American Morning

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August 1st, 2011
05:36 AM ET

Question of the Day: Who won last night in the debt deal? Wall street, Main street, or someone else?

The Senate and House are expected to vote today on a legislative package to extend the federal debt ceiling while cutting spending and guaranteeing further deficit-reduction steps as part of an agreement reached Sunday between President Obama and congressional leaders.

If members of Congress vote to approve the agreement before Tuesday, lawmakers will have avoided an unprecedented default on the nation's debt.

Nonetheless, the plan faces heavy criticism in the editorials this morning, with The New York Times, The Washington Post and numerous liberal groups saying that the White House capitulated on shared sacrifice, revenues, and promises that Medicare would not be affected.

American Morning wants to know: Who won last night in the debt deal? Wall street, Main street, or someone else?

Post your response here. Your answer could be included in this morning's broadcast.


Filed under: AM Asks
soundoff (50 Responses)
  1. Rick

    Tea Partiers and Wealthiest wins another round for sure!!!! This will create not one job in a sluggish economy that needs the government to lead and do whatever it takes to get USA out of recession!!

    Just a quick comment on our slow recovery, advance technology has change the world, using this for one quick example; Border bookstores and other book stores/departments are slowly closing their doors to technology like Kindle, etc. This is happening throughout, meaning less people are needed on jobsites, because the jobs are being consumed by advance technology. Pretty soon we will see no record or music departments because every song is downloaded online. We will start to see less and less cashiers in department and groceries store, less tellers at banks, etc. because of online service!!!

    China and a couple other nations for instance are already experimenting with robot restaurant servant and robot language teachers. So unless the government invests in America to bring more advance technology manufacturing to North America to improve our import/export trade deficit, and stop trying to rebuild other nations, our road to reducing the unemployment in America will continue to be a roller-coaster!!!!

    IT and customer service jobs are in high demand, but guess what, when you pick up your phone and call about a product you purchase, are you speaking domestic or international? So my question is how removing these tax breaks loopholes for corporations going to reduce jobs in America that already been shipped oversea for cheaper labor cost? How is taxing the wealthiest (investors, professional athletes, entertainer, etc) going to reduce jobs when these people are not hiring because they are not owners?

    In addition, a great deal of private sector are sub-contractor for the government, so guess what, when the government reduces its spending, what happen to these business that we say are the backbone to creating jobs in a struggling American economy. What so amazing is how extreme egotistical our nation really is!!!!!

    PS, my apology for whatever typo errors in these message but typing fast!!!

    August 1, 2011 at 8:34 am |
  2. Rick

    The winners were the politicians and their friends who positioned themselves to benefit from the drop in the market that they themselves caused. As everyone says, "it was a man-made crisis".

    August 1, 2011 at 8:25 am |
  3. Sharon R

    Democrats are spineless, the Republicans win BIG TIME. It is obvious the American peoples opinions are not being paid attention to. No one seat in Congress is safe anymore. They will hear from us at election time...count on it.

    August 1, 2011 at 8:23 am |
  4. Mitchell Chastain

    The President wants to borrow another $900 billion immediately. That is like going another trillion dollars in debt right away. So you cut one trillion over 10 years yet borrow a trillion dollars to spend now. Sounds like an administration accounting shuffle to me. When do the cuts start and where are the savings?

    August 1, 2011 at 8:20 am |
  5. Adrian

    The Rep. "Punishment" only punishes the men & women defending our nations freedom. Why not Punish with a removal of all the Bush tax cuts. And please quit calling the removal of these Taxes cuts, "tax increases", They are not. You cannot have an Increase in something by returning it to its stasis after a period of deficit.

    August 1, 2011 at 8:19 am |
  6. Marilyn Maybury

    Dear Ally,
    The House won, The Senate won. They managed to keep our attention peeled on them for the last several days, that's what children want (even the Adult variety) attention. As for who lost, the majority of American citizens lost, my friend, that's you & me etc. HAS EVERYONE GONE CRAZY? Every single cut will mean that some Americans are either having to work harder for less pay, becoming unemployed or losing services that they are used too. Moreover, the so-called "punishments" added in this bill, don't hurt a single member of Congress (be the Democrat or Republican or Blue Bayoo Party, it just irritates their principles) they REAL PEOPLE WHO GET PUNISHED ARE, AMERICAN EMPLOYEES, CONTRACTERS, CITIZENS, VOTERS !!!
    If you Want to look at the unvarnished truth, there it is.
    I think you should hire me, to point these home-truths to those who count.
    Thanks, for Reading this.
    Sincerely,
    Marilyn

    August 1, 2011 at 8:19 am |
  7. BWIII

    The winners? Whoever lends our insolvent country this next batch of money to spend away. The losers? All of us, the American people. Another crisis is just months away and, once again, the only way to 'save the economy from armageddon' will be to give our politicians trillions more to spend.

    August 1, 2011 at 8:13 am |
  8. afrommi

    What will it take for Americans to wake up and smell the coffee. They have been lied to by two parties. Their leaders create a crisis, they dance around until the last minute and then the puppets decide who will win and the media helps them announce the problem but does nothing else. I think that both parties are lying to us. If we some though to how is it that the disparity of income in this country is so great and look back at the policies that really have matter for decades, we will have to come to the conclusion that the policies designed took away, little by little, the ability for the majority to control wealth. That is why only the top 1 – 10 or 12% control 90-99% of the wealth. The rest of the population only control from 1 – 10% of the wealth. It is preposterous to think that 90% of Americans do not posses the ability to create wealth. So the only thought that can come to mind, logically, is that the leaders have gotten to lead by the power of the wealthy and by the lies told to their trusting public.
    The tea party people are a minority and yet, won the election on 2010. How, it was by the power of money and by lying. But no matter who gets there, after the de-briefing they receive at the beginning of their taking office puts them in the precarious position of doing a dance for the public, while organizations like ALEC control the policy making process with the objective of protecting wealth instead of serving the people of this country. The term "public servant" will cease to exist and private companies will be given the right to collect our taxes because they will be the ones providing services, and who will that benefit? The CEO who will receive millions in salaries and their share holders who will always have the money to invest because they are part of the 1 to maybe 12% of the population.

    August 1, 2011 at 8:12 am |
  9. Wade

    Rather than who won, lets talk about who lost. The middle class, yet again. The rich still do not pay an equitable share of taxes. The poor pay little or no taxes. We middle class pay taxes for both of them. When will justice prevail? Congress, please create a flat income tax for all; with no deductions or exemptions.

    August 1, 2011 at 8:11 am |
  10. jason mollure

    Corporate America wins again! The middle class, sick, old and the poor will lose AGAIN! What is so difficult about closing tax loophole for multi millionares and billionares.. We need jobs.. Maybe stop sending our work over seas. Thats what the focus should be on. Clinton did not need a balanced buget amendment to Constitution. I would like to know why the President is caving so much on this issue?

    August 1, 2011 at 8:05 am |
  11. Omar Y

    There was no winner or loser possible in this deal. I would have liked more shared sacrifice included right now, but I'll take the possibility of that being on the table with the balanced budget committee. I think everyone, politically and otherwise need to realize that the only way this debt/deficit ordeal can be on the right track is if noone is happy with the deal.

    August 1, 2011 at 8:04 am |
  12. Leif Damstoft

    Who won? The 2012 electorate. Thanks to the temporary tea party the American people must vote for a 61 vote majority in the senate and a majority in the house and a President of only 1 party. Compromise with the republicans is not an option. So America must choose 1 or the other. Sad but true. So who ever wins the 2012 election is who really won this debacle of a deal.

    August 1, 2011 at 8:03 am |
  13. Jerry

    The 'HAVES' won again. The only fair tax is a flat 15% tax on all income, no write-offs, no tax breaks. Anyone can tell you there would be plenty of revenue to pay down the debt. 'Write-offs' are the biggest expense and the poor doesn't have any.

    August 1, 2011 at 8:03 am |
  14. Christie Woodfin

    What lost was our future:
    We lost hope that this country will move into the future with sound infrastructure, medical research,  education, environmental improvement, and a social safety net. Rolling back government spending sixty years to when we had little infrastructure to support, less sophisticated ability to research cures for diseases, no Medicare means we'll have a smaller government presiding over a diminished country. 
    And short term we lost the ability to stimulate the economy to move us out of the recession.
    This is what I voted to Hope?
    I can't think of a day I have been more pessimistic about the future of the country or mre disappointed in Obama.
    And by the way, when you negotiate with terrorists, you empower them to hold you hostage again.
    Christie Woodfin

    Sent from my iPad

    August 1, 2011 at 8:01 am |
  15. Ryan, Los Angeles

    The only ones that "will" win are the independents that will run during the next elections.

    August 1, 2011 at 7:59 am |
  16. Frank Braithwiate

    The watchword around Washington has changed from COMPROMISE to CAPITULATION,

    August 1, 2011 at 7:58 am |
  17. Name*Amos Tindell

    If my interest rates go up and I don't get my Social Security check, I am sending my congressman a BILL for it ! Also I will do all I can to get them kicked out of office ! We have already LOST because of their incompetence !

    August 1, 2011 at 7:56 am |
  18. Concern

    Who won? Rich people who buy the "elected officials". Who lost? The rest of us. This is a shame!!!!!!!!!

    August 1, 2011 at 7:55 am |
  19. Geronimo

    Rich Republicans won because the Republican Tea Party were willing to destroy the world economy to have their way. The Democrats had no choice but to do protect the American people from this selfish terrorist threat.

    August 1, 2011 at 7:54 am |
  20. Martha Campbell

    Big business and corporations won. The middle class lost, as usual. I have been a staunch supporter of President Obama from the very beginning, even when it was not popular to do so; however, I will not be voting for him in the next election. I will also vote out every member who votes for this deal. Absolutely disgusting.

    August 1, 2011 at 7:52 am |
  21. nancy

    we all lose when greed runs the day – tax the rich – socialized democracy works.

    August 1, 2011 at 7:50 am |
  22. Scott G

    I think America lost as a whole. The rest of the world sees our political process as a joke. Those on the far right have no concept of reality and those on the far left are spineless. Bottom line: we haven't seen the end of this chaos.

    August 1, 2011 at 7:48 am |
  23. Brian Cooper Van Buren, AR

    No one wins – the American peoplelose. Didn't congress and the president just pass a budget for next year? Didn't they look at the debt limit then? Do they understand expenses can't exceed revenues? Maybe they need accounting 101 this fall. Geesh...

    August 1, 2011 at 7:03 am |
    • Daniel

      There are no winners except the rich people and companies. The american people stand to lose huge...the budget cuts will eliminate thousands of jobs, reduce revenues for the governments (federal and states) and create a bigger deficit...
      how can the american people win? What is wrong to ask the rich to contribute more to keep america going?

      August 1, 2011 at 7:57 am |
    • afrommi

      The people of the US lost. ALEC won. Norquist won. The top 2% of the population who have been controlling the 90% of the wealth WON. They do not have to share in the sacrifice. The middle class lost, the working poor lost, and the Democratic party lost at least all the votes in our families. 107 votes. The GOP lost too because of the lies they have been feeding their base. Their fear mongering. Only morons will believe them. The disparity of income has to have a cause. I do not believe that 98% of the people are so unskilled that they are not sharing more in the wealth that this country has to offer. So, it has to be the policy of the country and their leaders who are bribe to protect the wealth of the top 2 to lets say 10% of the population. The leaders of this country do not represent the 90% of the hard working Americans who put them there.

      August 1, 2011 at 7:58 am |
    • Holly Wolfert

      We have a long way to go because nothing really got down except to meet a deadline with the promise to do something. However, hearing on CNN just now about some of the give aways like free birth control pills just makes me crazy. There may be 40% of the people pregnant who don't want them but to think that that means 40% will use birth control is ludicrous. When will the left ever understand that there will always be a certain part of the population who will never be responsible. I am tired of the gov't. thinking they should take our taxes and throw it at so many of the low life's of this world. I am not heartless, I do feel sorry for the ones who try to be responsible on so many issues and are willing to work hard etc. but they usually are not the ones who want the handouts either.

      August 1, 2011 at 8:04 am |
  24. Tee

    No one won, in this made up crisis no one in Washington did anything to address jobs. I also would like to thank Mr. Velshi. Yesterday he was the first person that I have seen in the media who stated that this was a crisis made up by the Republicans. He also pointed out stated what most of us know, that cutting anything right now is not going to help the economy. When I say no one won this includes the media that has allowed the Tea Party to take us to the brink of default!

    August 1, 2011 at 7:02 am |
  25. lynn

    The Tea Party/Republicans won the battle, but lost the war in the court of public opinion. Americans saw that the Tea Party faction was willing to take the country hostage and risk default over raising the debt ceiling.

    August 1, 2011 at 7:01 am |
    • valerie

      The Tea Party had the Republicans by the $!##@ so they lost too. Can Boehner really be pround that they got 98% of their demands? What happened to meeting in the middle to save the American economy? Republicans are not the GOP anymore they are controlled by the Tea Party extremists.

      August 1, 2011 at 8:12 am |
  26. Eugene

    Wall Street won again, with out new Tax's from the rich or taxing the Big Companys like big oil we lose.

    August 1, 2011 at 7:00 am |
  27. Tony

    The "Rich", they are the only ones who keep everything, The best government money can buy.

    August 1, 2011 at 7:00 am |
    • Matt

      I agree Tony, I look at this situation as a serious wake up call for all Americans! The Republicans and the Tea Party are working for the people who make over $250,000/year and are juggling the fate of the American Economy with a personal rejection to paying a little more income tax, and seeing a reduction in the rediculously unnecessarily high defense spending the American Government commits to every year. There will not be a political disaster for the Democrats here, it will be a disaster for the Republicans and Tea Partys who don't work for the average working true American!!! If the US defaults on its loans, the US will see things happen that will be ten or a hundred times worse than what happened in September 2008. Obama has got to be one of the best Presidents the US has ever seen. People who object to his ideas are under educated and do not know what the real story is. He is not looking for a blank cheque, he never got one! He walked into the role as President with the economy in a recession thanks to over spending by the american people, and bush starting two wars and giving the americans programs, without bringing in new income to pay for them.

      August 1, 2011 at 8:01 am |
  28. Abby in Florida

    The Republicans/Tea Party won. Once again President Obama folds like a cheap suit and gives the Republicans everything they wanted while the Democrat's are left out in the cold. Basically the middle class, poor and elderly have been thrown under the bus once again. All the cuts in benefits and jobs that will be lost are the equivalent of increased taxes on everyone except the wealthy. They will be celebrating and counting all their money instead of suffering along with the rest of us.

    August 1, 2011 at 6:57 am |
  29. Christina

    OMG, seriously? Even your blame game poll, revealed what the majority of Americans feel about the debt ceiling stand off. Republicans, Tea Party included. Can't have one without the other. It has come down to this, Spreadsheet Illiterates do not care, or ignore solutions that make sense. Probably never balanced a check book in their lives. Everything should come to the table. Bush tax cuts, Oil Subsidies = income to pay debt. Reduce debt = balance. Maybe we need to take a look at their paychecks and perks of free health care? How about if we make them pay for health care and accept a pay reduction? Productivity = pay raise. They need to feel the pain, like us all.

    August 1, 2011 at 6:52 am |
  30. David Flanagan

    Transparency & social media won & while welcome will vex the lawmaking/vetting/dealmaking process forever by hastening it-intruding on a process long done somewhat behind closed doors. Obviously the Lobbying process has been around for a long time but most of that has been done behind the scenes. We may know there are Lobbyists and whom they represent and that the process takes place and may end up benefitting some at the expense of the rest. However, most of the time the process is longer, involves lots of give and take, horse trading, pork, backslapping whatever. Typically public involvement has been by meetings, phone calls to talk shows, letter writing, group visits to Congress, legislatiors.

    Now thanks to social media Congressmen, their Aides, the media,inmates, housewives, students, foreigners, everyone is facebooking, tweeting things about the process, legislation, who said what every second. This truncates the lawmaking/vetting/dealmaking process. Now the process is so transparent and immediate our leaders are afraid to take action, make decisions without being quoted/tweeted about and it is making the lawmaking process even slower than the norm. While it is good for the public to know what is going on.

    Personally, I really don't want everyone in the world commenting on actions we elected our "leaders", officials to take on our behalf. The transparency is positive of course because in theory the "people" may/should benefit by knowing what is going on and knowing who benefits from legislation.

    Otto von Bismarck said we should never see sausages or laws being made and he was right on the money with that sentiment. Can you imagine what the 55 powdered wig members of the Constitutional Convention who gathered to sign off on our Constitution might have said, written if the public-the world had been involved? Then news took forever to travel from the East to the West Coast and who knows how long to reach Asia so there were far less implications. Now we're all in the same room as the lawmakers as they're going through the process.

    August 1, 2011 at 6:51 am |
  31. Kate

    I know it doesn't look like at first glance but if anyone won, I think it was the Democrats. The Republicans walked away from an earlier deal of 4 trillion in cuts with 1 trillion of income in favor of 1 trillion in cuts with a new 'super congress' to decide what's next and everything (including giving the President veto power over renewing the Bush tax cuts) on the table. If the Democrats play it right, they can make the Tea Party pay for taking us to the brink.

    August 1, 2011 at 6:51 am |
  32. Kathleen Dorsey

    I am sorry to say I think that the republicans and the tea party won this one. It is awful to see that this country no longer cares for anyone but those making over $100,000/year. Looks like a case of the rich getting richer and the poor getting poorer.

    August 1, 2011 at 6:51 am |
  33. Costa DeLuca

    The American People won. What is wrong with a Balanced Budget? What is wrong with living “more” within our means? It’s a new day in America…the days of studying cow flatulence are over! Get it? Cuts=Spending more wisely!

    August 1, 2011 at 6:49 am |
  34. Stephan L

    I was proud 2 years ago to become an American and still proud to be one. However, the people of congress and senate should not called themselves proud Americans. Either banks or Wall Street will win in this outcome Banks will increase rates if the country's credit is downgraded. Wall street wins if it's pass. So sad that the current house and senate reps are flushing the country down the drain.....

    August 1, 2011 at 6:46 am |
  35. Adam

    None of the parties won anything though they will take credit for it. The people here are the winners here sure it's going to sting a little bit with our AAA rating being downgraded but in the long run it will make our country a better and stronger place to live in.

    August 1, 2011 at 6:45 am |
  36. Tam

    sure not the middle class,,,, coperate america continues to operate in china making trillions i here the middle class in china are growing like wild s fire while our middle class just turns to poverty,,,, Obama hires a guy from Ge to create jobs and his answer is to close his plants and move them to china yes thats the america way i say we have term limits in congress these losers are not helping us at all so in conclusion again Washinton,the rich,and coperate america wins this is what our vote buys us in november its a shame our goverment sells ours rights our jobs and our freedom of dreams

    August 1, 2011 at 6:42 am |
  37. Frankie

    I think the American people did OK with this deal. The Congress is more or less forcing itself not to waste time for at least a year. What other workers in the US could do months of make-work and deliberate stalling on their job, including on overtime, and get paid for doing so much nothing? Mr. Boehner, where are the jobs?

    August 1, 2011 at 6:41 am |
  38. Ed

    There is no debt deal -the information provided by the same people who spend money they don't have, is information of a deal they don't have. It is another case of Obama leading from behind hoping it will come to pass.

    August 1, 2011 at 6:39 am |
  39. Ricks white light diner

    It makes perfect sense for leaders to give up their goverment health insurance to save even more money. Especially the leaders that want to deny health insurance to others. We buy it for them and they deny it to us. How outrageous

    August 1, 2011 at 6:37 am |
  40. Ed

    The TEA party is populated by a bunch of bullies trying to stop the communists from stealing from their children. The shame!

    August 1, 2011 at 6:35 am |
  41. Ricks white light diner

    Who won? Simply, the rich

    August 1, 2011 at 6:31 am |
  42. Ron

    I would say the Republicans won,It seems they got more of what they wanted by using the tea party to play the old good cop bad cop thing.(Tea party being the bad cop)

    August 1, 2011 at 6:29 am |
  43. Roger

    Politicians won the american people loses there are still no jobs and cutting the american people always on the losing side of a deal

    August 1, 2011 at 6:04 am |
  44. monica paiva

    The Tea Party won ... a new gang of bullies has moved into Washington, DC ... not even the lobbyists have the courage to stand up to them.

    August 1, 2011 at 6:00 am |
  45. Caleb Failes

    Wall Street: All the spending cuts are going to hurt much of the recovery areas giving the private option some ground. Avoiding default saved the dollar from falling in the world and stocks will also increase now that the scare is over.

    August 1, 2011 at 5:46 am |