Obama debt ceiling deal may cost him re-election in 2012
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Obama debt ceiling deal may cost him re-election in 2012

Washington : DC : USA | Jul 22, 2011 at 11:03 AM PDT
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Rep. Raúl M. Grijalva Discusses Progressives' Position on Debt Ceiling Negotiations on CNN July 7

President Obama may be giving away his chances for re-election if he signs off on cuts to Social Security and Medicare in the debt ceiling deal.

Americans of all political parties are against cuts to entitlements by a 80% to 20% margin, according to recent polls.

Medicare, Medicaid and Social Security are part of the foundation of the Democratic Party.

"Many Democrats fear a "grand bargain" will undercut their party's ability in the 2012 campaigns to use Republicans' support of deep cuts in Medicare, Medicaid and Social Security against them," according to the New York Times.

Among the possible cuts is a change in the way Social Security payments are calculated. Instead of the current cost of living index, Obama is considering using a chained consumer price index. The result would be smaller and smaller checks as inflation is calcualated regressively.

In order to avert a US credit default, republicans and democrats must agree to terms before the August 2nd deadline.

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Time is running short before an August 2 deadline to raise the $14.3 trillion US debt ceiling
Time is running short before an August 2 deadline to raise the $14.3 trillion US debt ceiling
itobin53 is based in Tampa, Florida, United States of America, and is an Anchor for Allvoices.
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READ MORE: Barack Obama, medicare cuts, Medicaid, debt ceiling, economic default, Medicare, Obama
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Post a Comment Comments: 9
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Posted By VeronicaS VeronicaS | almost 2 years ago
Obama whittles away at his Presidency every time he caves into the Republicans and act like he is being led instead of leading.
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Posted By BMcPherson BMcPherson | almost 2 years ago
American politics is a baffling scene to an outsider. The extremely wealthy seem to pay less and less, while the middle class is squeezed to almost non existence. It can't make for a healthy democracy.
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Posted By ahol888 Adrian Holman | almost 2 years ago
Actually, it's the voters' fault. Since they didn't show up to vote for Democrats in 2010, the GOP regained the House and took away the supermajority from the Senate. If both of those were still in place, then the Bush tax cuts would have been done away with. Now, America will now have to face the consequences for voting muppets into office.
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Posted By itobin53 itobin53 | almost 2 years ago
True - the voters are at fault because they fell for the GOP lies before the elections. Clearly, the Bush tax cuts are the cause of ALL our deficit problems. As soon as they go away America will recover.
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Posted By Adebanjos Adebanjos | almost 2 years ago
Intelligently written, well done job rated up!
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Posted By SchuylerThorpe SchuylerThorpe | almost 2 years ago
Among other things to be sure. But smaller and smaller checks?

And here I thought living on $248 a month was bad enough...?

Imagine what happens if I make millions off my books and after years of hard work and paying into Social Security, my monthly amount will be somewhere around $285 a month instead of $1,310 a month?

*Sigh*
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Posted By Deepizzaguy George Vieto | almost 2 years ago
Thank you for reporting the story. Stay tuned for the conclusion of this political battle.
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Posted By peggyleppert peggyleppert | almost 2 years ago
You may look at the premium amount and think that there is no way that you can afford it. You cannot afford to be without health insurance! shop around you may find it easy to find an affordable premium, I always find health insurance through "Penny Health" network.
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Posted By itobin53 itobin53 | almost 2 years ago
if republicans would consider the country instead of their own re-election bids, this created crisis would not exist. The debt ceiling has been raised dozens of times without all this garbage
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