Thread: Reid: Cantor Should Be Kicked Out Of Debt Talks Read more:

What part of "stop the free for all spending and borrowing" doesn't this guy understand...





Reid: Cantor Should Be Kicked Out Of Debt Talks
Zeke Miller | Jul. 14, 2011, 10:48 AM | 4,077 | 48



Senate Majority Leader Harry Reid (D-NV) called for House Majority Leader Eric Cantor's ouster from the debt ceiling and deficit reduction negotiations.

Calling the Virginia congressman's behavior "childish," Reid said Cantor should not have a part in the talks.

"House Majority Leader Eric Cantor has shown he shouldn't be at the table and Republicans agree he shouldn't be at the table," he said from the Senate floor.

Last night Cantor publicly accused President Barack Obama of "angrily" and "abruptly" quitting the talks, saying all progress on the negotiations has been "erased."

The charge was disputed by Democratic aides, who said Cantor rudely interrupted Obama, before being "put in his place" by the President.

Cantor represents the conservative wing of the Republican caucus and his influence over the talks has been increasing over the past week. It is doubtful a significant bloc of House Republicans would accept any deal without his approval.

Talks will resume at the White House today at 4:15 p.m.

READ: WHAT'S NEXT FOR THE DEBT CEILING TALKS

Read more: http://www.businessinsider.com/reid-can ... z1SBmDtmnR



Kathyet

Just like a Democrat to want to get rid of anyone that disagrees with them and their agenda. This guy gives me the creeps.

Canter should be settled down not thrown out.He is acting like an ass by just jumping up leaving meetings with pres.and vice pres.Interrupting every chance he gets being very rude,not only Reid saying this so is Mitch and the others in the meetings.Canter[Brutus] wants Boehner[Ceasers] job.Then when the pres.walks out on the last meeting Canter gets mad lieing saying pres stormed out [just like he has 3 times] but The rest of the panel there including republicans said pres.didnt storm out but got up and adjourned the meeting and left.Canter needs to chill out a little you get more with suger than you do by using crap.

Why Cantor didn't speak at Thursday's White House meeting
By Molly K. Hooper - 07/15/11 01:17 PM ET

House Majority Leader Eric Cantor (R-Va.) told The Hill on Friday that he did not speak during Thursday’s 80-minute meeting at the White House because he wanted to let the president’s team present its plan.

“Yesterday’s meeting was the president’s team presenting their proposal,â€

Jagadeesh Gokhale

Senior Fellow, Cato Institute
GET UPDATES FROM Jagadeesh Gokhale

Even If He Hadn't Said So, We'd Know the President Is Bluffing
Posted: 7/14/11 11:35 AM ET



The president's Wednesday night warning to House Majority Leader Cantor to not "call his bluff" suggests that... well, he's bluffing. But the president has already been playing some transparently thin cards in this game of poker, including his melodramatic -- but highly questionable -- hint that Social Security checks would be interrupted on August 2.

The go-to strategy in a literal train wreck is to jump off a nanosecond just before the collision. The debt-limit debate is more complicated, however, because no one really knows what the effect would be if the deadlock on budget negotiations continues through August 2nd.

Debt-rating agencies may soon downgrade U.S. debt. But does the debt of a country on a fiscal path to borrow and spend 45 percent more than its revenues -- at a time when its debt already equals its annual output -- really warrant a AAA rating? Won't House Republicans really be doing investors a service by revealing a more honest debt rating?

One might argue that the real objective is to shift to a more responsible fiscal path, and that there are better ways of doing so than getting stuck on the debt limit problem. But the very fact that we are on a path of massive fiscal indiscipline -- namely, an unsustainably steep projected increase in government spending -- implies that fiscal rectitude will not happen without a trip to the brink of the precipice. The debt limit offers a policy lever to shift the nation's spending trajectory, and it is only fitting and proper that it should be used it to force the issue.

Regarding a potential "bluff" by the president and high officials of the Treasury and the Federal Reserve: It's only natural that they would sound the most dire of alarms. There is no guarantee that the government would default on its existing contractual debt and that financial markets would tank even if such a temporary technical default were to occur. But the risk of such events is not zero and no high government officials would wish to risk it on their watch.

A hint about whether and how much President Obama might be "bluffing" is his unwarranted warning that Social Security payments could not be guaranteed if the debt limit is not increased. There is every reason to believe that those payments could and would be made in full in August -- and for many more months -- no matter whether the budget deadlock is resolved by August 2nd.

The debt limit encompasses both debt held by the public, and that held in intra-governmental accounts such as Treasury IOU's in the Social Security Trust Funds. Even if the debt limit is reached, Social Security payments covered by incoming payroll taxes would not be delayed. As some observers correctly point out, payroll taxes are insufficient to cover present-law Social Security benefits. But that's true only on an annual basis. Because the payroll tax rate is applied to earnings, those tax withholdings generate more revenues during earlier months of the year than during later ones -- when higher earners' taxable earnings limit is reached and payroll tax collections decline. That means the still quite small annual payroll tax shortfall will not emerge until November or December of this year. Therefore, no Social Security beneficiaries should miss their payments in August.

Even if payroll taxes were to fall short of scheduled benefits on August 3rd, there is a way to ensure that Social Security checks are mailed on time. The Social Security Trust Funds would simply exchange their Treasury IOUs for cash from Treasury, financed out of non-Social Security taxes. This is exactly how they are to be used in the event of a payroll tax shortfall anyway. But this redemption of Trust Fund IOUs would reduce federal debt below the current debt limit. Treasury could then simply issue more public debt to recover the cash -- in effect exchanging debt to the Social Security Trust Funds for debt held by investors.

This information about how to negotiate through the laws governing the debt limit and the Social Security Trust Funds should be common knowledge among experts at Treasury, the Social Security actuaries, and the White House staff. The fact that President Obama feels compelled to demagogue the issue speaks volumes about how much he might really be bluffing.


http://www.huffingtonpost.com/jagadeesh ... 98271.html



Kathyet

GOP: We'll Pass 'Cut, Cap, and Balance' Next Week; Obama: It's Just Political Posturing
Friday, July 15, 2011
By Susan Jones

APTOPIX Obama Debt Showdown

President Barack Obama sits with House Speaker John Boehner of Ohio, and Senate Minority Leader Mitch McConnell of Kentucky, and Sen. Dick Durbin, D-Ill., as he meets with Republican and Democratic leaders regarding the debt ceiling in the Cabinet Room of the White House in Washington, Wednesday, July 13, 2011. (AP Photo/Charles Dharapak)

(CNSNews.com) - Next week, Republicans again will show that they can lead, House Majority Whip Kevin McCarthy (R-Calif.) told a news conference on Friday.

"We welcome every Democrat to join with us. But we will take the (Cut, Cap and Balance) bill out of the House, and if there's any question whether Republicans can do it on their own -- we will."

McCarthy was one the Republican leaders taking their side of the debt talks directly to the American people on Friday. Cut, Cap and Balance means cut the deficit, cap spending, and passing a balanced budget amendment. Republicans insist that tax hikes are off the table.

The Republicans' news conference came shortly before one called by President Obama.

The president -- asked at his own news conference if the Republicans' Cut, Cap and Balance bill would be "dead on arrival" if it even makes it to the White House -- said he hasn't looked at it.

Obama did say he expects House Republicans to vote on bills "just to make political statements," and he indicated that any plan that doesn't include "revenue" (tax increases on the wealthy) will not be satisfactory.

“The American people are sold,â€

Cantor and Boehner: 'Not Going to Allow This Kind of Spending to Continue'; Bill Coming
Friday, July 15, 2011
By Susan Jones

eric cantor

House Majority Leader Eric Cantor (R-Va.) (AP Photo)

(CNSNews.com) - "We want to change the system here," House Majority Leader Eric Cantor (R-Va.) told a news conference on Friday. "We want to be able to go home to the people who elected us and show them that we're not going to allow this kind of spending to continue. We don't have the money -- they don't have the money."

Cantor said Republicans will bring up a bill next week -- the "Cut, Cap and Balance" bill -- "So that we can demonstrate that we are getting things under control and that the people who put us here can gain some confidence that we're going to begin to live like they do around their kitchen tables and in their businesses -- stop spending money we don't have and begin to manage this debt and deficit down to balance."

Cantor said Republicans hope "that our Democratic friends" will join them in their "balanced approach."

House Speaker John Boehner told the news conference it’s time for Democrats to get serious. He noted the House has passed budgets and “set the standard for serious debate.â€

Cantor to Reid: ‘The Speaker and I Have Consistently Been on the Same Page’
Boehner: 'We’re in a foxhole ....'
Thursday, July 14, 2011
By Nicholas Ballasy

(CNSNews.com) – In response to Senate Majority Leader Harry Reid (D-Nev.) claiming that he should not be at the debt limit negotiation table, House Majority Leader Eric Cantor (R-Va.) said both he and House Speaker John Boehner (R-Ohio) have “consistently been on the same page.â€

kathyet i agree with the post you put on here but as you know and i know there was times in leadership or boss positions you have to attend meetins with higher ups.While in military i have sit in meetings with alot of high ranking officers and stripes holders that alot of times i didnt agree to what they were saying but i didnt disrespect them,they were in charge but youladd your 2 cents worth and leave and pass it on to your party ,squad or platoon.In Canters case he was wanting control and you didnt hear of Mitch, Kyle or Boener leaving they sat there listen rather they agreed or not then left and expressed their oppion.Its the presidents meeting he called it he is the leader reguardless who likes it you listen add your 2 cents and leave then do what you want done about it.Not the way Canter is acting if he had done this in a military meeting to a general he would have been delt with reguardless if the general opion was right or wrong you listen then you leave and do what you think is right for you and your men.In this case the people of U.S.If Obama is being a bully so what he hasnt won yet has he so he can bully all he wants too,but that dont make him a winner.