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

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

Washington : DC : USA | Jul 22, 2011 at 11:03 AM PDT
XX XX
Views: Pending
 
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.

1 of 7
Next
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 on Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 

Images

 >
 

More From Allvoices

Related People

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Most Commented Reports



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.