The Latest in Debt Crisis "News"

As far as I can tell, this is the latest "news" on the talks in Washington on dealing with America's debt "crisis"...

Congress Continues Debate Over Whether Or Not Nation Should Be Economically Ruined

07.20.11


WASHINGTON—Members of the U.S. Congress reported Wednesday they were continuing to carefully debate the issue of whether or not they should allow the country to descend into a roiling economic meltdown of historically dire proportions. "It is a question that, I think, is worthy of serious consideration: Should we take steps to avoid a crippling, decades-long depression that would lead to disastrous consequences on a worldwide scale? Or should we not do that?" asked House Majority Leader Eric Cantor (R-VA), adding that arguments could be made for both sides, and that the debate over ensuring America’s financial solvency versus allowing the nation to default on its debt—which would torpedo stock markets, cause mortgage and interests rates to skyrocket, and decimate the value of the U.S. dollar—is “certainly a conversation worth having.” "Obviously, we don't want to rush to consensus on whether it is or isn't a good idea to save the American economy and all our respective livelihoods from certain peril until we've examined this thorny dilemma from every angle. And if we’re still discussing this matter on Aug. 2, well, then, so be it.” At press time, President Obama said he personally believed the country should not be economically ruined.

The above is an article from The Onion, one of the best "news" sites on the web because they don't take the "news" all that seriously. And because of that attitude, they are actually more perceptive than the mainstream press and actually more accurate in their portrayal of the "news".

Personally the debt "crisis" is a joke. The Republicans, who say that government spending must get under control "right now" or doom will happen, were perfectly happy 8 months ago to give away a $4 trillion tax break to billionaires and millionaires. Note: a tax break = add to the deficit. If you don't collect taxes, then your spending will exceed your revenue. But the Republicans haven't figured that out. All they know is that "government is the problem", "deregulate, deregulate, deregulate", what the world needs now is more tax breaks for the rich, and America will implode tomorrow if Obama doesn't agree to spending cuts immediately!