Debt-limit plan becomes law

Sen. Amy Klobuchar
REUTERS/Jonathan Ernst
Sen. Amy Klobuchar

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Comments (6)

  1. Submitted by Ron Gotzman on 08/02/2011 - 03:17 pm.

    Al Franken says…

    “Now we can get back to our job … growing the economy.”

    Please let us know when you will be starting your job.

  2. Submitted by Richard Schulze on 08/02/2011 - 09:11 pm.

    The compromise calls for $2.4 trillion in spending cuts over ten years. That amounts to 16.6% of GDP, or 1.6% per year. If the Federal Reserve’s 3.0% forecast comes true, that means our economic growth rate is about to fall to 1.4% a year. There is another country where GDP growth is measured in mere basis points: Japan. Congress has just voted for ten years of austerity.

    To a large extent, there is not much anyone can do to repair the economy. Possibly as much as half of the economic growth of the past 30 years was borrowed from the future. This is because it was fueled by the $3 trillion that Ronald Reagan borrowed largely from the Japanese during 1980 to 1988, and the $5.5 trillion George W. Bush borrowed from the Chinese from 2000 to 2008.

    The bill is now due, but the piggy bank is empty. Decades of minimal growth will be the consequence. I doubt that there is a single business out there that can point to a new customer coming to them as a result of the debt deal. There will be tens of thousands that will moan about lost business. The republicans now own the economy. That may be something they come to regret.

  3. Submitted by Bruce Leier on 08/03/2011 - 08:51 am.

    How can anyone who calls themself a Democrat vote for a bill that means a loss of 2,000,000 jobs?

    Only Ellison and McCollum got it. Shame on Klobuchar and Franken!

  4. Submitted by Solly Johnson on 08/03/2011 - 10:02 am.

    In next year’s presidential elections our choices will be a third party candidate or one of two Republicans. As of now it doesn’t appear that anybody will challenge Obama in primaries.

  5. Submitted by Bernice Vetsch on 08/03/2011 - 07:47 pm.

    If you haven’t heard of The People’s Budget before, it was released at about the same time as the disastrous Ryan budget. While Ryan’s plan was widely discussed in the media as a “serious” effort, The People’s Budget was ignored by the media, the president and the Congress. Why? Because it was written by the Democrats’ Progressive Caucus instead of right-wing ideologues and therefore “could not pass” would be my guess.

    How could America have benefited from The People’s Budget? (And perhaps still could after the 2012 elections.)

    –a $5.6 trillion deficit reduction over 10 years
    –spending cuts of $1.7 trillion – partly by responsibly ending our several wars and cutting other unnecessary defense spending AND by requiring Medicare Part D drug price negotiations instead of forbidding them
    –increasing revenue by $3.9 trillion by ending the Bush tax cuts and eliminating corporate welfare
    –investing $1.7 trillion in clean energy, infrastructure, broadband, housing and R&D to bring our country into the 21st century while creating hundreds of thousands of good JOBS

    Spending on social programs and education would be fully protected. Not one person would be harmed by this budget.
    ——————-

    How stupidly enslaved to corporate power and propaganda has America become that a budget like this is purposely hidden from the public???

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