QuoteVince Cable in attack on US 'right-wing nutters'
Vince Cable has attacked leading US Republican politicians for holding up a deal to reduce US government debt.
Speaking on the BBC's Andrew Marr Show, the business secretary called them "a few right-wing nutters in the American Congress".
Unless a deal on Capitol Hill is agreed before 2 August, the US Treasury could run out of money to pay its bills.
Mr Cable said it presented a bigger risk to the global markets than the continuing debt woes in the eurozone.
'Unthinkable' default
President Barack Obama wants to cut US debts by both reducing government spending and raising taxes.
Republicans in Congress are strongly opposed to the tax rises.
The two sides have to come to an agreement before the current $14.3tn (£8.7tn) limit on US borrowing can be raised.
An emergency meeting between President Obama and congressional leaders on Saturday failed to make a breakthrough.
However, US Treasury Secretary Timothy Geithner said on Sunday that he still expected a deal to be reached.
Mr Geithner told CNN: "It's unthinkable that this country will not meet its obligations on time.
"It's just unthinkable we'd ever do that. It's not going to happen."
Yet he added that a Republican proposal to first raise the debt limit and then negotiate the spending cuts was "irresponsible" and would not be agreed by Democrats.
'Step forward'
Mr Cable also welcomed the agreement of eurozone leaders to grant Greece a second financial bail-out, but says more still needed to be done.
The business secretary said: "It hasn't solved the big problems, but it was a big step forward."
The new package of financial support for Greece was agreed on Thursday, and totals 109bn euros ($155bn,
£96.3bn).
Eurozone leaders also agreed to reduce the amount of interest Greece has to pay on its existing bail-out and the rates on the bail-outs received by Portugal and the Republic of Ireland.
Mr Cable said: "It is very much in Britain's interest that the eurozone succeeds."
'Flat-lined'
Turning his attention to the domestic UK economy, the business secretary said there were increasing signs of growth in the manufacturing sector.
But with the latest official UK economic growth figures out later this week, Mr Cable admitted that the economy still "isn't great".
He called on the Bank of England to consider another round of quantitative easing (QE) to boost economic growth.
Under QE, the Bank pumps new money into the financial system to try to boost bank lending.
Speaking to Sky News, shadow chancellor Ed Balls accused the government of cutting spending at the
expense of economic growth.
"Of course the deficit must come down in a steady way but our economy has flat-lined in the last six months, it's not growing," said Mr Balls.
"That's why the chancellor is having to admit that borrowing is going to be higher than he expected.
"In the end, unless you've got more people in work paying taxes, the economy growing, it is very hard to get these deficits down."
:D
Who's Vince Cable? Did he invent cable TV?
Quote from: Razgovory on July 24, 2011, 02:12:34 PM
Who's Vince Cable? Did he invent cable TV?
He is the British business secretary - sort of like the minister of trade and whatnot.
Did he invent cable TV?
Quote from: Razgovory on July 24, 2011, 02:17:28 PM
Did he invent cable TV?
No, it was his brother, Thomas V. Cable.
That's Thomas Vincent Cable and they're really the same guy, who just likes to pretend to be his own twin sometimes on a lark.
Old news, already reported.
Cable isn't exactly respected or credible.
Quote from: Neil on July 24, 2011, 07:23:28 PM
Cable isn't exactly respected or credible.
Yeah, it has MSNBC and FOX news on it. Yeesh.
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
No way that could backfire :lol:
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
Good idea but who will deliver the letters?
Clearly the tories are confident of a democrat victory in the next US election.
Quote from: Jacob on July 25, 2011, 12:38:40 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
No way that could backfire :lol:
http://www.guardian.co.uk/world/2004/oct/21/uselections2004.usa4
TWAS ONLY A BIT O FUN GUV'NOR!
Quote from: Neil on July 24, 2011, 07:23:28 PM
Cable isn't exactly respected or credible.
He isn't?
Quote from: Ed Anger on July 25, 2011, 08:05:59 AM
Quote from: Jacob on July 25, 2011, 12:38:40 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
No way that could backfire :lol:
http://www.guardian.co.uk/world/2004/oct/21/uselections2004.usa4
TWAS ONLY A BIT O FUN GUV'NOR!
SHHHHHHHHH. :ph34r:
Quote from: Warspite on July 25, 2011, 09:41:31 AM
Quote from: Neil on July 24, 2011, 07:23:28 PM
Cable isn't exactly respected or credible.
He isn't?
No, he isn't. His run as interim leader and his boasts about resignation have taken the lustre off of him.
Quote from: Gups on July 25, 2011, 04:57:31 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
Good idea but who will deliver the letters?
^_^
Bien joué.
Quote from: Martinus on July 24, 2011, 02:16:34 PM
Quote from: Razgovory on July 24, 2011, 02:12:34 PM
Who's Vince Cable? Did he invent cable TV?
He is the British business secretary - sort of like the minister of trade and whatnot.
Than he is a nobody that doesnt matter.
Quote from: Gups on July 25, 2011, 04:57:31 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
Good idea but who will deliver the letters?
I don't get it Gups.
Quote from: Admiral Yi on July 25, 2011, 02:00:22 PM
Quote from: Gups on July 25, 2011, 04:57:31 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
Good idea but who will deliver the letters?
I don't get it Gups.
Seriously?
Who's going to pay the postman if you guys default?
Ah, gotcha.
I'm going to start a chain letter saying that if the US defaults and cant pay essential public services, then the internet will stop working. But the US Internet Authority has said for every address this is forwarded to that means 1 cent towards their running costs.
Quote from: Zoupa on July 25, 2011, 02:06:36 PM
Quote from: Admiral Yi on July 25, 2011, 02:00:22 PM
Quote from: Gups on July 25, 2011, 04:57:31 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do? Organize a letter-writing campaign to tell American voters how to vote next year.
Good idea but who will deliver the letters?
I don't get it Gups.
Seriously?
Who's going to pay the postman if you guys default?
Kevin Costner, of course.
I was just as perplexed as Yi, btw.
Subtlety and the internet: two OK things that go shit together
Quote from: Gups on July 25, 2011, 04:55:43 PM
Subtlety and the internet: two OK things that go shit together
It was a difficult pitch. Many Americans don't see the connection between the taxes they don't want to pay and the services they take for granted.
Well, in defense of the dullards, the US Post Office is primarily funded by stamps. This revenue stream would not be affected by a default. On the other hand it does recieve an operating subsidy from the general fund, so Gups' comment does have some traction.
Quote from: Admiral Yi on July 25, 2011, 05:04:12 PM
On the other hand it does recieve an operating subsidy from the general fund, so Gups' comment does have some traction.
The small subsidy it does receive isn't used for general operations. They stopped receiving the big money back in the '80s.
Quote from: Jacob on July 25, 2011, 05:00:55 PM
Quote from: Gups on July 25, 2011, 04:55:43 PM
Subtlety and the internet: two OK things that go shit together
It was a difficult pitch. Many Americans don't see the connection between the taxes they don't want to pay and the services they take for granted.
If the U.S. defaulted, the mail would still flow.
I think dear Vince is letting his ideology get in the way on this one: it takes two to tango, and it is not just the "right-wing nutters" who are holding up this supply bill (or whatever it is), but also the Democrats.
Quote from: Palisadoes on July 25, 2011, 06:49:03 PM
I think dear Vince is letting his ideology get in the way on this one: it takes two to tango, and it is not just the "right-wing nutters" who are holding up this supply bill (or whatever it is), but also the Democrats.
The Republicans do deserve more blame than the Democrats though. At least the Democrats are willing to talk about cuts, even though they're somewhat disingenuous about it and we all know that talking about cutting things in five years is the same as not cutting them at all. The Republicans are trying to push a poison doctrine of ever-lower taxes, and so are crazier.
Quote from: Neil on July 25, 2011, 07:22:42 PM
Quote from: Palisadoes on July 25, 2011, 06:49:03 PM
I think dear Vince is letting his ideology get in the way on this one: it takes two to tango, and it is not just the "right-wing nutters" who are holding up this supply bill (or whatever it is), but also the Democrats.
The Republicans do deserve more blame than the Democrats though. At least the Democrats are willing to talk about cuts, even though they're somewhat disingenuous about it and we all know that talking about cutting things in five years is the same as not cutting them at all. The Republicans are trying to push a poison doctrine of ever-lower taxes, and so are crazier.
The GOP is not trying to lower taxes.
Quote from: derspiess on July 26, 2011, 09:52:59 AM
Quote from: Neil on July 25, 2011, 07:22:42 PM
Quote from: Palisadoes on July 25, 2011, 06:49:03 PM
I think dear Vince is letting his ideology get in the way on this one: it takes two to tango, and it is not just the "right-wing nutters" who are holding up this supply bill (or whatever it is), but also the Democrats.
The Republicans do deserve more blame than the Democrats though. At least the Democrats are willing to talk about cuts, even though they're somewhat disingenuous about it and we all know that talking about cutting things in five years is the same as not cutting them at all. The Republicans are trying to push a poison doctrine of ever-lower taxes, and so are crazier.
The GOP is not trying to lower taxes.
That's where this is leading tho.
Quotetho.
So, is it that hard to finish typing out 'though'?
Reading 'tho' makes me think you are a 13 year old texting us. Damn kids these days. No respect.
It's a coping mechanism. Get over it.
Quote from: derspiess on July 26, 2011, 09:52:59 AM
The GOP is not trying to lower taxes.
You mean other than the Bush tax cuts that were supposed to be a temporary stimulus, and have now become effectively permanent? Despite the fact that if they had been rolled back on time this mess wouldn't be nearly as bad?
Quote from: Grey Fox on July 26, 2011, 09:57:05 AM
That's where this is leading tho.
Hopefully not. *If* the GOP gets its way and gets spending cuts without tax increases, and then later proceeds to push for significant tax cuts (aside from measures that also eliminate some loopholes/deductions to make it revenue-neutral or even positive), I'll break ranks with them.
Quote from: frunk on July 26, 2011, 10:37:25 AM
You mean other than the Bush tax cuts that were supposed to be a temporary stimulus, and have now become effectively permanent?
Oh great, are we going to have to debate semantics now?
QuoteDespite the fact that if they had been rolled back on time this mess wouldn't be nearly as bad?
By the same token, if we had cut spending (or at curtailed rate of spending increases), this mess also wouldn't be nearly as bad.
Quote from: Grey Fox on July 26, 2011, 10:31:15 AM
It's a coping mechanism. Get over it.
Coping with hair loss? Erectile Dysfunction? Let Dr. Feelgood help you.
-Dr. Feelgood.
I love how this whole bit is making everyone so political in my office. One of our programmers proposed eliminating income tax and raising the sales tax...
Quote from: Ed Anger on July 26, 2011, 11:22:19 AM
Quote from: Grey Fox on July 26, 2011, 10:31:15 AM
It's a coping mechanism. Get over it.
Coping with hair loss? Erectile Dysfunction? Let Dr. Feelgood help you.
-Dr. Feelgood.
Inability to spell words with the H sound, especially those that have it multiple time.
"though" doesn't have an h sound.
Quote from: Maximus on July 26, 2011, 12:20:27 PM
"though" doesn't have an h sound.
No? I'm confused then.
Quote from: frunk on July 26, 2011, 10:37:25 AM
You mean other than the Bush tax cuts that were supposed to be a temporary stimulus, and have now become effectively permanent? Despite the fact that if they had been rolled back on time this mess wouldn't be nearly as bad?
Good Lord, are there really people out there that think the Bush tax cuts got extended by the Republicans? :huh:
Quote from: derspiess on July 26, 2011, 09:52:59 AM
Quote from: Neil on July 25, 2011, 07:22:42 PM
Quote from: Palisadoes on July 25, 2011, 06:49:03 PM
I think dear Vince is letting his ideology get in the way on this one: it takes two to tango, and it is not just the "right-wing nutters" who are holding up this supply bill (or whatever it is), but also the Democrats.
The Republicans do deserve more blame than the Democrats though. At least the Democrats are willing to talk about cuts, even though they're somewhat disingenuous about it and we all know that talking about cutting things in five years is the same as not cutting them at all. The Republicans are trying to push a poison doctrine of ever-lower taxes, and so are crazier.
The GOP is not trying to lower taxes.
Eh? Several of the Republican proposals involve tax cuts. I think the Ryan plan that Yi has such a hard on for, includes some tax cuts.
Quote from: Admiral Yi on July 26, 2011, 02:32:09 PM
Quote from: frunk on July 26, 2011, 10:37:25 AM
You mean other than the Bush tax cuts that were supposed to be a temporary stimulus, and have now become effectively permanent? Despite the fact that if they had been rolled back on time this mess wouldn't be nearly as bad?
Good Lord, are there really people out there that think the Bush tax cuts got extended by the Republicans? :huh:
Hmm, never said it was just the Republicans.
Quote from: Admiral Yi on July 26, 2011, 02:32:09 PM
Quote from: frunk on July 26, 2011, 10:37:25 AM
You mean other than the Bush tax cuts that were supposed to be a temporary stimulus, and have now become effectively permanent? Despite the fact that if they had been rolled back on time this mess wouldn't be nearly as bad?
Good Lord, are there really people out there that think the Bush tax cuts got extended by the Republicans? :huh:
Are you saying Republicans weren't involved?
Quote from: derspiess on July 26, 2011, 09:52:59 AM
Quote from: Neil on July 25, 2011, 07:22:42 PM
Quote from: Palisadoes on July 25, 2011, 06:49:03 PM
I think dear Vince is letting his ideology get in the way on this one: it takes two to tango, and it is not just the "right-wing nutters" who are holding up this supply bill (or whatever it is), but also the Democrats.
The Republicans do deserve more blame than the Democrats though. At least the Democrats are willing to talk about cuts, even though they're somewhat disingenuous about it and we all know that talking about cutting things in five years is the same as not cutting them at all. The Republicans are trying to push a poison doctrine of ever-lower taxes, and so are crazier.
The GOP is not trying to lower taxes.
They don't want to raise them. Pure idiocy.
Quote from: Razgovory on July 26, 2011, 04:38:49 PM
Are you saying Republicans weren't involved?
What I'm saying is that when an extension is proposed by a Democratic president, passed by a Democrat controlled House and a Democrat controlled Senate, and signed into law by a Democratic president, it's a bit of a stretch to say the Republicans extended the Bush tax cuts.
Would it have passed with out Republican support?
Quote from: Razgovory on July 26, 2011, 08:37:24 PM
Would it have passed with out Republican support?
:lol: