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US Credit rating Downgraded

Should the US credit rating have been downgraded?

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    13
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freeatlast

New Member
glfredrick said:
How does that article say anything materially different than what I posted?

A new law must be passed through congress and signed by the president.
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it shows it can be repealed if one party is on control and even if the president vetos it from being repealed it goes back to congress and they can override his veto.
 
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glfredrick

New Member
freeatlast said:
it shows it can be repealed if one party is on control and even if the president vetos it from being repealed it goes back to congress and they can override his veto.
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Sure... Exact same process for crafting a new law. The repeal merely overrides the existing law. That is what I said!

Has nothing to do with party, save that it takes VOTES in order to accomplish the task, and a party with a super-majority can have their way (as was seen in Obama's first 2 years) without much of a hindrance (save parliamentary procedures) from the opposition (minority) party.
 
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NiteShift

New Member
It is impossible to blame a 30 month president for decades of foolishness and recklessness. President Obama is unfortunate in that the house of cards is falling down on his watch.
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The US, by the administrations own estimates, is now spending 25% of GDP. This is a first. By OMB estimates the deficit tripled in 2008 - 2009. And all the while Pres Obama has been blaming the situation on Bush. Yet now we must refrain from criticizing Obama?
 
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freeatlast

New Member
C4K said:
Where did you see that? He is included in the blame - but this was coming no matter who was elected.
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I agree. I am sure that President Bush found it a blessing to get out when he did.
We are now borrowing 40% of every dollar we spend. We spend 10 billion a day and 4 billion of that is borrowed.
 
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