Squandering Our Children’s Future To Protect Someone’s Bottom Line

[If I trusted any of these guys I would be tempted to say that, anything that the chairman of the Fed and the president of the US Chamber of Commerce both opposed HAD TO BE good, but I understand where those creeps are coming from.  The only thing that can "save" the United States at this point, from a planned permanent state of slavery to the bankers, is to let their ill-gotten Empire to collapse of its own dead weight.  No matter how much economic pain and suffering is caused by an American financial meltdown, it will seem like nothing, compared to the pain that all of us and our children, and their children, will suffer, if we waste what is left of America's economic strength, instead of repairing our Nation (and the damage we have done to the world), after thirty or more years of the neocon destroyers.  They have laid waste to the American economy to line their own pockets, even while they were waging actual war upon the rest of the world.  If these assholes get away with squandering what little we have left, to protect their looting operation, then we will deserve to be slaves in a "post-apocalyptic" nightmare world.]

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Tempers flare as debt-limit deadline nears

By David Jackson and Mimi Hall

USA TODAY

WASHINGTON — With time growing shorter, President Obama and congressional leaders grew angrier Wednesday in their effort to reach a deal to increase the nation’s $14.3 trillion debt ceiling. At the same time, the chairman of the Federal Reserve and the president of the U.S. Chamber of Commerce warned that a failure to act could trigger a financial meltdown.

Republican leaders are at odds with the White Houseover a broad deal to cut spending and raise taxes while raising the debt limit by the Aug. 2 deadline set by theTreasury Department. But Senate Minority Leader Mitch McConnell also warned recalcitrant members of his own party that the GOP‘s political fortunes would suffer if the marathon White House sessions don’t soon produce agreement.

Moody’s Investor Services issued a stark reminder of the stakes by placing the nation’s AAA bond rating on review for a possible downgrade. Moody’s cited the “rising possibility” that the United States for the first time will default on its loans.

But none of the warnings helped foster a deal — or tamp down the harsh rhetoric.

House Majority Leader Eric Cantor, R-Va., told reporters after the fourth White House meeting in as many days that when he proposed a short-term extension of the debt ceiling, Obama became “agitated.” Cantor said Obama, who has firmly opposed a short-term measure, warned him not to “call my bluff.”

In an effort to reach a deal, Obama said the White House could reach $1.7 trillion in spending cuts over 10 years without new revenues, said two Democratic aides familiar with the meeting. They spoke on condition of anonymity because they were not authorized to speak on the record.

He could reach $2.4 trillion over 10 years with extra revenues, Obama told the group, the aides said.

The president then said there was too much “positioning, posturing and catering” to lawmakers’ political bases, and he stood up and left the meeting, “Enough is enough,” Obama said, according to the aides.

“I know why he lost his temper,” Cantor said. “He’s frustrated. We’re all frustrated.”

Earlier, in a jab at Republicans who oppose any tax increases, Rep. Chris Van Hollen, D-Md.,, said those hewing to a “rigid ideological agenda” are “playing Russian roulette” with the economy. House Speaker John Boehner, R-Ohio, said that negotiating with the White House has been “like dealing with Jell-O.”

Federal Reserve Chairman Ben Bernanke, meanwhile, warned that if the government defaults on its debt, it could throw “shock waves through the entire financial system.”Thomas Donohue, the Chamber president, warned in an opinion piece on usatoday.com that failing to raise the debt ceiling would kill jobs, increase the debt and deficits and depreciate the dollar.

Their warnings added to McConnell’s, who in an interview with conservative radio talk-show host Laura Ingraham, cautioned that Republicans will be blamed if the debt limit isn’t raised.

“I refuse to help Barack Obama get re-elected by marching Republicans into a position where we have co-ownership of a bad economy,” he said, adding that after two years in office, Obama is now responsible for the economic conditions that began under former president George W. Bush.

On Tuesday, McConnell floated a complex formula that would allow Obama to raise the debt limit even in the absence of an agreement on how to reduce the debt and deficits going forward.

But his fellow Republicans balked. Sen. Jim DeMint, R-S.C., told CBS’ the Early Showthat he was against that idea. DeMint, a leader in the conservative anti-tax Tea Party movement, said “Republicans weren’t elected last November to make it easier to spend and borrow and add to our debt.”

GOP presidential hopeful Rep. Michele Bachmann, R-Minn., has said flatly that she won’t vote to raise the debt limit.

On Wednesday, Treasury also said the deficit for the first nine months of the fiscal year reached $971 billion.

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