Debt ceiling predictions?

[Uncle Ted]

The super committee failed so the mandatory cuts are going to kick in next year including a $600 billion cut to defense spending. But wait, the "fiscal conservative" republican poster child, Paul Ryan, has a problem with that?

The House Budget Committee introduced a bill aimed a sparing U.S. defense spending from mandatory cuts next year, Chairman Paul Ryan, R-Wis., said Tuesday.

Ryan introduced legislation eliminating the so-called sequester provision in the Budget Control Act that would have required the Pentagon to chop expenditures by $600 billion over 10 years.

[RobinFinderson]

The super committee failed so the mandatory cuts are going to kick in next year including a $600 billion cut to defense spending. But wait, the "fiscal conservative" republican poster child, Paul Ryan, has a problem with that?

Paul Ryan is to the GOP as Obama once was to the Dems -- he captures the party's imagination but ultimately fails to deliver.

[Jacob]

The super committee failed so the mandatory cuts are going to kick in next year including a $600 billion cut to defense spending. But wait, the "fiscal conservative" republican poster child, Paul Ryan, has a problem with that?

The article is vague and doesn't tell us anything about the proposed bill. Is Ryan proposing to make the same cuts, just not from defense, or is he proposing to not make the cuts at all? If the former, then he can still hold the banner of fiscal conservative poster child, but if the latter, I have a big problem with it.

Robin's comparison to Obama is inapt as Ryan actually proposes ways to fix the problems while Obama not only fails to deliver, but to even propose solutions. Ryan doesn't have the power of the executive. If Romney wins in November, we will likely see most of Ryan's proposal made into law. Even though i find many of his proposals far too modest, he hasn't backed down from fighting the fiscal conservative fight and there is no good reason to attack him for his lack of fiscal sanity.

[Indy Coug]

The super committee failed so the mandatory cuts are going to kick in next year including a $600 billion cut to defense spending. But wait, the "fiscal conservative" republican poster child, Paul Ryan, has a problem with that?

It would be nice to get some quotes and details -- like most articles generally have.

[Mormon Red Death]

Another article on the how crappy the baby boomers are and how screwed the millennials are.

Former U.S. Senator Alan Simpson described them as "the greediest generation." He was referring to elderly voters keenly opposed to reforms needed to keep Social Security solvent. In typical flamboyant style, the Wyoming Republican also compared the entitlement program to a milk cow "with 310 million tits."

[Moliere]

CEO group says impending US "fiscal cliff" a risk to economy

This is what happens when you have failed leadership in the presidency and congress. What a bunch of buffoons. They kicked the can down the road and no one ever made a real solution to the problem and now it's going to come back and haunt them during the lame duck session of congress.

I remember Obama's waffling on this whole thing. He never seemed to settle on one real solution, but instead passed it off to congress to fix. It's failed leadership and it's amateurish and hopefully it him that gets kicked out because of it.

We can't just keep extending tax cuts for 2 years or 10 months at a time. That causes uncertainty and is incredibly unworkable to any type of long-term planning, both for corporations and for individuals.

[YOhio]

People in my area are freaking out about the DOD cuts if sequestration occurs. I think one of the biggest challenge with across the board cuts like this is that the agencies haven't been able to accurately forecast the appropriate programs to cut or scale back in case it doesn't happen. I was at a defense forum a few weeks ago where they introduced several research areas that they were interested in, but after every one they made the caveat that they didn't know whether it would be funded due to the potential of sequestration. Though spending cuts need to happen, they need to be more methodical and planned. Sequestration and the annual omnibus just adds to the uncertainty.

[Moliere]

People in my area are freaking out about the DOD cuts if sequestration occurs. I think one of the biggest challenge with across the board cuts like this is that the agencies haven't been able to accurately forecast the appropriate programs to cut or scale back in case it doesn't happen. I was at a defense forum a few weeks ago where they introduced several research areas that they were interested in, but after every one they made the caveat that they didn't know whether it would be funded due to the potential of sequestration. Though spending cuts need to happen, they need to be more methodical and planned. Sequestration and the annual omnibus just adds to the uncertainty.

Yeah, that's the biggest issue. There was no leadership (the GOP didn't help here either) so it came down to the last minute and they threw together this awful plan of having a supercommittee work it out, and if they didn't work it out then all those across the board cuts would happen. The cuts were so outlandish that everyone figured the supercommittee would work it out, but they didn't, so now we are stuck with these cuts....and the looming tax increases.

Capital markets are not big fans of uncertainty and this is some of the biggest uncertainty we've seen in a long time and it's coming at a time the economy is still pretty fragile.

It feels like we have our fingers plugging all these holes in the dike, but the dike is still springing more and more leaks. It's time for a long-term solution.

[Mormon Red Death]

leagalize sports betting!! better than pot

On Monday morning, I was flipping through the New York Post and right there on the second page was a story about state Sen. Tony Avella from Queens, who plans to introduce a bill allowing sports betting at the state's struggling racetracks. And one of his biggest supporters is Hynes. "If it's done in a comprehensive way with the necessary regulation, it essentially eliminates the vast resources for organized crime," he says. "It is their cash cow, always has been, and we think it's about $4 billion in tax revenue for the state."

A lot of talk about legalizing sports betting is percolating in the ether these days. Politicos in California have suggested it. And on Thursday, New Jersey Gov. Chris Christie made a speech in Atlantic City in which he announced that the state would be issuing regulations next week allowing for sports betting this fall. When asked how he expected the Department of Justice, which enforces the federal sports betting ban, might react, Christie mustered his best Jersey bravado: "If someone wants to stop us, then let them try to stop us. … Am I expecting there may be legal action taken against us to try to prevent it? Yes, but I have every confidence we're going to be successful."