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Author Topic:   Who Lost America's AAA Credit Rating?
jwhop
Knowflake

Posts: 5746
From: Madeira Beach, FL USA
Registered: Apr 2009

posted September 06, 2012 10:54 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Well, as I've patiently explained to the usual suspects here, it was O'Bomber. It was O'Bomber who had a debt deal with John Boehner to cut some spending and raise some taxes who reneged on their deal at the last minute and demanded more tax raises. At this point, Boehner realized O'Bomber wasn't negotiating in good faith, couldn't be trusted and wasn't a reliable negotiating partner. The deal Boehner thought he had negotiated would have put the US squarely within the parameters the credit rating companies required to keep the AAA rating but O'Bomber blew it up.

No, no, no said the usual suspects; it was Boehner and Republicans who blew the debt deal up and the credit downgrade was the result of their intransigence.

Bullshiiiit.

Now, Bob Woodward's new book blows the usual suspects argument out of the water, placing the blame for blowing up the debt deal on O'Bomber.

September 6, 2012
Woodward book blames Obama for debt deal collapse
Rick Moran

Read the entire 7,000 word ABC News story to get a grasp of Obama's incompetence in dealing with a major negotiation. Absolutely breathtaking: http://abcnews.go.com/Politics/bob-woodward-book-debt-deal-collapse-led-pure/story?id=17104635#.UEiiOiKDq9g

An explosive mix of dysfunction, miscommunication, and misunderstandings inside and outside the White House led to the collapse of a historic spending and debt deal that President Obama and House Speaker John Boehner were on the verge of reaching last summer, according to revelations in author Bob Woodward's latest book.

The book, "The Price of Politics," on sale Sept. 11, 2012, shows how close the president and the House speaker were to defying Washington odds and establishing a spending framework that included both new revenues and major changes to long-sacred entitlement programs.

But at a critical juncture, with an agreement tantalizingly close, Obama pressed Boehner for additional taxes as part of a final deal -- a miscalculation, in retrospect, given how far the House speaker felt he'd already gone.

The president called three times to speak with Boehner about his latest offer, according to Woodward. But the speaker didn't return the president's phone call for most of an agonizing day, in what Woodward calls a "monumental communications lapse" between two of the most powerful men in the country.

When Boehner finally did call back, he jettisoned the entire deal. Obama lost his famous cool, according to Woodward, with a "flash of pure fury" coming from the president; one staffer in the room said Obama gripped the phone so tightly he thought he would break it.

"He was spewing coals," Boehner told Woodward, in what is described as a borderline "presidential tirade."

"He was ****** .... He wasn't going to get a damn dime more out of me. He knew how far out on a limb I was. But he was hot. It was clear to me that coming to an agreement with him was not going to happen, and that I had to go to Plan B."

Later, Woodward made "a harsh judgment on White House and congressional leaders for failing to act boldly at a moment of crisis. Particular blame falls on the president," he wrote.

No doubt it was Axelrod and Jarrett egging the president on to get more revenue in the package. They needed that extra cash to spend for the election. And in a telling anecdote, our post-partisan, bi-partisan president didn't even have Boehner's phone number so that Obama could call the Speaker and congratulate him on the GOP's 2010 landslide.

This is a book that won't do Obama any good at all.
http://www.americanthinker.com/blog/2012/09/woodward_book_blames_obama_for_debt_deal_collapse.html

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YoursTrulyAlways
Knowflake

Posts: 3659
From:
Registered: Oct 2011

posted September 07, 2012 11:36 AM     Click Here to See the Profile for YoursTrulyAlways     Edit/Delete Message   Reply w/Quote
Remember, still on Negative Outlook for S&P.

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AcousticGod
Knowflake

Posts: 6606
From: Pleasanton, CA
Registered: Apr 2009

posted September 07, 2012 11:46 AM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
Jwhop, that doesn't make Obama out as being the one to blame. I understand you read it that way, however, we continue to have a need for increased revenue.

From the ABC article linked in your post:

    When Boehner finally did call back, he jettisoned the entire deal.

"He" is Boehner, not Obama.

    "I would willingly lose an election if I was able to actually resolve this in a way that was right," Obama told Woodward about his mindset at the time, comparing the debt negotiations to the decision to strike Osama bin Laden's compound.

Notice:
First:

    Obama and his aides argue that the House speaker backed away from a deal because he couldn't stand the political heat inside his own party – or even, perhaps, get the votes to pass the compromise. They say he took the president's proposal for more revenue as an excuse to pull out of talks altogether.

Then:
    Boehner later acknowledged to the president that Cantor was working against the very deal they were trying to reach, according to Woodward.

There will be no rewriting of history on my watch thank you very much.

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jwhop
Knowflake

Posts: 5746
From: Madeira Beach, FL USA
Registered: Apr 2009

posted September 07, 2012 11:58 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Yeah, Bob Woodward said what he said..and he said O'Bomber blew up the debt deal. And, Bob Woodward is far from a right wing fundamentalist ideological, fascist Nazi.

Yeah YTA and O'Bomber wants to bury the US under an even greater debt load. Think Banana Republic credit rating.

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AcousticGod
Knowflake

Posts: 6606
From: Pleasanton, CA
Registered: Apr 2009

posted September 07, 2012 12:10 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
Woodward reported both things, Jwhop. He reported that it was Boehner that backed out, and he reported a lack of leadership from the White House. He additionally reported that Boehner was under pressure to kill the deal. There's no justification for laying all of the blame on the President.

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jwhop
Knowflake

Posts: 5746
From: Madeira Beach, FL USA
Registered: Apr 2009

posted September 07, 2012 12:15 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Boehner didn't back out. Boehner had a deal with O'Bomber which O'Bomber reneged on.

Who in the hell can negotiate with someone who isn't negotiating in good faith and keeps changing the terms of already agreed upon provisions? Answer..NO ONE.

This is the reason Bob Woodward places the blame on O'Bomber for blowing up the debt deal and blowing up that debt deal lead directly to getting the US credit rating downgraded.

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katatonic
Knowflake

Posts: 8759
From:
Registered: Apr 2009

posted September 07, 2012 12:33 PM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
well by all means rely on an article - a thirdhand look at the book for you - and don't read the book.

though judging by your misunderstanding of plain english it probably wouldn't help if you actually made the effort to read the book. the sentence AG referred to clearly puts BOEHNER as the HE who scrapped the deal. my 5th grade grandson is doing that level of grammar at the moment so it is fresh in my mind.

i realize grammar is not in high regard these days but woodward is an actual writer who uses the language well.

No doubt it was Axelrod and Jarrett egging the president on to get more revenue in the package. They needed that extra cash to spend for the electionthis is typical extrapolation by the american thinker hungry for condemnation of motives he has no way of knowing.

i haven't read the book yet myself. i am sure obama has made plenty of mistakes but the SPECULATION that his staff were pushing for more revenues on a budget to cover their campaign expenses is just a little, well, RIDICULOUS. tax money does not pay for the presidential campaign.

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