Tea Partying Like It’s 1954–Source: truthout

The power of the Tea Partiers, who refused to raise the US government’s debt ceiling this past week despite the pleading of Republican pundits and the powerful, echoes the 1950s when Sen. Joe McCarthy, Fighting Joe, went after those who thought themselves his masters. (Read more)

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Business Unusual – Source: brotherpeacemaker

Debt Limit

Business Unusual – Source: brotherpeacemaker

Late Friday afternoon, Standard & Poor’s downgraded the debt rating of the United States from the absolute top rating of AAA to the next highest rating of AA+.  It’s not like we didn’t know it was coming.  One of the issues that we were facing as a country about to default on its debt for the first time in history was the possibility that our debt rating would be lowered and we would face consequences.  Instead of heeding that warning, our political leaders fought tooth and nail to the wire about how we were going to raise the debt ceiling.  We could have preserved our credit rating. (Read more)

President Obama on the Debt Agreement

Monday, August 1, 2011

Yesterday evening the President spoke in support of a bipartisan deal to reduce the nation’s deficit and avoid default. This deal will extend the debt limit until 2013, ensuring stability and economic confidence, and it puts in place a framework for balanced long term fiscal discipline. The bipartisan compromise assures that the United States meets its obligations, providing monthly Social Security checks and veterans’ benefits, and fulfilling contracts with thousands of American businesses.

Watch the video of the President’s remarks, and read the fact sheet for a comprehensive breakdown of the new plan.

Have questions about the deal? White House advisors are taking time this week to answer your questions as part of White House Office Hours. Use the hashtag #whchat to ask your questions, and Brian Deese and Jason Furman of the National Economic Council will answer a selection of them directly. Check out this week’s schedule below, and follow @WhiteHouse for more updates.

• Monday, August 1
  5:00 p.m. EDT: Office Hours with Brian Deese, Deputy Director of the National Economic Council
• Tuesday, August 2
  4:00 p.m. EDT: Office Hours with Jason Furman, Principal Deputy Director of the National Economic Council
• Wednesday, August 3
  4:00 p.m. EDT: Office Hours with Brian Deese, Deputy Director of the National Economic Council

We’ve already answered dozens of questions from fellow Americans, and we look forward to hearing from you. For more information about Office Hours, including a wrap-up from last week, click here.

Follow us on Twitter for the latest updates: @WhiteHouse.