Obama urges compromise, 'shared sacrifice' on debt

http://www.google.com/hostednews/afp/article/ALeqM5jUpfAeBTdloFA4A6MUPW3XW3A6eA?docId=CNG.dc25ca3b91c1dca03c4e92b9874f6487.921

Obama urges compromise, 'shared sacrifice' on debt

WASHINGTON — Insisting he is "willing to compromise," President Barack Obama called on US lawmakers Saturday to quickly forge a deal that would avert an early August debt default by the world's richest nation.

Obama has warned of economic "Armageddon" should Congress fail to raise the debt limit to allow more US borrowing, with his administration highlighting disastrous ripple effects that would churn through the global financial system.

But after five straight days of crisis talks ended Thursday without a clear solution, by the weekend Obama was imploring his fellow Democrats and opposition Republicans to engage in "shared sacrifice" to help break a stalemate that has led ratings agencies and top US lender China to sound the alarm over US credit worthiness.

"I'm willing to compromise. I'm willing to do what it takes to solve this problem, even if it's not politically popular," Obama said in his weekly radio address.

And stealing Social Security.

When we should be INCREASING government spending to get the economy moving.

He's starting out giving up almost everything, on the backs of working Americans, then asking the opposition for a little token.

are you listening...

MILITARY

Peace,
Tex Shelters

have sacrificed nothing to pay their share. Yes, the banks, investment houses, most of Wall Street, CEOs, Koch, Oil companies, etc should now "sacrifice" for a while so that the unemployed, homeless, jobless, uninsured, destitute don't have to sacrifice until they die. Obama's logic is appalling.

Peace,
Tex Shelters

He needs to increase the taxes of the rich and corporations, cut everything that doesn't affect the helpless, and stop the bullshit. He needs to hold the Repukes against the wall and stop the nice guy routine.

re-election millions from the MIC 'bonu$$ers' ...

Not.Gonna.Happen.

But there's no way to refute you, Amonester. *LOL*

already sacrificed enough with higher food and gas prices, higher health insurance premiums and copays, higher contributions to my retirement and no pay raise for three years and none in sight. No, Nyet, Non! No more! :mad: If Obama and the Republicans in Congress want somebody to sacrifice, let it be them and others who make even more than they do.

And if they want to cut spending, cut war spending! Slash Defense in half! Dammit.

December 2010:

$544.3 Billion to extend the Bush/Obama tax cuts

$112 Billion for the Social Security tax "holiday" (Social Security will have to borrow more money from the government's general fund this year and next, because of the payroll tax holiday, which reduced workers' payroll tax by 2 percent and was part of December's tax deal. The money needed to cover the shortfall for Social Security will total $85 billion in fiscal 2011 and $29 billion in fiscal 2012, according to CBO. The talk from the President of extending it another year will add another estimated $115 Billion in fiscal years 2012 and 2013.)

$68 Billion in reduced estate tax

$57 Billion in unemployment benefits (In December 2010, after the bill was signed, Moodys Economy.com founder Mark Zandi said, ""Job growth will be more than twice as strong, with payrolls growing by 2.6 million," The bill will shave more than a point off the unemployment rate, pushing it "well below 9%" in 2011, according to Zandi. Guess we'll have to wait and see if the July-December unemployment figures show employers agressively hiring to move millions more off unemployment. Will there be Democratic support to extend past December 2011 if this doesn't happen?)

After the bill was signed, Moodys said, "the negative effects on government finance are likely to outweigh the positive effects of higher economic growth. Unless there are offsetting measures, the package will be credit negative for the U.S. and increase the likelihood of a negative outlook on the U.S. government's Aaa rating during the next two years."

"In all likelihood, the economy would have made it through next year without falling back into recession, but this compromise improves those odds significantly," he wrote.

stupid, traitorous, or a mix of the above.

Shared sacrifice??? Who has bourne the brunt of this shitstorm and who gets free money, record profits, and an increased percentage of the overall pie?

Even Bernie is way off target on this bullshit. Maybe we take another helping in the end but the initial position should be those you profited coming and going are getting the tab in full.

The wages of ordinary Americans have fallen. That is why the payroll tax portion of the revenues has risen compared to other taxes. The payroll taxes are levied on low incomes -- even minimum wage incomes.

Meanwhile corporate taxes have fallen. That's where the problem is. This chart shows it.

Wages are low -- hence payroll taxes have risen but income taxes really haven't changed that much.

And corporate taxes have tumbled.

This chart shows were the money is and where it has to be found to re-balance our budget.

How can the Republicans argue with this?