- More spending. They can now float loans for another $2.5 Trillion dollars.
- The debt crisis has been postponed until 2012—after the 2012 elections that Obama wanted. When the economy tanks further, he can blame Boehner, McConnell and the ‘Pubs for the 2nd recession. Many economist believe we’re already in that second recession and now the dems can rightly blame the ‘pubs.
- Likely more taxes when the Bush Tax Rate cuts expire. Why will they expire? We lost our leverage. Now the bottom rate will increase by 50% from the current 10% to 15%. The top rate will increase from 35% to 39%. And, 50% of the country will still pay no taxes.
- No cut in the debt. It will still increase by another $6Trillion dollars over 10 years to nearly $20Trillion. Any cuts were just a reduction of the rate of INCREASED spending.
- The US credit rating will still fall because of the continued wild spending and higher debt. Some international sources have already reduced our rating to A-.
- Any spending reductions will be heavily laid on the DoD and other security organizations.
- No Balanced Budget Amendment. Oh, there may be a vote in the House. It’ll end there. Reid will kill it in the Senate. A previous version of the bill required a Balanced Budget Amendment.
This was the largest debt increase in the history of the country. Every Representative who voted for this…uhmmm…(I can’t find a word that fits in polite company), should be replaced in the 2012 primaries. None of them can be trusted. That also applies for any ‘Pub in the Senate who vote for it as well.
I’m so disgusted with the establishment republicans in Washington that I just want to spit!