Obama, Congress reach a debt deal

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http://news.yahoo.com/obama-congress-re ... 53348.html

Yesss!! ! It finally happened! I kinda had this feeling they were waiting until the last minute, and building suspense, but they did it.

I am still waiting for the bill to reach Obama's desk signed. "lowest domestic spending since Esienhower" This doesnt sound good for medicare...I already have to go out of county to find a doctor that will take medicare. Because of my military insurance, tricare, I am required to have medicare as primary. Cuts to medicare effect more than old folks, they affect those serving in uniform and their families. Most non-military dont know that. The VA hires the bottom rung of doctors, so that is not the best option either.

Obama is a true Teabagger.

Same s**t different day. Spending is still gong to go up. I think it's time to pull Boenher and McConnell over this come next election.

I do not trust these people. Lets wait and see what the bill steals.

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Bottom line: there will be about $40 billion in actual, real spending cuts until the next, $16.7 trillion debt ceiling limit is hit some time in Q1 2013, at which point it will have to be raised to $20+ trillion.
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i haven't read the bill(s) yet but congress didn't either.

remind me again what is there to be excited about? i'd prefer to default now than 2014, but looking on the bright side it gives me 2 more years to get ready.

$40 billion in cuts? That is not a month in Afganistan.

Two trillion more, a few years ago that was real money.

Now a trillion was spent in the bailout, $300 billion in tax cuts, total write off of losses, $300 Billion in Bank and Insurance, Autos, and something for the States. We still only ran a trillion in the red.

The next year did nothing, got paid some back, and went $1.4 trillion in the hole. I do not have the numbers on food stamps and unemployment, but it did not go for job creation.

Besides that the Fed pumped $600 billion into the commodies markets,

The only way this makes sense is the Mayans were right. No need to worry about 2013.

It's a pity we didn't get entitlement reform and tax reform, but Obama's refusal to split it into two rounds kind of scotched that.

It's a small down payment on the deficit problem. The next round will be in September, when the senate realizes the house isn't going to go for continuing resolutions.

I like how the article does not mention what exactly is going to be cut, though I have a pretty good idea say goodbye to Medicaid, Social Security, SSI, Food Stamps ect. If this is a good way to solve the debt problem then Obama is a socialist. lol

As an economist, I'm mostly interested in whether or not the markets took the possibility of default seriously. If they do, the US government is going to start paying more for its debt, which isn't good for them.

On the other hand, I find the issue to be baffling. I'm sure I didn't get the full news story, but the way I read it, everything was left very vague. It didn't even discuss whether the savings would be through a tax increase or through cuts in spending.

I had been really hoping and praying that Barack was going to invoke the 14th amendment; but alas, he wants to be a conciliator.

-Bill, otherwise known as Kraichgauer