Budget Deficits For Dummies

This is a clear explanation, actually.

MSNBC's Dan Ratigan Rants On Political Corruption & The Debt Crisis

Yeah, I'd say this can be filed under "epic."

Teabaggers Cheer S&P Downgrade

"Objectivizing"?

The Tea Party Downgrade

Voiceover by DC Douglas.

Dow Jones Nosedives

Crazy Eyes Blames Obama For Downgrade

Shocking.

Mark Fiore: Mourning In America

Sarah Palin Vs. Joe Biden

McCain: Debt Bill Will Pass Senate

The bill is being debated on the Senate floor at this writing. The vote should take place within the hour. UPDATE: The Senate has passed the bill 74-26.

Olbermann Rants On Debt Bill

Another classic. Watch this.

Quote Of The Day - Paul Krugman

"We currently have a deeply depressed economy. We will almost certainly continue to have a depressed economy all through next year. And we will probably have a depressed economy through 2013 as well, if not beyond. The worst thing you can do in these circumstances is slash government spending, since that will depress the economy even further. Pay no attention to those who invoke the confidence fairy, claiming that tough action on the budget will reassure businesses and consumers, leading them to spend more. It doesn’t work that way, a fact confirmed by many studies of the historical record. Indeed, slashing spending while the economy is depressed won’t even help the budget situation much, and might well make it worse." - Nobel Prize-winning economist Paul Krugman, writing for the New York Times.

House Passes Debt Ceiling Bill

And the vote was not very close.

Passage came after weeks of brinksmanship and backroom dealing that left few satisfied in the more liberal or conservative wings of the House, but drew just enough from each party to put a compromise over the top in time, assuming the Senate goes along, to avert what might have become a calamitous default on the nation’s debt. The tally, which had mounted excruciatingly slowly until the final seconds, was 269-161. Then, to growing applause, Representative Gabrielle Giffords, Democrat of Arizona, who was recovering from an attack several months ago, cast her vote, and as if a dam had burst the votes poured in.

A Senate vote on the bill has not yet been scheduled.

Trickle Down Tales

Vitter & Graham Denounce Debt Deal

Obama: We Have A Deal On The Table

Obama: We Still Have Ways Out Of This

Debt Chart

See the full chart here.

White House: Time Is Running Out

Who Caused The Deficit?

Not that anyone here doubted it.

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