Katrina vanden Heuvel slams debt ceiling debate

The US is less than a month away from defaulting on it's debt if lawmakers can't get a deal in time to raise the 14.3 trillion dollar debt ceiling. Yesterday President Obama tried to come to an agreement when he talked to the top leaders of both parties in the White House. He was calling for a longer term solution to the country's deficit. So are the lawyers going to continue, as some say "playing chicken" with the US economy? Katrina Vanden Heuvel of the Nation Magazine explains.

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[Lurie2010]

Republicans vs. Democrats? It's all theater designed to distract. The sad fact is that we are - and have been - bankrupt. And when the con of our Ponzi scheme dollar finally lets go and nobody wants it for the world's "reserve currency" the fall will be precipitous, enormous, and dramatic. The interviewee is quite insane.

[MrBigwong]

Reform the Senate numbers to solve the problem: Wyoming has one senator for every 250,000 people; California has one senator for every 20 million people.

Something is very wrong with that setup. And it pushes our politics to the far right. Populated states should be very pissed off about this setup.

[TakingYourFear]

@Lurie2010 true, true...

but the us Dollar is still backed by china.

here in Eu - we are only backed by each other (strong eco. backing weak eco.) -so we´ll all fail when germany, England and france has no more credit to offer

[vechorik]

Who voted against raising the debt ceiling?

95 Democrats and 66 Republicans exactly - voted against the bill

The US credit rating was downgraded because the bill didn't contain enough cuts.

[Vertigo2903]

The republican party is nothing but a bunch of paid off corporate whores who have convinced average americans that they are looking out for them. The dems aren't much better, but the republicans are about the corporate interests only. Their policy has been tax cuts for the rich and insane military spending the past 30 years

[Vertigo2903]

Katrina speaks the truth

[pranays]

Only retards type in all Caps!

[TheSteve4200]

ITS BECOME OBVIOUS, THE AMERICAN GOVERNMENT IS PURPOSELY TRYING TO COLLAPSE ITS OWN ECONOMY..

[rvrola]

SIMPLE OBSERVATION TODAY - IF THIS SYSTEM IS GOOD, THEN WHY THE NEED FOR THE AUSTERITY MEASURES AND BUDGET CUTS. WHY ARE NATIONS RIOTING ON THE STREETS? THE SOLUTION IS A FIXED EXCHANGE RATE SYSTEM BASED ON THE DEVELOPMENT OF THE PHYSICAL AGGREGATES AND NOT ONLY THE MONETARY AND FINANCIAL AGGREGATES BECAUSE THIS SYSTEM IS BASED ON USURY. IT IS A PARASITE TO THE COMMONWEALTH. ONLY THE FEW ELITES AND CORRUPT POLICITIANS BENEFIT - NOT THE PEOPLE. CONSULT LYNDON LAROUCHE PLAN TO REVERSE THIS MESS.

[rvrola]

ONLY GLASS-STEGALL WILL SAVE THE US AND THE WORLD BECAUSE ISSUANCE OF MONEY WILL RETURN TO THE PEOPLE AND NOT THE INTERNATIONAL BANKS. QE1,2,3,4,5,6 WILL NEVER WORK IF THE MONEY GOES TO THE POCKETS OF THE CORRUPT POLITICIANS AND ELITES. THE PEOPLE WILL DIE AND A RIOTS WILL INCREASE. AUSTERITY MEASURES AND BUDGET CUTS WILL NEVER WORK. THIS SYSTEM WILL NEVER WORK.. NO PRESIDENCY WILL SOLVE THIS. CONSULT LYNDON LAROUCHE PLAN - THIS IS THE SOLUTION BECAUSE IT IS BASED ON UNIVERSAL PRINCIPLES.

[esc1127]

We don't need to raise income tax or cut peoples social security that they ALREADY payed into or cut other benefits. We need to cease all military operations and withdraw all forces from overseas, then cut all foreign aid, there will be a budget surplus if we do that.

[reelknawledge]

@Lurie2010 i like your comment! it is all about the US dollar not being the reserve currency. msm will not talk about that...go figure..