Posted on 07/22/2019 12:02:54 PM PDT by Theoria
White House officials and congressional lawmakers are nearing a deal that would boost government spending levels over the next two years and raise the federal borrowing limit. If passed by Congress and signed by President Trump, it would avert a default crisis this fall and avoid automatic spending cuts next year.
The agreement would raise spending by $320 billion, compared to the strict spending levels established in the 2011 Budget Control Act and set to go into effect next year without legislative action, according to three people familiar with the negotiations who requested anonymity to discuss the unfinished deal.
The accord, which negotiators hope to enact before Congress leaves for its August recess, includes equal increases in domestic and military spending, a key demand of Speaker Nancy Pelosi’s, according to one person familiar with the talks. It would also include offsetting spending cuts of about $75 billion, far lower than the $150 billion that some White House officials initially demanded.
The deal would lift the debt ceiling high enough to allow the government to keep borrowing for two more years, punting the next showdown past the 2020 elections.
(Excerpt) Read more at nytimes.com ...
So after beating around the Bush, they reveal that Obama didn’t sign legislation to get his house in order. He signed it to put other presidents on the line.
The paper doesn’t point that out or call him on it. And this is the first time the NYT has gone on record with the idea increased spending is wrong at all.
Hey, it only took $22 trillion dollars in excess spending, nine of which came on Obama’s watch.
What happened to the “one cent” thingy?
The debt will NEVER be paid off. The credit card just keeps getting fatter.
Why is it that the White House would make any kind of deal with Congress for anything while they are still overtly rattling impeachment sabres?
(Okay, yeah - they’re more like plastic picnic knives, but still...)
No, of course it won't. They key trick is making the dollar worth ever-less to dilute it and government liabilities, while keeping tax revenue high, and keep people believing they are not experiencing long-term inflation.
No Congress paychecks/travel reimbursement/office decor/janitorial service/etc. should be issued until the debt has been eliminated.
“The debt will NEVER be paid off.”
The national debt is a problem a printed pile of thirty billion $1,000 bills can deal with, and will.
Be prepared to live like Greeks in 2014, but the food here will be far worse, if you can get any.
Raw Florida anole lizards - Yum!
What’s in your yard?
Treasure your dandelions!
Eat your own squirrels!
We will not borrow it from China - they don’t have the cash, and have been net sellers lately.
The Japanese have been snapping up Treasuries lately. At current rates, they are on track to edge past China as the biggest foreign holder, in just the next month or two (about $1 trillion each).
The really biggest holders, are the social security and medicare programs (about $6 trillion).
From my immigration reform proposal’s proposed Constitution amendment, updated to $30 trillion:
SECTION 15. No person may be elected or otherwise placed into a federal Constitutional office for a subsequent term while the national debt of the United States exceeds $30 trillion.
Who didn't know Federal spending would increase?
“I will never sign another bill like this again.” DJT, March 23, 2018
Yep. Thought the same exact thing. In before the long list of excuses.
Yep...and China has been selling. Won’t be long and they will swap places.
Trump should be clear that vErify be fully funded and required before he signs it.
With the House in foreign territory, it’s difficult to make demands. He’ll get blamed no matter what.
Otherwise known as ‘One-third of One Trillion Dollars’
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