From Zero Hedge:
No, the soap opera is not done just yet. According to The Hill the office of John Boehner has said that the Gang of Six proposed $3.7 trillion fluff “settlement” appears to fall short of goals set by House Republicans. “This plan shares many similarities with the framework the Speaker discussed with the president, but also appears to fall short in some important areas. The House is voting today on our ‘cut, cap, and balance’ plan, and we hope the Senate will take it up soon. That remains our focus,” a Boehner spokesman said…
I don’t like the gang of six plan, either – in fact, I don’t actually like any plan which raises the debt limit. Raising the debt limit is just a demand of the Ruling Class which wants 18 more months of stealing from us. What they’ll do after that, I haven’t a clue – we’ll tip in to bankruptcy and it is clear they don’t care…or, perhaps, are really too dumb to even understand their peril (it is a disease of ruling classes that they often really can’t see that the writing is on the wall). But the main thing is, they want to jack up the debt so that they can continue to live as they have – there is no other reason to do is because we are taking in plenty of money.
Uncle Sam projects that he will take in more than $2.1 trillion in fiscal year 2012 (which begins October 1st, 2011). Roll it back to 2008 levels and we cut the projected deficit by $300 billion, more than enough to to keep us below the debt ceiling. Roll it back to 2003 levels and we run a surplus and start paying off the debt – and it isn’t like we were being all tight fisted in 2003…we were, in that year, spending money like water (remember, Democrats, how loudly you complained about those levels of spending and resultant deficit?). We need to set aside sufficient funds for social security, medicare/medicaid, national defense and law enforcement. Everything else has to stop until we’ve balanced the budget.
Drill this in to your head: we are, at most, four years from being in the condition of Greece. We must stop borrowing – we must start paying back. Anyone who says we must borrow is either a fool or a con artist. Unfortunately, the combination of the two do seem sufficient to force a debt increase this year – but if we are to get swindled like that, then the GOP had at least better get some real cuts out of the deal or we’ll suffer a disaster among the base with incalculable effects on 2012.
Stand firm, GOP – don’t agree to any tax hikes, don’t agree to any debt increase unless coupled with significant spending cuts which will take effect in fiscal year 2012. Do that, and we’ll win a crushing victory over liberalism next year – do otherwise and we might see Obama re-elected.