Political Highlights: Debt Ceiling Showdown 2011 Recap — President Obama Signs the Bipartisan Budget Control Act of 2011 into Law Averting 1st Default in US History

POLITICAL HIGHLIGHTS

By Bonnie K. Goodman

Ms. Goodman is the Editor of History Musings. She has a BA in History & Art History & a Masters in Library and Information Studies from McGill University, and has done graduate work in history at Concordia University.

DEBT CEILING SHOWDOWN 2011 RECAP: OBAMA VS CONGRESSIONAL LEADERS

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IN FOCUS

Debt Ceiling Showdown All Posts; News, Quotes, Speeches, Press Conferences & Analysis on History Musings

Political Highlights Debt Ceiling Showdown August 1-2, 2011: Debt Ceiling Crisis Averted House & Senate Pass Bipartisan Compromise Bill — President Obama Signs Budget Control Act of 2011 into Law — History Musings, 8-2-11

Political Highlights Debt Ceiling Showdown July 25-31, 2011: Finally, a Deal! After Week of Partisan Votes in Congress — President Obama, White House, Republican & Democratic Leaders Agree to Debt Deal — Still Needs to Pass House & Senate Votes — History Musings, 8-1-11

Political Highlights Debt Ceiling Showdown Recap July 18-24, 2011: 2 Plans, 8 Days No Debt Deal in Sight — Will the US Default on August 2, 2011? — History Musings, 7-25-11

Political Debt Ceiling Showdown Recap July 6-18, 2011: Bipartisan Senate Compromise Plan Emerges — Obama Sets New Deadline for Friday July 22, 2011 — History Musings, 7-18-11

Full Text of the Budget Control Act of 2011 — PDF

How the Senate voted: 74-26 roll call Tuesday — the Senate passed Budget Control Act of 2011 –

YES: 45 Democrats and 28 Republicans
NO: 6 Democrats and 19 Republicans

How the House of Representatives voted: 269-161 roll call Monday — the House passed Budget Control Act of 2011 –

YES: 95 Democrats and 174 Republicans
NO: 95 Democrats and 66 Republicans

Resources on the Debate About the National Debt — White House

  • Joe Biden, Mitch McConnell and the making of a debt dealPolitico, 8-2-11
  • Obama Approval Drops to New Low of 40% Similar to his approval rating for handling the debt ceiling negotiations: President Obama’s job approval rating is at a new low, averaging 40% in July 26-28 Gallup Daily tracking. His prior low rating of 41% occurred several times, the last of which was in April. As recently as June 7, Obama had 50% job approval…. – Gallop, 7-29-11
  • Majority of Americans surveyed believe Congressional leaders behaved like spoiled children: Congressional approval ratings fell to a dismal 14% in the latest CNN/Opinion Research Corp. Survey released Tuesday. It showed a whopping 77% of people felt elected officials in Washington behaved mostly like “spoiled children” in the run-up to the vote.
    Only 17% of people surveyed believed the pols behaved like “responsible adults,” with 4% saying it was a mixture of both…. – NY Daily News, 8-2-11
  • Snapshot: Obama signs debt limit bill: Just hours ahead of a deadline to avert an unprecedented default, President Barack Obama, without public ceremony, signs a bill that raises the $14.3 trillion debt ceiling and sets in motion a plan to reduce U.S. deficits over 10 years…. – Reuters, 8-2-11Fact Sheet: Bipartisan Debt Deal: A Win for the Economy and Budget Discipline — White House, 7-31-11 Timeline of the Debt Ceiling Negotiations — NYT, 7-31-11

    SNAPSHOT-U.S. lawmakers close to deal on debt: Here is what is happening on Sunday as lawmakers and the White House race to broker a deal to raise the country’s $14.3 trillion borrowing cap by Tuesday’s deadline and avoid default on obligations…. – Reuters, 7-31-11

    FACTBOX-Key elements of possible U.S. debt deal: U.S. lawmakers were working furiously on Sunday to hammer out details of a deal to raise the U.S. borrowing limit and put in place a deficit-reduction plan to help avert a potentially catastrophic debt default.
    Lawmakers, administration officials and aides have made clear that they have yet to agree on the final deal. But they did provide the following details of how the deal is taking shape…. – Reuters, 7-31-11

    FACTBOX-What’s ahead in the U.S. debt limit fight — Reuters, 7-30-11

    How Different Types of Republicans Voted on the Revised Debt Plan: Analysis of how different Republican blocs voted on the revised debt plan… – NYT

    Interactive Graphic: House Roll Call: Boehner’s Short-Term Debt Ceiling Increase — NYT

    Interactive Graphic: Comparing Deficit-Reduction Plans — NYT

    Timeline: How U.S. debt talks spiraled into crisis: The United States drifted closer to a credit rating downgrade and default on Wednesday as President Barack Obama’s Democrats and their Republican rivals worked on competing plans to cut spending and raise the debt ceiling. Following is a timeline of the U.S. debt debate… – Reuters, 7-30-11

    Factbox: Details of competing debt limit plans: House Speaker John Boehner, a Republican, and Senate Democratic Leader Harry Reid are pushing rival plans to raise the government’s borrowing limit before an August 2 deadline. Reid could modify his plan to attract Republican support once Boehner’s bill fails in the Senate. Here are details of the two plans… – Reuters, 7-28-11

    Factbox: House factions influence debt/deficit vote: On any major piece of legislation that moves through Congress, various factions within the House of Representatives and Senate can influence chances of success or failure.
    That has been especially true in the debate over raising the $14.3 trillion debt limit by August 2 in order to avoid a U.S. government default. Here is a rundown of the various factions — many overlap — and how they shaped the debate and how they might influence the final vote:

    TEA PARTY HOUSE CAUCUS…
    HOUSE REPUBLICAN STUDY COMMITTEE…
    THE TUESDAY GROUP…
    BLUE DOG DEMOCRATS…
    THE CONGRESSIONAL PROGRESSIVE CAUCUS…
    REPUBLICAN SENATOR JIM DEMINT…

    - Reuters, 7-28-11

    Debt ceiling Q&A: How did we get here, what happens next?LAT, 7-28-11

    Debt ceiling poll: Voters with Obama: Most Americans would like to see a mix of spending cuts and tax increases be part of a deal to raise the debt ceiling, a new poll finds, aligning the majority with President Barack Obama’s position. Of those surveyed for a Reuters/Ipsos poll released Tuesday, 56 percent said they want to see a mix of approaches used in an agreement to raise the debt ceiling. The poll was conducted overnight Monday, as Obama and House Speaker John Boehner (R-Ohio) voiced their views on the impasse in negotiations in back-to-back televised primetime speeches.
    Just 19 percent of Americans said they favor a plan like Boehner’s, which would rely solely on spending cuts to existing programs to reduce the deficit. Twelve percent said they would prefer a plan to reduce the deficit only by raising taxes.
    Americans’ blame for the impasse is spread all around, though is particularly strong against congressional Republicans, with 31 percent of those surveyed saying they are responsible for it. Twenty-one percent blamed Obama and nine percent blamed congressional Democrats…. – Politico 7-26-11

    New polls confirm Obama’s Democratic base crumbles: …”More than a third of Americans now believe that President Obama’s policies are hurting the economy, and confidence in his ability to create jobs is sharply eroding among his base,” the Post reports.
    Strong support among liberal Democrats for Obama’s jobs record has plummeted 22 points from 53% down below a third. African Americans who believe the president’s measures helped the economy have plunged from 77% to barely half.
    Obama’s overall job approval on the economy has slid below 40% for the first time, with 57% disapproving. And strong disapprovers outnumber approvers by better than two-to-one. – LAT, 7-26-11

    INFOGRAPHIC: Where does our national debt come from?: One of the fundamental things to understand when considering the debate about reducing our national debt is how we accumulated so much in the first place.
    To explain the impact various policies have had over the past decade, shifting us from projected surpluses to actual deficits and, as a result, running up the national debt, the White House has developed a graphic for you to review and share. – WH, 7-26-11

  • Factbox: How the Obama/Boehner debt talks unraveled: President Barack Obama and House Speaker John Boehner had agreed on the rough outlines of a far-reaching budget deal that would allow the United States to avert an imminent default before Boehner broke off talks on Friday.
    Here is a summary of what the two sides had agreed upon, where they had differed, and how things fell apart… – Reuters, 7-24-11
  • Timeline: How the debt talks spiraled into crisis: With financial markets on edge, White House officials and Republican leaders scrambled to reassure them that the United States will avert default and lift its $14.3 trillion borrowing limit before August 2. Following is a timeline of the U.S. debt debate…. – Reuters, 7-24-11
  • Debt Ceiling for Dummies: Why Compromise Is so NecessaryHuff Post, 7-24-11
  • SCENARIOS-Options for raising the U.S. debt limit: Democrats and Republicans in Congress, unable to compromise on how to cut budget deficits and raise U.S. borrowing authority, are now working on their own, competing bills. With nine days’ left until the United States runs out of money to pay all its bills after Aug. 2, the two parties were rushing to get their respective bills moving through Congress this week.
    Here are some scenarios for raising the debt limit by the early August deadline to avoid a potentially crippling government default:
    AN ALL SPENDING CUTS, NO REVENUES PLAN…
    A SHORT-TERM DEBT LIMIT INCREASE…
    BLEND THE TWO IDEAS?…
    MCCONNELL “FALLBACK” PLAN…
    TALKS RESUME…
    OBAMA INVOKES THE CONSTITUTION… – Reuters, 7-24-11President Obama USA Today Exclusive Op-ed: Go ‘big’ on debt deal: For years now, America has been spending more money than we take in. The result is that we have too much debt on our nation’s credit card — debt that will ultimately weaken our economy, lead to higher interest rates for all Americans, and leave us unable to invest in things like education, or protect vital programs like Medicare.
    Neither party is blameless for the decisions that led to this debt, but both parties have a responsibility to come together and solve the problem. That’s what the American people expect of us. Every day, families are figuring out how to stretch their paychecks a little further, sacrifice what they can’t afford, and budget only for what’s truly important. It’s time for Washington to do the same…. – USA Today, 7-21-11
  • Poll: Sharp Partisan Divide Over Debt Ceiling Deal: With the deadline to broker a debt ceiling deal fast approaching, Americans are craving a solution but remain strongly divided along party lines over how to achieve it, according to a CNN/ORC poll released today.
    The poll finds 64% of Americans want a package that includes both spending cuts and tax increases, although the partisan divide is clear: 83% of Democrats and nearly two-thirds of independents support this combined approach, while only 37% of Republicans say they agree. A majority of Republicans and self-described tea party supporters support a plan that only includes spending cuts…. – NY Daily News, 7-21-11
  • ‘Cut, cap, and balance’ vs. ‘gang of six’ plan: Which for House GOP?: ‘Cut, cap, and balance’ legislation, which lays out a GOP plan to eliminate the US budget deficit, is set for a House vote late Tuesday. A symbolic move, the vote is nonetheless vital to Republicans. Here’s why…. – CS Monitor, 7-20-11
  • Latest developments in debt ceiling standoff: Congress has until Aug. 2 to raise the federal borrowing limit or the government will run out of money and possibly default on its debt. House Republicans say they won’t raise the debt limit without equal spending cuts. President Barack Obama and Democrats insist that higher revenues must be included.
    Monday’s developments: Obama says the two sides are “making progress” in negotiations. Senate Majority Leader Harry Reid, D-Nev., says the Senate will meet each day until the issue is resolved.
    What’s Next: Republican House to vote Tuesday on bill to cut and cap spending and require that Congress pass a balanced budget amendment before the debt ceiling can be raised. While the bill is unlikely to pass the Democratic Senate, Obama threatens to veto it. – AP, 7-18-11
  • McConnell Offers Three-Stage Debt-Limit ‘Last Choice’ Option: Senate Republican Leader Mitch McConnell proposed a “last choice option” for increasing the U.S. debt limit in three stages in case President Barack Obama and Congress can’t agree on a deficit-reduction plan.
    McConnell’s plan would let the president raise the limit, while accompanying it with offsetting spending cuts, unless Congress struck down his plan with a two-thirds majority. The debt-ceiling increase could occur without the companion spending cuts, McConnell said.
    Don Stewart, a spokesman for McConnell, said the plan would allow Obama to raise the debt limit while putting the onus on him and congressional Democrats for any failure to cut spending. At the same time, Republicans wouldn’t have to agree to tax increases.
    The proposal is “not my first choice,” McConnell said, adding that he wanted to show the financial markets that the U.S. will not default on its debts. He said he continues to seek a broader deal to raise the $14.3 trillion debt limit with congressional Democrats and the White House. “We’re certainly not going to send a signal to the markets and the American people that default is an option,” he said…. – Bloomberg, 7-12-11
  • Timeline: Debt debate, 7-11-11: President Barack Obama and top lawmakers will meet again Monday in search of a deal on slashing the U.S. budget deficit and raising the $14.3 trillion debt ceiling before the United States defaults.
    Obama wants to strike a deal well before August 2, when the Treasury Department says it will no longer be able to honor its obligations and issue new bonds without breaching the limit that Congress set on how much the United States can borrow.
    Republican and Democratic lawmakers say any increase must include measures to ensure the country’s debt remains at a sustainable level. The debt-reduction debate is a sharp shift for Washington, which less than a year ago was focused on additional deficit spending to lower the unemployment rate.
    Following is a timeline of the debate…. – Reuters, 7-11-11
  • Factbox: What’s on the table in debt talks: President Barack Obama and congressional leaders resume their White House talks on Monday to see if they have the makings of a deal to trim budget deficits and avert a looming default.
    The Treasury Department has warned it will run out of money to cover the country’s bills if Congress does not raise the $14.3 trillion debt ceiling by August 2.
    Although Democrats and Republicans agree on the need for trillions of dollars in budget savings, they remain sharply divided about how to get there.
    Following is a summary of the debate… – Reuters, 7-11-11
  • Bruce Bartlett: Five myths about the debt ceiling: In recent months, the federal debt ceiling — last increased in February 2010 and now standing at $14.3 trillion — has become a matter of national debate and political hysteria. The ceiling must be raised by Aug. 2, Treasury says, or the government will run out of cash. Congressional Republicans counter that they won’t raise the debt limit unless Democrats agree to large budget cuts with no tax increases. President Obama insists that closing tax loopholes must be part of the package. Whom and what to believe in the great debt-limit debate? Here are some misconceptions that get to the heart of the battle….

    1. The debt limit is an effective way to control spending and deficits.
    2. Opposition to raising the debt limit is a partisan issue.
    3. Financial markets won’t care much if interest payments are just a few days late — a “technical default.”
    4. It’s worth risking default on the debt to prevent a tax increase, given the weak economy.
    5. Obama must accept GOP budget demands because he needs Republican support to raise the debt limit….

    - WaPo, 7-7-11

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