Debt ceiling impasse: How we got into this mess
July 25th, 2011
04:39 PM ET
3 years ago

Debt ceiling impasse: How we got into this mess

Washington (CNN) – The United States appears to be no closer to raising the debt ceiling than it was in January when the issue arose. In fact, Democrats and Republicans might be further apart now than they were then.

After several rounds of negotiations, talks are once again at a standstill as the August 2 date nears at which the U.S. will bump up against its borrowing limit

FULL STORY

Filed under: Congress • Debt • Deficit • President Obama
soundoff (17 Responses)
  1. Marie MD

    How we got into this mess? We elected a black man to be our President in 2008! The teabaggers went on a rampage (the same morons who will now lose Medicare/Medicaid and Social Security "entitlement") and the rethugs who don't have a pair allowed them to do it in 2010.
    Raising the debt ceiling was done 17 times under reagan and 7 under the shrub. This time around the republikans want to make sure that we go through this in 2012 because they want to blame the President for the failure to come to terms.
    The republikans have become a party of not only HELL NO but a party of the rich and corporations who could care less about what happens to those who toil every day to make sure this economy thrives (fine, used to thrive).

    July 25, 2011 04:52 pm at 4:52 pm |
  2. ConservaFASCISTS/Dutch, Bad Newz, VA

    I don't think Congress realizes how stressful this is for everyday Americans. Not only are they playting politics with our credit rating and default, they are having an adverse affect on the market. They should just raise the debt ceiling with a clean bill and no strings attached.

    July 25, 2011 04:59 pm at 4:59 pm |
  3. JOEL COMSTOCK

    I hope that America is watching and understands that this fight is all about 2012 elections, nothing about us and our future. I also hope that Americans will remember this when they vote in 2012 and replace all of Washington with new people that will promise to represent us and not there own interest or that of their party.

    July 25, 2011 05:18 pm at 5:18 pm |
  4. S. In California - Obama 2012

    Two words: Ronald Reagan.

    July 25, 2011 05:20 pm at 5:20 pm |
  5. John

    The Republican are at fault ,for flat out refuse to Compromise. nobody really know who running this Party. It sure Isn't JOHN BOEHNER or ERIC CANTOR both I wish they are both looking for new job In 2012. so who Is running the Republican party Is It the Tea Party and the KOCH'S BROTHER. Because It look like John Boehner Is to worry about making any deal with out checking with someone First. The Republican Are Playing politics with your money. If the stock market drop so does your 401 retirement fund. If you are feed up with this last second Crap go to http://www.senate.gov and let your Senator how you feel and what you want done. what American People should do Is demand all the Republican to get fired for not doing there Jobs. They have Know about this for over eight month, and there Is No reason that a deal on this should all ready be done. But when you Have Republican flat out refusing to Compromise they are never going to get anything done. They are all acting like little kid that don't get there way. I will never vote for another Republican again. And there Is no way in hell i would ever vote for any body back by the Tea Party or has anything to do with the Tea Party. The Republican and the Tea Party Is playing politic and taking down America with them. They don't care about America they only care about there Party.

    July 25, 2011 05:31 pm at 5:31 pm |
  6. jw

    Ripping off soc. sec. by repubs is bs. soc. sec. has iou's for about 20: percent of the entire debt talk about screwing the middle class.

    July 25, 2011 05:34 pm at 5:34 pm |
  7. Mikey

    How'd we get into this mess? (1) The GOP has a stated #1 priority of unseating the President, aparently at any cost, (2) we the people elected a bunch of ignorant, know-nothing reactionaries in the 2010 mid-term elections,and (3) a major subculture has taken root in America that has embraced a culture where knowledge, expecially mathematics and science, are now only theories, history has been rewritten to make the founding and development of our country some sort of lazzie-fare Christian theocracy, and any sort of economic fairness or compassion is to be considered nanny-state socialism.

    The result may be that while the have-nots and have-a-littles beat each other up for the scraps that have been left for them by the rich over the past 30 years, the top 0.1% are walking unnoticed out the front door with the lion's share of our wealth and, as someone recently pointed out, our future.

    July 25, 2011 05:34 pm at 5:34 pm |
  8. SOUTHERN HOTTIE

    How? Because of low information voters voted for the Republican-controlled House of Representatives who are, determined to destroy the middle class in favor of tax cuts to the ultra-rich.

    How? Owing to wimpy Democrats who will not tear the GOP a new one when they intentionally distort the President's record.

    How? Ourselves of course, especially those who sat out the 2010 midterm elections. Our votes send these idiots to Congress and they've screwed us. Vote wiser next time.

    July 25, 2011 05:44 pm at 5:44 pm |
  9. rs

    How did we get here? We mistakenly believed Republicans actually cared about America and Americans. What we now know is they only care about the rich and their "Club for Growth" anti-tax pledge cards.

    July 25, 2011 05:47 pm at 5:47 pm |
  10. Rick McDaniel

    When the President can't control his spending, then the Congress has to do it, for him. If you don't like it, then you should have considered other alternatives to the spending already done.

    July 25, 2011 05:54 pm at 5:54 pm |
  11. A SURPLUS = REVENUES - EXPENSES

    CNN, who exactly highlightend the problem in January? Was it the Tea Party?

    You seem to be going out of your way to bolster the image of one party by avoiding thia fact.

    You do a disservice to the citizens when you don`t call a spade a spade. Too bad if it casts one party in a bad light.

    July 25, 2011 05:58 pm at 5:58 pm |
  12. Frank

    I vote to turn over the debt ceiling debate to NFL team owners and the NFLPA.

    July 25, 2011 06:10 pm at 6:10 pm |
  13. Bill

    The House will be controlled by the Democrats after the 2012 elections.

    July 25, 2011 06:12 pm at 6:12 pm |
  14. The Obama Recession Continues Unabated, Obama Depression on the way

    We got here because of the usual financial mismanagement of government money by the Democrats. They STILL have never passed a budget, offered NO PLANS or alternatives, just BS speeches that couldn't be scored. They've run up record deficits and debt to the point that people who rate our debt are going to lower our credit rating. Four years of Democrats controlling Congress with 2 years of Obama the socialist in the Whitehouse and the American people had enough. They threw record numbers of Democrats OUT in 2010 and replaced them with fiscally responsible people, aka Republicans. They are now saying, STOP THE SPENDING MADNESS. But Democrats don't want to because their entire base consists of government dependents. The Democrat want to drive the USA into bankruptcy and then blame it on business and "rich people", aka the only people paying this country's bills.

    July 25, 2011 06:13 pm at 6:13 pm |
  15. GI Joe

    Two words: Grover Norquist.

    July 25, 2011 07:22 pm at 7:22 pm |
  16. WALL ST GUY

    Regardless of a deal on the debt ceiling, all the wrangling over this has effectively DOWNGRADED our credit rating already.

    Here`s the proof: if you take a look at the prices of 10-YEAR Bonds on the secondary market – – those prices have consistently moved DOWN over the past 30 days. This means that the effective interest rate on those bonds have GONE UP. That means the capital markets are demanding extra interest RIGHT NOW.

    The damage has already started and the responsibility lies at the feet of the Republicans. These increases will find their way into consumer`s interest rates.

    Will CNN have the intelligence to understand this dynamic and the intergrity to point out the cause-and-effect?

    What these politicians don`t understand is that the market moves on psychology. The minute they refused to send the President a clean bill they shoved things the wrong way. If they wait until August 2nd, they will have shoved it further.

    July 25, 2011 07:36 pm at 7:36 pm |
  17. Four and The Door

    rs
    How did we get here? We mistakenly believed Republicans actually cared about America and Americans.
    ______________________________________________________________________________________
    Apparently they care about American taxpayers, about unemployed Americans and about the next generation of Americans much more than the Washington Democrats do.

    July 25, 2011 07:51 pm at 7:51 pm |