What's wrong with the debt ceiling deal?
August 2nd, 2011
03:46 PM ET
3 years ago

What's wrong with the debt ceiling deal?

NEW YORK (CNNMoney) - The debt ceiling deal President Barack Obama enacted Tuesday cuts deficits and lets the country avert default. But it is getting very muted applause from serious fiscal experts - the ones who actually understand the federal budget.

"No one should pretend that they have solved anything other than an artificial political crisis," said Bob Bixby, executive director of the Concord Coalition, a nonpartisan deficit watchdog group.

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Filed under: CNNMoney.com • Debt • Deficit
soundoff (13 Responses)
  1. ConservaFASCISTS/Dutch, Bad Newz, VA

    What's wrong with it? It didn't include revenue jerk.

    August 2, 2011 03:53 pm at 3:53 pm |
  2. A real American

    Because austerity measures during a recession are job-killers. Look at how well they've worked in Britain. They had 3% GDP growth before austerity, then it immediately went down to 0.5% and unemployment skyrocketed. Look at how well it worked in the US in 1937 as well.

    August 2, 2011 04:16 pm at 4:16 pm |
  3. Lost in Texas FOREVER

    where is the shared sacrifice? That's the MAIN thing wrong with it. But I guess now since the "job creators" didn't get their taxes increased they'll start hiring and creating jobs, right???

    August 2, 2011 04:21 pm at 4:21 pm |
  4. YesWeCan

    Maybe the pres and congress should have invoked the "don't ask, don't tell" policy for this c.r.a.p. they just signed off.

    I thought at the 2010 elections we made it perfectly clear. They work for us. What makes them think we will have short memories next November?

    Expect unemployment to reach 11% or higher by next summer.

    Expect fuel prices to go above $6 per gallon.

    Expect food prices to be higher.

    And best of all – what us kick them all out when we vote.

    You don't have to worry about the Rep or Dem or Tea parties. Expect a whole new group to look to ask for "hope and change".

    Remember, they will rsise taxes. Rich and Corporations (except GE) will pay more taxes, and we the average tax payer will pay more for everthing. Corporations pass on any tax increases to the public consumers.

    Washington – we are not stupid.

    You can turn this sinking ship around, but you have individually decided to head straight for the iceburg.

    Congratulations on your "deal".

    The American tax payers will remember August 2nd, 2011 come next November.

    August 2, 2011 04:21 pm at 4:21 pm |
  5. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    "No one should pretend that they have solved anything other than an artificial political crisis,"
    ==========================================================================
    Like I said... smoke and mirrors. NOTHING but smoke and mirrors. The financial abyss still awaits our arrival.

    August 2, 2011 04:22 pm at 4:22 pm |
  6. YesWeCan

    Washington, you forgot the " We the people..." when you made this deal.

    We want forget you next November 8th, 2012.

    Enjoy the perks while ypu have them.

    We will be enjoying your "deal" for a very long time.

    Thanks for all you did for USA.

    Another great day in America. DOW drops over 240 points as a result of your "deal".

    August 2, 2011 04:31 pm at 4:31 pm |
  7. YesWeCan

    Everyone reading and writing on this blog.

    Check your 401k tomorrow and let us all know how much you like this "deal"

    Should have been called the great "steal".

    Bet none of these Rep or Dem lost anymore personally today.

    Your congress people go on holiday next week. So, while they are home, attend their townhall meetings. Let them hear your voice. Share your pain. And ask them directly, how will they enjoy private life again? We plan to vote them out. They can join us on the unemployment line and the bread line.

    Show up or Shut up!

    August 2, 2011 04:41 pm at 4:41 pm |
  8. Lauren

    This debt ceiling deal made sweeping cuts to federal spending,especially in regards to social programs, but in no way did it increase tax revenue which makes no social or fiscal sense. The legislature seems more than willing to make decisions which will disadvantage the bottom 50% of the population but not close tax loop holes for the top 1%. This law will increase the chasm between the rich and poor and will take more time to recover true economic stability. Partisan politics have crippled the capability of this deal to make a significant difference.

    August 2, 2011 04:41 pm at 4:41 pm |
  9. Biggge

    This is what I was worried about.. If you wait until the last day the market would drop... The GOP has shined a hugh light on the debt and now the market is punishing us for it... This whole thing has been outragous, we have the House and Congress sinking us.. I am not going to blame this all on the President, the Rep. that were sent to Washington to do a job has been passing the buck for the last 3 years.. This last 3 years have been nothing but hate and divide, I can not believe we took this down to the very last day.. The Dem. were scared when they ran things, the Bush tax cuts should have been shot down before last November elections but they were scared of the elections they lost anyway and now the GOP can not control the hate and divide they have started. It is a shame how both parties have sunk us, I am not saying Obama has not made some mistakes but the real fact is some people really had a issue with the color of this guy's skin...This is a sad day in American Pollitics, race still runs America and are so called Leaders went right along with it......What happen to put Country first.....

    August 2, 2011 04:48 pm at 4:48 pm |
  10. jim

    as an american, I can safely say ... "America SUCKS !!!!!!!!!!!"

    August 2, 2011 04:48 pm at 4:48 pm |
  11. YesWeCan

    I can honestly say, Bigggge and Lauren just don't get it.

    Must have drank way too much kool-aid back in 2008.

    Enjoy the rest of what you voted for. I'm sure you want to continue to live off the backs of hard working middle class citizens (tax paying citizens).

    Enjoy your welfare checks, food stamps and free medical care.

    Along with everything else HE promised you.

    August 2, 2011 05:00 pm at 5:00 pm |
  12. The Greedy Old Pigs have declared class war on US!

    What's wrong? The fact that Big Business and the ultrarich have yet to make one single sacrifice while the rest of us bear the burdens of the GOBPbaggers 30 year history of fiscal mismanagement. It's obscene and vile that the un-American teatards are willing to hold the US hostage to their cult of political terrorism to help the greedy and not the needy.

    August 2, 2011 05:01 pm at 5:01 pm |
  13. terrance

    The numbers clearly show that America is systematicly racist. African Americans have been deeply rooted and involved not only physically building the foundations of this country but setting the moral standard for humanity just by our presence here in this land. Africans American are Americans and do have the right to an excellent quality of life by modern American standards. The numbers show caucasians in this county as a people by equity retain over 100,000.00 a yr while African American receive about 5000 a year. As the truth is investigated pertaining to this issue we will see the recorded reasons why African American people deprived of a good quality of life in this county ans around the world. From education housing jobs and services African American have been clearly left out in the cool and given the worst quality of life by caucasian politicians from generation to generation. African Americans are being told they are minorities and their quality of life in America is minor or a non issue. African Americans have made tremendous contributions to this country in every field of life in this country in incredible ways. This work in simply not appreciated not taken seriouly and is completely overshadowed and waterdown by racist radical white people in government media and business. who job is to keep prosperity out of the hands of African American people as a whole. The truth is the spirit of Satan still exist in the form of racism strongly against the African American people the numbers reflect so. This is why people are witnessing the radical racist movement and push back this racist dishonorable organization called the "tea party" against an African American president. Those people do not fight for liberty but oppression. The truth is not being spoken and represented in the American media and the standard of truth is simply missing whitewashed and watered down. For that all who live in America suffers.

    August 2, 2011 05:07 pm at 5:07 pm |