just don't want to change the way they do business. This is not a republicans versus democrats issue. The politicians do not own the debt the American people do. Years and years of wasteful spending has finally caught up with our congress. The president only sets the agenda. The congress controls the purse strings and authorizes the spending.

    The debt limit will be raised and spending will not be cut as much as some would like. The idol threats of governmental collapse are ridicules. The threats by Obama that people on social security will not get their checks is ridicules and absurd. It is a scare tactic used to frighten people into thinking one way or the other. The lies from politicians about what is and what is not going to happen if the debt ceiling is not raised is something politicians should have thought about long before now. Had congress not spent more then they took in from taxes in the first place then this would not be an issue at all. Our debt is the responsibility of congress but the American tax payer are the ones on the hook for their irresponsible spending. There is no one but our political leaders to blame.

    July 13, 2011 at 6:53 pm |
    • Kevin H

      People didn't think spending $30 billion a month on Iraq was wasteful spending – that was necessary and proper. People don't think $6 – 700 billion in defense spending is wasteful – it's all those grannies who are getting rich off their $300 paychecks that have caused the debt crisis over time. Yeah right. And I've got a bridge I can sell you on Lake Havasu.

      July 13, 2011 at 7:14 pm |
    • cal usa

      Rich,

      It would be easier to accept your views if we knew more about you, like where you got your PhD in Economics and your vast knowledge of the financial system. Actually, it would be easier even if your writing just displayed evidence of knowing how to spell, or how to construct a comprehensible sentence....

      July 13, 2011 at 7:17 pm |
    • Chris

      I was going to say something but you already said it all...............

      July 13, 2011 at 7:26 pm |
    • Greg

      You say there is nobody to blame but our politicians? I'm not so sure about that. After all, government spending has always trumped revenue for all but 4 years since the inception of the Fed. All this time, All these years Americans were not screaming about it, If anything they supported it by continuing to vote those into office that implemented such. Americans were happy with the status quoe without ever questioning the reasoning or rationalizing the mathematics. We got into the habit of not thinking for ourselves, got used to consistently expecting politicians to improve our way of life whether it was responsible or not. We just couldn't do any reasoning of our own which still continues with many. I think we are like children in our morals, values and what we think is owed to us for what ever reason. We've been raised to believe that WE are #1 as Americans and THIS is the greatest country in the world. We were never taught that our way of life could not exist if we didn't borrow money. We were lead to believe that everything we had only came from our hard work and unique superiority as Americans.
      After all, How many of us could buy a home or an automobile without financing? So we borrow for everything and then stick our noses up at the countries that do not thrive on a credit system ie; third world countries.
      We got lazy, We were taken for quite a ride and we bought it hook, line and sinker. So although I can blame our politicians I feel it is SO wrong for us to not also take responsibility. After all, If politicians do not give us what we want then their political career would not be! Republicans have no choice but to represent half the country and Democrats the other half. In all we are spoiled rotten children.

      July 13, 2011 at 7:33 pm |
    • kman02

      I agree with 99% of what you said in a well-worded post. The 1% is the blame. The American people have nobody to blame but themselves for being so ignorant and voting this pricks into office to begin with.

      July 13, 2011 at 7:41 pm |
  66. Joan

    Unfortunately the Republicans idea of negotiating is "Your give us all of the spending cuts we want but don't dare expect us to raise any taxes". If they don't get what they want they walk away. Well that is not negotiating in good faith, is not compromising and is actually blackmail. Hopefully the Independents are following this whole debate really closely and seeing just exactly the Republican leaders true colours. Their uncompromising, stubborn, selfish, holier than thou attitude is not only dangerous, it is lacking good judgement. Those are not good traits to trust in the next election.

    July 13, 2011 at 6:52 pm |
    • Dan Schwartz

      We have enought taxes!!! 1 out of 2 pay no taxes. We have a spending problem!!! You give the feds more money and they will spend it. How is that hope and change working....EAT YOU PEAS.

      July 13, 2011 at 7:03 pm |
    • Chas

      Sounds like the Democrats in Wisconsin that left the state because they didn't get what they wanted

      July 13, 2011 at 7:45 pm |
    • Sidney

      The politicians receive great benefits (lifetime medical, dental , etc.) perhaps they too need to surender their benefits and pay until they do their job. Many people are so ignorant – as long as their bellies are full and a roof over their head – they don't care who they elect in office. Hmmm, sounds like we are ripe for some kind of "leader" to come in and remove more of our liberty while increasing government. Is this HOPE? I don't think so.

      Bottom line – this country was built on hard work, not welfare, no entitlements, no freebees, or lazy people. Immigrants from 100 years ago took pride in their work, familioes, and country – I don't see this anymore. With most jobs (unskilled) going out of our borders – further limiting our eceonomic growth it stands to reason we need different leadership. My guess is that the unions did not help this cause at all. Now, all of us, union or not, are left having to support favors supported by beaurcratics of years past that helped them to get elected. Gee, what party contributed to that winning formula.

      Greed has set in and well now we are all going to suffer – meaning more taxes, less freedoms. Be careful people – once you stop thinking for yourself others WILL step in.

      July 13, 2011 at 7:57 pm |
    • Susie

      Well said, but how can independents follow what is going on when so much of the news media has been content to sit and blast out the talking points of the parties (and lets face it, the Republicans, and in particular the extremely conservative elements of the Republican wing, are significantly better at getting out their talking points than are their democrat counterparts), rather than do their jobs and actually investigate the issues involved and explain to the American people what is going on. Today, for example, Bachman essentially accused Obama of trying to scare people into raising the debt ceiling by threatening the paychecks of our military....why are there few if any reporter out there asking her why she is not already scared of the catastrophic type of economic failure that not raising the debt ceiling will bring? Why are the news reporters not confirming that yes, if the debt ceiling is not raised, paychecks to army personnel, contractors, gov't employees and others (not to mention social security recipients, and people who rely on medicare, medicaid and/or unemployment) are REALLY unlikely to be able to be dispersed. This is not a scare tactic, this is the truth, and the truth is scary....so why aren't reporters asking her why she doesn't seem scared. Is it that she really is that much of an ideologue, or does she truly not understand?

      July 13, 2011 at 8:06 pm |
  67. Glenn

    Grover Norquist seems like one of the most greediest people I ever saw.

    July 13, 2011 at 6:50 pm |
    • jerry

      why would the republicans sign a pledge to him and his org instead of serveing the voters who put them in opffice and all of us who pay them way more than thay are worth. Norquist and the Tea party org need to be investagated. Why are tahy trying to destory America ?

      July 13, 2011 at 7:53 pm |
  68. KittyGirl

    Excuse me. Did Grover what's his face just say that "the Democrats will have a fight with the American people?" Aren't Democrats Americans now? Be very careful...

    July 13, 2011 at 6:45 pm |
    • bashaleebee

      KittyGirl: Don't you know by now that Democrats don't count as far as Republican's are concerned? When they say "We the People" they don't mean us. I've lost count of how many times a Republican has said whatever is what the people want and I'm sitting back in my living room saying "no, no, I'm a people and that's not what I want." Even though they lost the last election they think they are the majority and every elected Democrat is a fluke or better yet a socialist terrorist plot.

      July 13, 2011 at 7:37 pm |
    • sick of Liberal Democrats.

      Obama and the whole Democratic party are terrorist economic terrorists.

      July 13, 2011 at 7:51 pm |
      • Kevin H

        I may be many things but a terrorist I'm not. I do however prefer to think critically. I find that Ruppert Murdoch's empire discourages critical thinking.

        July 13, 2011 at 8:32 pm |
  69. Tuuby the Tuba Texas

    Well, I guess the Repugs need to play or get off the pot! What are they going to compromise with....their good looks....Ha!

    July 13, 2011 at 6:16 pm |
    • Sidney

      No, but when the debt is increased like the snake oil dems want – we'll be sure to send it to you. Can't spend more than you make stupid!!!

      July 13, 2011 at 8:05 pm |
  70. DA

    The GOP is playing a stupid game and it will see them all out of their political seats come next year!!....Maryland

    July 13, 2011 at 6:10 pm |
  71. DENNA

    My guess is that the Republican party is HOPING for a disaster for which they will try to avoid all blame, because that what they do. They so resent the American public voting Barack Obama into office that they are perfectly willing to allow America to go down in flames than to see President Obama elected. No matters what happens, you will NEVER erase the Obama presidency. If this country fails, the decent people in this country will know that the Republican party sold America out for political reasons.

    July 13, 2011 at 6:05 pm |
    • Kevin H

      My prediction: this is going to backfire and Obama is going to look like a Teflon Don because leaks will prove that he's given and given and given until there's no more to give.

      July 13, 2011 at 7:16 pm |
    • Sidney

      What nonsense! You must be a union democrat! Open your eyes their are more rich dems than ever – as long as you keep buying their crap – they'll keep selling it to you.

      PJ Barnum – "sucker born every minute"

      July 13, 2011 at 8:02 pm |
    • Roger Willingham

      So true ! Blame all the bad things of Obama's presidency on the Republicans, after all that's what he's been doing for 3 years. And give Obama credit for all the good things like ending the war, the recession, our new transparent goverment,closing Guantanamo........keep drinking that Kool Aid !!!

      July 13, 2011 at 8:22 pm |
    • Susie

      Absolutely right! Just because they are not quite so brazen as Rush was, doesn't mean that their actions aren't speaking loud and clear. From day one they have done things to slow down or prevent Obama from implementing plans to help the country get out of this mess, and when he is allowed to do it, they rely on his trusting and compromising nature to get the bills so watered down that the effect is minimal...then when they don't work as expected or work too slowly, they point the finger back at Obama. They use filibusters and other tricks to water down and delay the stimulus and then point to how it isn't working, and how the unemployment rate went past 8% (never mind this happened while they were busy blocking the stimulus from being able to be passed. They fire tons of public employees in the name of downsizing gov't and then point to how Obama has lost jobs. This game got old long ago, and it is time it ends, and they are called out.

      I'm sure the Republicans were expecting Obama to give in to them AGAIN, and in many ways he did... Come on 4 trillion reduction in deficit with 3 trillion coming from cuts to programs INCLUDING entitlements, in exchange for simply allowing the Bush tax cuts for the wealthiest to expire and tax loopholes for the super-rich to be close (which will add the extra 1 trillion), and that is not enough?!!!! I think he was MORE than generous. We have had enough of this, and apparently so has Obama, because now he finally has decided to hold his ground and the Republicans don't know what to do. After all, didn't he always give in to their bullying, public rhetoric and threats before. All of a sudden Republicans realize that they have to either give in on some of their pet protections of the super rich or follow through on their threats and let the disaster occur.

      The only question is, are they so anti-Obama and so unwilling to compromise that they will let the country go under, or will they stop this nonsense at the last minute? Honestly, I don't know but I wouldn't put the former beyond them. The only reason I have any hope is because now their big rich backers are taking positions opposite the tea party with regard to the default, and the Republicans may actually be forced to choose between the ideological extreme voters who keep them in office, and the wall street fat-cats that allow them to live the high life and give them the money they need to continuously disperse the kind of misinformation that keeps their other supporters in line. This time I think Republicans realize that large number of people, including many of their key donors on wall street, will realize that no matter how much of a snow job they do blaming Obama, they are the ones behind the default. Obama's offer to them, despite a lack of details, is public and looks pretty generous no matter how you spin it. Suddenly they are realizing, and maybe McConnell was the first to realize it, that unless Obama bends to them, and hopefully he won't, no matter what they do they are going to piss off one of their two key groups of backers...so now they need to choose, the money or the votes, and my hope is the money...after all they need the money to get the votes. Only if the rich backers put their pressure on the Republicans they back is there any true hope of getting the Republicans to compromise here..

      July 13, 2011 at 8:24 pm |
    • Bart Hawkins San Antonio TX

      Denna, you are absolutely right: "We will never erase the Obama Presidency."

      How true.

      So hard to get red ink of out one's clothing, off of one's skin....

      Sorry, I like the man personally – great beer buddy it would appear, same for golf (170 rounds of golf in 2 years? Wish I could do that!) but as a President Mr. Obama makes Warren Harding and Jimmy Carter look like genuine paragons of genius and virtue.

      July 13, 2011 at 8:25 pm |
  72. A Kickin' Donkey

    You want a quick solution?

    Take the last 2 to 3 sentence Debt Ceiling Extension Bill that George Bush signed, cross out $14.3T, replace it with $17.T.

    Then see how many people that voted for the last one are still in Congress. They should be willing to vote for this one unless they are partisan hipocrits. Take a vote among the new members for the rest.

    Short, sweet, quick, to the point.

    PS: I'd love for the media to show me the last debt ceiling bill, I'll be it is very brief.

    July 13, 2011 at 5:51 pm |
    • Johnny

      17T is too much without reducing the debt. 14.3T was OK at the time, but now it has gone too far.

      July 13, 2011 at 7:24 pm |
  73. clwyd

    Republicans don't give a darn. They just want to keep the loopholes for the wealthy and rich corporations!

    July 13, 2011 at 5:50 pm |
    • Slim

      How about this,
      Tax credits AFTER Job creation

      July 13, 2011 at 6:22 pm |
      • stejo

        Because we all know how well keeping the status quo tax loopholes and breaks have been in creating jobs.

        July 13, 2011 at 6:55 pm |
      • Scott

        Slim, you're dead on

        July 13, 2011 at 7:23 pm |
  74. James Martin

    42% of Americans do not want to raise the debt ceiling now because fundamental Christians/tea party voters are trying to self fulfill their prophecy of Armageddon.

    July 13, 2011 at 5:49 pm |
    • bashaleebee

      ... and claim Obama as the anti-Christ.

      July 13, 2011 at 7:40 pm |
  75. Dennese Edgerton

    I have a couple of questons: why is it so difficult for conservatives to see the difference between raising taxes and filling up loop holes? And why doesn't the government modify the law that allows them to use social security as part of the general fund? Closing the loop holes will increase revenue; modifying the old law (was it Johnson who made this okay?) would help protect the future of SS/SSDI. If my mom was not already living with us, she would be homeless as it is; if she sees more cuts in her SS, she will not be able to suppliment her medicare. Some entitlements should be protected (especially the ones you and I and everyone who holds a job pay into for the future/retirment years).

    July 13, 2011 at 5:48 pm |
    • Bart Hawkins San Antonio TX

      Yes, Dennese, it was Mr. Johnson. Good ole' LBJ who allowed funds destined for old age pensions, etc. to be borrowed and replaced with bonds.

      That did not, however, take the expdenditures off budget – just required significantly fewer public bond sales.

      July 13, 2011 at 8:29 pm |
  76. Sasha

    Here's an idea: Pass a clean debt ceiling vote preserving the full faith and credit of the United States, and then have the fight over spending/taxes afterwards.

    But, hey, the Republicans gotta get their crazy on ...

    July 13, 2011 at 5:40 pm |
    • Johnny

      Because nothing would get done without this threat. It would be back to business as usual.

      July 13, 2011 at 7:25 pm |
  77. David

    What it means that 42% of Americans don’t want to raise the debt ceiling. It means that 42% of Americans just listen to what others say rather than educate themselves. I mean can 42% of americans not pay their bills and expect nothing to result from them not paying their bills, of course not. Yes spending needs to get under control, but it needs to start with both parties stop trying to please whoever supports them and just do what's best for all Americans. This republican and democrat line drawn in the sand is childish and should not be tolerated. I am a conservative and I can tell you if my party thinks they can sit there and just protect the a few in the rich. Not taking care of the base of the party, which is not the rich, but the everyday conservative. Then they are greatly mistaken. Regular conservatives not the ones with lot of money the everyday guy. We are fed up and I am not the only one, if this debt thing isn't solved in time with a real solution. I personally along with other conservatives will rally against anyone involved in this failure. We will protect of nation against all enemies both foreign and domestic. Because the real problem, the real enemy here won’t be the past mistakes it will be the congress controlled by my party, who still wants to play protect the rich. The rich are not the only one that got them in office. They Have the money to survive comfortably in these hard times and the average Joe does not.

    July 13, 2011 at 5:36 pm |
    • Octavio Gonzalez-Rodriguez

      You got that right!

      July 13, 2011 at 8:41 pm |
  78. Octavio Gonzalez-Rodriguez

    So Republicans still want the everyone to pay except the rich for the mess they started in the bush era and now it's catching up with us, all that free money for nothing(Child excemed-tax), 2 wars paying KBR to do evverything but fight, our service men/woman used to do everything during a war.
    Now they say they won't tax the rich because they will create jobs? I haven't see one rich guy lose they're job or in the unemployment line, have they lost any income? No they just fire ppl so them can keep making the same money.

    They will try to fix this(our economy) but the Empire (USA) will fall, our system can't go on for ever, when will it stop? Living just to make money? The driving force that made this great country will be the same one to destroy it! Just give it time.

    July 13, 2011 at 5:29 pm |
  79. Mallory

    42% of Americans don't want the debt ceiling raised because we have finally found our voice again. It's time to get rid of politicians that care more about re-election than what Americans want. Maybe this will be a wake up call for everyone.

    July 13, 2011 at 5:12 pm |
    • Alex

      Well, apparently 42% of the American public are uninformed economic illiterates. How many "average" Americans have any concept of what a default means, or the difference between the debt and the deficit, or how interest rates move, or what the world (important to us because they fund our debt) thinks of what we are imposing on ourselves with this madness. The real problem is that these angry people elected a bunch of neophyte representatives who 1) are as uninformed as the electorate and 2) are scared of crossing the angry masses. So every informed economist, business leader, etc. agrees this is insanity; and yet, at least 60 Representatives say they won't raise the debt ceiling no matter what, and another 180 say they won't raise taxes no matter what. And your point about caring about re-election is completely backwards - that's the problem - these idiots are scared they can't get re-elected if they "cave" to reality.

      July 13, 2011 at 5:50 pm |
      • Anthony Caudill

        As little as they did in 1929.

        July 13, 2011 at 9:51 pm |
      • InTouch with Reality

        Economic reality has nothing to do with raising the debt ceiling unless you are a lemming headed for the cliff. The debt can be serviced with the current revenues. Spending has to be cut. It is quite simple really. Painful to make it happen but necessary, and inevitable. Unsustainable policies are just that, unsustainable. Promise bread to the masses and when you can no longer provide it there will be massive protest. I think there is an historical reference here.

        July 13, 2011 at 10:08 pm |
    • jytlm

      The ones refusing to raise the debt ceiling are the ones that only care about reelection. They're the Tea Partiers that want to cater to their base, and not consider what the rest of the country wants.

      July 13, 2011 at 7:22 pm |
    • bashaleebee

      My guess is that due to this latest fiasco the 42% is dropping ...

      July 13, 2011 at 7:46 pm |
  80. Karl Ritz

    Jack, we don't have the European Union to "bail " us out.If we don't raise the debt we might just slip in the "Grease" and fall down along with the US dollar....Raleigh, NC

    July 13, 2011 at 5:12 pm |

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