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July 28th, 2011
07:11 PM ET

Are deficit 'hawks' handling their debt?

CNN's Brian Todd looks into some of the debt problems of the people leading the fight against raising the debt ceiling.

RELATED STORY: The debt ceiling battle: Where things stand

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Filed under: Brian Todd • Debt
soundoff (10 Responses)
  1. Sharon L. Sandell, MD, Chicago

    It is beyond arrogant for any Republican to be screaming "no new taxes" when it is the Bush tax cuts that led to this fiasco. In 2002, when trying to talk Congress into massive tax cuts, Dick Cheney said, 'Reagan proved that deficits don't matter." I remember seeing this on CNN, with Rumsfeld and Bush emphatically nodding in agreement. For a citation, see: http://www.huffingtonpost.com/the-progress-report/the-bush-deficit_b_169475.html
    Before we ruin the middle class and further hurt the poor in this country, the Bush tax cuts need to expire as the created virtually no new jobs. They did, however, lead to the ultra-wealthy building ever bigger mansions because they did not know what else to do with the windfall they got from the tax cuts. If you wonder how the housing bubble got started, look no further.

    August 1, 2011 at 11:56 am |
  2. Jack McCord

    TO PRESIDENT OBAMA. STRIKE 3 YOUR OUT
    The president lost the battle for the low income and middle class tonight. It's over and us Democrats will no longer look to such a weak leader.
    We need someone in the whitehouse that is not fron the Neville Chamberlain School of Appeasment.
    STRIKE 1: No public option on health care
    STRIKE 2: No tax relief for middle class. Rich get richer. December 2010 cave in to extending Bush tax cuts.
    STRIKE 3: Tonight.. Tax cuts and an all Republican "deal".
    I Cry for our country as Neville Chamberlain in the guise of Obama kowtows to the Tea Party Bullies.

    We must seek a strong leader not an appeasement specialist that leads the middleclass over the cliff like lemmings.

    As an MBA with minor in Economics I am fully aware fo the consequences.

    The Sheriff of Nottingham and the Tea Party fiefdom have defeated Robin Hood and the Democrats.

    I weep for our country as hostage politics will hold the middleclass in chains. Oh well too many metaphors. Its just really depressing as we will go into the double dip of the recession guaranteed now. Just as 1937 government spending cuts killed the recovery of the Great Depression so will this draconian economic policy bring the double dip. We all know the heavy government spending brought on by WWll brought us out of the depression.

    More recently in the 1960's Great Britain went into an austerity program that depressed their economy for a decade. You can bet on it as we have not learned from history we will now repeat it as 2010 to 2019 will be "Americas Lost Decade"

    Note this series of events which America now follows that lead to the decline of Great Britian during the 60's and 70's. They went from a manufacturing economy to a service economy and were forced to value their currency. Keep this as a copy and you will see in 12 years we will devalue the dollar as we send manufacturing jobs to foreign countries like England , read on:

    " the British economy changed structure shifting towards a service sector economy from its manufacturing and industrial origins leaving some regions economically depressed. Finally, part of consensus politics meant support of theWelfare State and of a world role for Britain; both of these needed funding through taxes and needed a buoyant economy in order to provide the taxes.

    [edit]1960–1979: the Sixties and Seventies

    As these factors coalesced during the 1960s, the slogan used by Prime Minister Harold Macmillan "(most of) our people have never had it so good" seemed increasingly hollow. The Conservative Government presided over a ‘stop-go’ economy ....Growth continued to struggle, at about only half the rate of that of Germany or France at the same time. However, industry had remained strong in nearly 20 years following the end of the war, and extensive housebuilding and construction of new commercial developments and public buildings also helped unemployment stay low throughout that time.

    The Labour Party under Harold Wilson from 1964–1970 was unable to provide a solution either, and eventually was forced to devalue the Poundagain in 1967. Economist Nicholas Crafts attributes Britain's relatively low growth in this period to a combination of a lack of competition in some sectors of the economy, ....poor industrial relations and vocational training. He writes that this was a period of government failure caused by poor understanding of economic theory, short-termism and a failure to confront interest groups

    August 1, 2011 at 12:09 am |
  3. JJN

    Mr. President;
    Sir, This is ridiculous, they are determined to make you a one time president. I don't know if it because of race and ethnicity, religion or dirty politics.But we are begging you to stand firm and do not compromise with these Jack-Ass'. I think they really want to bring this country down and have a religious holy war. Please raise the taxes on the rich and corporations. It is time for those who have benefited so much from our hard labor, human and natural resources. They are raping our public lands and people. No more loop holes, cut SSI, SS, Medicare and Medicaid for people who don't need it. Cut elected officials salaries and benefits, no more pay raises and cut their pensions, health benefits and loop holes so they pay their fair share. Freedom isn't free if your poor, but if your rich, we the people fight and die for them to practice business freely, polluting the rest of us.... Corporations now have the rights of 'persons', but none of the responsibilities. U.S. normal average Jose, Ali, Julie and Joseph would be fired if we had jobs and acted like these imbeciles. We the people still have "HOPE" that you can take charge and stop compromising our rights for their taxes... And how did the Libertarian party get taken over by a bunch of social conservatives who want government in the bedroom and our house???? And a government with no authority to protect its citizens from corporations bleeding us dry. While they slaughter the weak and underprivileged (ENRON, GOLDMAN SACHS, EXXON)and make record profits! We do live in a socialized society. Welfare! 'CORPORATE WELFARE!' is destroying our country, while our infrastructure deteriorates and our schools rank 51st in the world, Americans are getting DUMBER and DUMBERER, when an idiot, born again, NorEaster, fake Texan can steal an election twice so he could get back at the very family friends his family set up in the Middle East as Dictators and Oligarchies. The Bush family and Admin. put the Taliban, House of Saud, King Abdullah, Bin Ladin and others in power and made them rich as hell with oil wealth. Well now the world is up in arms across Europe, The Mid-East and Asia. And its coming to the US. Japanese Admiral Isoroku Yamamoto "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

    July 29, 2011 at 8:20 pm |
  4. OrangePekoe

    CNN has plenty of viewers; they don't have to worry.

    Why shouldn't we be interested in how Tea Party idiots mishandle their own finances? I think it's perfectly legit.

    July 29, 2011 at 12:23 pm |
  5. lee

    Didn't the Tea Party movement rise as a response to the feds bailout of the financial industry. A bailout that was precipitated in part by deregulation and the insatiable appetite for personal and corporate wealth. Canada was not affected significantly by the meltdown due to a more stringently regulated banking industry. How is the Tea Party's intransigence on tax increases for corporations no different than the bailouts? At least the bailouts were a one-time deal and we've been getting some of that back.

    By the way, what's the current price tag for the regime change in Iraq?

    July 29, 2011 at 11:11 am |
    • victorg

      WE actually have gotten most of it back, and made a profit.

      July 29, 2011 at 6:24 pm |
  6. Jim Poling

    I think CNN's Wolf Blitzer hit a new low today when he exposed, for obvious purposes, the personal debt of Conservative members of Congress. If that stuff is a story I ask it be a story for ALL members of Congress, i.e. Repubs, Dems and Independents.
    I caught Wolf's "expose" at the gym and now realize why I despise CNN and understand why it has so few viewers.

    July 29, 2011 at 1:51 am |
  7. Bill (Toronto)

    A tax break is similar to an entitlement – it costs the government money and benefits the recipients. The Republicans simply want to take from the poor and give to the rich – that is easy to understand. The real question is why anyone who earns less than $200,000 per year would vote for the Republicans?

    July 28, 2011 at 8:22 pm |
  8. Bill (Toronto)

    The terrorists can put away their guns, sit back, and enjoy the show while the American government destroys itself.

    July 28, 2011 at 8:18 pm |
    • JJN

      It is almost impossible to get elected in the US even at the local level (Sheriff, Judge, Mayor, District Attorney) as an Independent with no party affiliation and money. The Tea party sprung up out of the Libertarian movement. We Americans want the government to stop spending our children and their children's future. Libertarians wanted government out of our personal lives, but a bunch of right wing nuts grabbed our good intention ideas and put a new mask and new label on an old movement and used patriotism. The 'Boston' Tea party started the revolution and the fight for independence against "TYRANNY" by royalty and the rich Europeans who were taxing us without representation. Now we have another oligarchy. These people are distinguished by royalty, wealth, family ties, corporate, and military control. 2% of our population holds most of the wealth and 110% of the power. We want our voices to be heard. True Libertarians don't care who marries who and people have the liberty to do what ever they want or need to do to be happy, free as in "LIBERTY!" as long as no-one else is hurt by their personal choices! We want the federal government out of the bedroom, house and Main Street. Again as long as it doesn't hurt anyone! We also want big business (oligarchy) to pay their fair share! We the poor, jobless and unhealthy deserve an education, healthcare, clean drinking water, healthy food, comfortable housing and retirement. We have been paying our taxes with broken backs, our own health and the health of our country and the children who will inherit our world. We want the rich to step up and pay back what they have stolen from us! Our government is dysfunctional. Corporations should not have the rights of a 'PERSON', and now they have those rights while we lose ours. If corporations are people and have personal rights and freedoms, with those rights and freedoms comes responsibilities. "The cost of Freedom" FOX news slogan... "Freedom isn't FREE!" a popular American slogan, we should hold these corporations and our 'elected' officials to the same standards that we are held to. TAX the RICH! Cut their benefits and loop holes, subsidies and rebuild this country and its infrastructure. The rich as most Americans see it, are those whose personal income is over $100k per year per person, before taxes and loopholes. These people and 'Elected Officials' who aren't in need, should have their Medicare, Medic-aid, Social Security, and other benefits cut. Senators, Congressmen, Mayors of major cities etc.. should forfeit THEIR pay checks, health insurance, travel benefits and retirement plans. Corporations should not be receiving "WELFARE", the US is a welfare state, a "CORPORATE WELFARE STATE!" Big business should pay for their own exploration and exploitation of our natural resources on public lands worldwide, travel, retirement, health insurance etc.. We the lower income people should not have to bear the burden of these global corps. All we and other citizens of the world want is to have freedom of choices: education, careers, healthy food, clean water, health care, freedom from or for religion, a comfortable shelter and a long and healthy retirement to enjoy our children, grandchildren etc.. We don't want TERRORISM, War, famine, disease, persecution, etc.. The American public is being deceived as corps take over our lands and the world, leaving us fewer choices as small business is taxed and swallowed up, new ideas to make the world a better place for everyone are suppressed, bought, covered up, global knowledge and even our DNA, RNA is patented! While the public gets 'Dumber and Dumberer', our educational system is in serious disrepair. Some Americans can't even define democracy, oligarchy, patriarchy etc.. Because we don't have the time to know whats going on as we try to put food on the table, pay the rent or mortgage. Most Americans don't know how to use loop holes and tax write offs. They don't know that the IRS was not voted on, nor did they have a say in tax codes, they don't know that 'The FED'eral Reserve Bank is a private corporation. While our government and corps poison us, kill people (ENRON), lie to us (Clean Coal), invade our privacy (Fox News Corp), we just keep going on paying our taxes (if we have a job) and drive 15 mpg at $4-5/gallon and breathe lead, Carbon monoxide, etc.. It wont change and will only get worse if 'we the people' continue to get de-educated and sidetracked by Gay Marriage!?

      July 29, 2011 at 5:24 pm |

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