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| Trump: I May Run for President if Economy Stays Bad Posted: 01 Aug 2011 04:20 AM PDT By: Margo D. Beller, CNBC.com Real estate mogul Donald Trump said Friday he’d consider running for president — again — if the U.S. economy “continues to be bad: and “if the Republicans pick the wrong candidate.” “I would give it very, very serious thought,” he told CNBC. “There are so many people wanting me to do it.” The Trump Organization president did not say on which party line he’d run if he didn’t like the Republican candidate. But he said congressional Republicans have a great opportunity to “negotiate a great, great deal, but they can't be weak.” He said that any deal to raise the debt ceiling by the Aug. 2 deadline should involve cutting considerable government waste, including repealing the Obama health-care law, which he called “a disaster.” What he doesn’t want is a default, he said. “I don't advocate default,” he said. “What I do say is you can't be afraid [of a default]. This is the time to settle the problems of years and years of abuse. This is the time for the Republicans to get the country back on track. The Republicans have the cards, the president does not have the cards.” To read more, visit: http://www.cnbc.com/id/43946568 |
| Posted: 01 Aug 2011 04:18 AM PDT
If a good political compromise is one that has something for everyone to hate, then last night’s bipartisan debt-ceiling deal is a triumph. The bargain is nonetheless better than what seemed achievable in recent days, especially given the revolt of some GOP conservatives that gave the White House and Democrats more political leverage. *** The framework (we haven’t seen all the details) calls for an initial step of some $900 billion in domestic discretionary cuts over 10 years from the Congressional Budget Office (CBO) baseline puffed up by recent spending. If the cuts hold, this would go some way to erasing the fiscal damage from the Obama-Nancy Pelosi stimulus. This is no small achievement considering that Republicans control neither the Senate nor the White House, and it underscores how much the GOP victory in November has reshaped the U.S. fiscal debate. No wonder liberals are howling. They have come to believe in the upward spending ratchet, under which all spending increases are permanent. Not any more. The second phase of the deal is less clear cut, though it also could turn out to shrink Leviathan. Party leaders in both houses of Congress will each appoint three Members to a special committee that will recommend another round of deficit reduction of between $1.2 trillion and $1.5 trillion, also over 10 years. Their mandate is broad, and we’re told very little is off the table, but at least seven of the 12 Members would have to agree on a package to force an up-or-down vote in Congress. If the committee can’t agree on enough deficit reduction, then automatic spending cuts would ensue to make up the difference to reach the $1.2 trillion minimum deficit-reduction target. One key point is that the committee’s failure to agree would not automatically “trigger” (in Beltway parlance) revenue increases, as the White House was insisting on as recently as this weekend. That would have guaranteed that Democrats would never agree to enough cuts, and Republicans were right to resist. To read more, visit: http://online.wsj.com/article/SB10001424053111903341404576480653492061150.html |
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