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Keyword: federaldebt

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  • GOP struggles to find 'yes' debt votes (Cornyn doesn't have enough GOP cloture votes for Reid)

    02/12/2014 10:49:28 AM PST · by jimbo123 · 113 replies
    The Hill ^ | 2/12/14 | Erik Wasson and Peter Schroeder
    Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. “I think...
  • Federal Spending and Debt, 1790 to 2050

    09/24/2013 10:14:18 AM PDT · by SeekAndFind · 1 replies
    Townhall ^ | 09/24/2013 | Chris Edwards
    As policymakers begin fighting over this year’s appropriations, the Congressional Budget Office has released a long-term projection that puts today’s budget battles in broader context. The federal government is in the most unique and dangerous fiscal situation that it has ever been in during peacetime. Federal spending and debt as a share of GDP are being sustained at very high levels, and that is sapping the nation’s economic vitality. Spending and debt remove resources from the voluntary, productive, and innovative sector of the economy and put those resources in the hands of the coercive, mismanaged, and centrally planned sector. The...
  • $253.5B—Obama Borrowed Nearly 6x as Much in February as Sequester Cuts All Year

    03/04/2013 4:01:05 PM PST · by Olog-hai · 12 replies
    Cybercast News Service ^ | March 4, 2013 | Terence P. Jeffrey
    During the month of February—as President Barack Obama was warning Americans they would see dramatic effects in their lives if “sequestration” of some planned federal spending kicked in—the federal government’s debt climbed by $253.5 billion. That one-month increase in the debt was nearly six times as much as the $44 billion in spending cuts the Congressional Budget Office estimates will take place in all of fiscal 2013 as a result of sequestration. …
  • More Fed Follies.... Paper

    02/22/2013 1:11:36 PM PST · by SatinDoll · 1 replies
    The Market-ticker ^ | Feb.22,2013 | Karl Denninger
    This one's rich: “The combination of a massively expanded central bank balance sheet and an unsustainable public debt trajectory is a mix that has the potential to substantially reduce the flexibility of monetary policy,” the economists write. “This mix could induce a bias toward slower exit or easier policy, and be seen as the first step toward fiscal dominance. It could thereby be the cause of longer-term inflation expectations and raise the risk of inflation overall.” There is no flexibility and it is the direct and proximate consequence of Congress and The Adminstration ignoring the fundamental realities of arithmetic --...
  • Middle-Class Wealth Protection, Post-Fiscal Cliff

    12/02/2012 4:07:37 PM PST · by betty boop · 61 replies
    self | December 2, 2012 | Jean F. Drew
    Middle-Class Wealth Protection, Post-Fiscal Cliff By Jean F. Drew I don’t know about you, but I’m a lifelong, middle-class working stiff who has managed to accumulate a certain modest amount of “wealth” designated to be sent to the future, to supply my support and lifestyle needs when I am “old” and no longer have employment income. I’m speaking of my 401(k)s and IRAs. The way I have assets deployed in these accounts very likely will need to change, given the absolutely predictable outcome of the much-hyped impending fiscal cliff. At least, that is my supposition. Consider: We get the fiscal...
  • The National Debt: $16 Trillion Dollars Of Moral, Cultural And Political Decay

    09/04/2012 3:30:10 PM PDT · by billflax · 9 replies
    Forbes ^ | 09/04/2012 | Bill Flax
    Wow! We’ll soon cross Sixteen Trillion Dollars in Federal Debt! S-i-x-t-e-e-n T-r-i-l-l-i-o-n D-o-l-l-a-r-s. That’s a lot of vote buying even for Washington. Is this ruin? Have we indentured our children into servitude? Solomon warned borrowers will be slaves to their lenders. Add $120 plus trillion in unfunded forthcoming liabilities and, well, we’re doomed. Yet, as significant as this looks, and sixteen trillion of anything cannot be insignificant, the economic repercussions are the least of America’s worries. We still finance this cheaply. Rates on Treasuries remain low. Moreover, America endures as the world’s preeminent economic engine. Obviously, debt weighs heavily on...
  • Real Hope for Ending Federal Debt

    05/22/2012 6:31:51 AM PDT · by SeekAndFind · 7 replies
    American Thinker ^ | 05/22/2012 | Bruce Walker
    The per capita federal debt is $31,000 growing. Much of Europe and many American states are facing practical bankruptcy. As the creditworthiness of the United States and many states is been downgraded, the cost of simply servicing the existing debt will rise. Add to these woes vast unfunded entitlements and money simply created out of thin air by the Federal Reserve System, and it is hard to see how even very aggressive Reaganomics can save us. Government is so far in debt that simply cutting spending less is not enough, and raising taxes is foolishness. We need to dramatically increase...
  • The Federal Balance Sheet Understates Our Problem

    y DAVID M. WALKER, The Fiscal Times December 30, 2011 In Washington, if you want to make something public while minimizing press attention, you should release it on a Friday. The current Administration topped that by issuing the consolidated financial statements of the U.S. Government, which included the Government Accountability Office's (GAO) related independent audit report on the Friday before Christmas when the public was focused on the holiday season and key policymakers were either headed out of town or already gone. The report was simply posted on the Internet and provided to the press on request and without any...
  • VIDEO: Dem Congressmen: Debt Limit 'Danger' to Country; Call for Unlimited Federal Debt

    09/15/2011 11:23:29 AM PDT · by blog.Eyeblast.tv · 11 replies
    On September 14, 2011, three House Democrats introduced a bill to eliminate the debt ceiling to allow the Treasury to borrow money at will and without limit. Rep. Moran, one of the bills co-sponsors, said the debt limit is a 'danger' to our county and Republicans are using it as a political weapon. “The debt limit is an unnecessary and counterproductive legislative hurdle that has proved to be both an ineffective means of controlling deficits and a danger to this country’s standing in the financial markets,” Moran stated. He added that it has been "weaponized" by Republicans.
  • The Debt Crisis: Why There Is a Stalemate

    08/05/2011 11:39:58 AM PDT · by betty boop · 41 replies
    The Conservative Underground, Vol. 4, Issue 16 ^ | August 2, 2011 | Jean F. Drew
    The Debt Crisis: Why There Is a Stalemate By Jean F. Drew Ask just about any person on the street nowadays what the U.S. “debt crisis” is all about, and he’ll probably tell you it’s about “raising the debt limit.” He has had it drilled into his head — by the Obama Administration, the Democrat Party, the labor unions, and their various enablers in the “official” media — that the international credit reporting agencies threaten to downgrade sovereign U.S. debt from Triple A to a lesser — and costlier — grade because Congress has failed to increase the debt ceiling...
  • Who Holds the Federal Debt [interactive graph]

    07/25/2011 5:58:35 PM PDT · by 1rudeboy · 10 replies
    Congressional Quarterly ^ | Research/editing: Sarah Vanderbilt; Interactive: Thomas Wilburn, Jessica Smith
    See [also] the history of the debt limit since 1980. As of the end of March, the federal government owed $14.27 trillion to a wide variety of holders of U.S. Treasury securities. This graphic depicts who those creditors are and the amount they have bought in treasuries. Click on the arrows next to a category to expand its subcategories. All amounts are in billions of dollars. [Click on link above to view]
  • U.S. Debt Near Ceiling, But Sky Won't Fall Right Away

    05/04/2011 12:13:21 PM PDT · by Slyscribe · 2 replies
    Investor's Business Daily ^ | 5/4/2011 | David Hogberg
    If Congress doesn't lift the debt ceiling by mid-May, the sky won't fall, at least not right away. The Treasury has several ways to forestall a federal default. Yet today's massive deficits limit how long these measures can be used. The national debt is expected to hit the $14.3 trillion legal ceiling by May 16. Treasury Secretary Tim Geithner has urged Congress to act to avoid a government default that would have "catastrophic economic consequences that would last for decades."
  • US Treasury Tells Lawmakers It Needs $2 Trillion In Debt Capacity (to fund the US to end of 2011)

    05/04/2011 10:16:18 AM PDT · by Zakeet · 14 replies
    Zero Hedge ^ | May 4, 2011 | Tyler Durden
    Reuters reports that the US Treasury has informed lawmakers it needs a $2 trillion debt limit increase to operate... until the end of 2012. Better stated, this is 112% of US GDP (which will soon be declining). This is precisely as Zero Hedge speculated. We hope PIMCO will be swayed soon enough to buy all this extra debt about to start coming down Geithner's conveyor chute. But yes, the Fed will most certainly not be needed to monetize this extra debt: Japan, Europe and Libya have it covered. That said, we don't know if Libyan rebels will have the capacity...
  • How “Radical” is the Ryan Plan?

    04/14/2011 9:01:18 AM PDT · by Mary Kochan · 7 replies
    Catholic Lane ^ | 4/14/11 | Dr. Mark W. Hendrickson
    Question for those of you concerned about the size of federal debts and deficits: Would you endorse a plan which would add another five or six trillion dollars to the federal debt over the next decade while increasing Uncle Sam’s annual expenditures by $1.1 trillion? If so, you’re in luck. House Budget Committee Chairman Paul Ryan (R-WI) recently unveiled just such a plan. Naturally, Democrats immediately denounced Ryan’s plan as “radical.” They think the increases in spending and debt should be much larger. It shows how far the goalposts have been moved in American politics that adding multi-trillion-dollars of debt...
  • True U.S. debt exceeds world GDP by $14 trillion

    04/11/2011 5:55:48 AM PDT · by Robert Drobot · 57 replies
    WorldNetDaily.com ^ | A.D. 11 April 2011 | Editors
    As the Obama administration prepares to finance a Fiscal Year 2011 budget deficit expected to top $1.6 trillion, the American public is largely unaware that the true negative net worth of the federal government reached $76.3 trillion last year. That figure was five times the 2010 gross domestic product of the United States and exceeded the estimated gross domestic product for the world by approximately $14.4 trillion.
  • Soros: US Could "Absorb Some More Debt"

    04/11/2011 7:55:44 AM PDT · by RobinMasters · 38 replies
    RealClearPolitics ^ | April 10, 2011 | RealClearPolitics
    "The country could, actually, absorb some more debt in order to get the economy going," George Soros told Bloomberg television over the weekend. Soros said the U.S. should spend money on building infrastructure or improving producitivity.
  • Debt Jumped $54.1 Billion in 8 Days Preceding (Budget) Deal to Cut $38.5 Billion for Rest of Year

    04/09/2011 3:52:23 PM PDT · by Qbert · 39 replies
    CNS News ^ | April 09, 2011 | Terence P. Jeffrey
    (CNSNews.com) - The federal debt increased $54.1 billion in the eight days preceding the deal made by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) to cut $38.5 billion in federal spending for the remainder of fiscal year 2011, which runs through September. The debt was $14.2101 trillion on March 30, according to the Bureau of the Public Debt, and $14.2642 on April 7.
  • Niall Ferguson Lecture Video: Empires on the Edge of Chaos

    01/02/2011 12:38:17 PM PST · by theBuckwheat · 14 replies
    Australian Broadcasting Company ^ | 9/18/2010 | Niall Ferguson
    Throughout history the rise and fall of empires isn't slow or cyclical, as we like to think, but arrhythmic...it mostly happens very, very suddenly. America is a superpower on the edge of chaos, according to economic historian and author Niall Ferguson. U.S. debt levels, he says, and its unwillingness to address the problem, has put it in the same category as other great empires which have collapsed throughout the ages. Ferguson argues the world is changing. There's the rise of authoritarian China as a super-power; a Keynesian president leading a weakened United States; the re-emergence of democratic India as a...
  • A Hard Line on Debt: Tea Party Sen Says "No Way"

    11/22/2010 4:22:39 PM PST · by USALiberty · 31 replies · 1+ views
    State-Controlled ABC News ^ | November 22, 2010 | Comrade Jonathan Karl
    At 39 years old, Senator-elect Mike Lee (R-UT) is about to become the youngest member of the United States. He may also be the most conservative. In a Subway Series interview with ABC News, Senator-elect Lee staked-out a no-compromise, hard-line stand on the national debt that may soon put him at odds with his own party leadership. Lee told us that when Congress is asked to vote early next year on raising the national debt limit – a usually routine vote that allows the government to borrow the money needed to finance annual budget deficits – he will vote no....
  • When the Problems of Greece Hit Close to Home

    06/03/2010 4:38:41 PM PDT · by Patriot1259 · 176+ views
    The Cypress Times ^ | 6/3/10 | Kevin Price
    I've been madly in love with Paul McCartney ever since I was a little girl. He's the only creative hero who's stood the test of time for me, because as his music grew less magical, his personal life grew more so. Alone in the rock firmament, he adored his wife, raised healthy uncrazy kids, picked himself up after the public embarrassment of a disastrous marriage and energetically recommitted himself to music, his fans and new love. What a man! And now for the first time in all these decades, he's made me quite sick. A man who's commanded a megaphone...
  • New Fox News Poll-Americans Feel Disenfranchised By Obamcare Push

    03/18/2010 1:01:07 PM PDT · by Shellybenoit · 18 replies · 968+ views
    The Lid/Fox News ^ | 3/18/2010 | The Lid
    Self-execution rule is right! The latest Fox News Poll was just released and it reflects the degree of anger and disenfranchisement Americans feel about their federal government, spurred on by the Obamcare poll that very few want. And the closer we get to the final vote that anger accelerates. Below are some key findings:
  • China Kept Selling U.S. Debt in January

    03/15/2010 4:55:15 PM PDT · by Pontiac · 7 replies · 403+ views
    WSJ On-Line ^ | 3/15/10 | TOM BARKLEY
    <p>China continued selling U.S. Treasurys in January, although it remained the largest foreign holder following revisions that showed it never actually lost the top spot to Japan, the Treasury Department said.</p> <p>Overall, foreigners were modest net buyers of long-term U.S. financial assets in January, according to the monthly Treasury International Capital report, known as TIC.</p>
  • U.S. debt threatens to be overwhelming

    02/15/2010 11:48:41 PM PST · by ErnstStavroBlofeld · 18 replies · 720+ views
    The Washington Times ^ | 2/14/2010 | Tom Raum
    It's bad enough that Greece's debt problems have rattled global financial markets. In the world's largest economic and military power, there's a far more serious debt dilemma. For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario -- a full recovery and a return to prerecession employment levels. The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained. Take Social Security, Medicare and...
  • Business as Usual in Washington: Another Bloated, Pork-Filled Omnibus Spending Bil

    12/10/2009 2:40:48 PM PST · by ding_dong_daddy_from_dumas · 1 replies · 283+ views
    Heritage Foundation ^ | December 10, 2009 | Brian M. Riedl
    Last year's budget deficit of 10 percent of the economy ($1.4 trillion) shattered the post-war record. Far from just a temporary result of the recession, current estimates show the budget deficit rising to nearly $2 trillion by 2019.[2] At that point, the debt would be nearly 100 percent of the economy.
  • Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash

    12/10/2009 6:07:51 AM PST · by Red in Blue PA · 57 replies · 1,749+ views
    Politico ^ | 12/9/09 7:24 PM EST | David Rogers
    In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections. “We’ve incurred this debt. We have to pay our bills,” House Majority Leader Steny Hoyer told POLITICO Wednesday. And the Maryland Democrat confirmed that the anticipated increase could be as high as $1.8 trillion — nearly twice what had been assumed in last spring’s budget resolution for the 2010 fiscal year.
  • An Unprecedented Mountain of Debt

    11/29/2009 12:15:40 AM PST · by sheikdetailfeather · 18 replies · 997+ views
    Canada Free Press ^ | November 28, 2009 | Daniel Greenfield
    Since Obama is rather attached to describing everything he does as “unprecedented”, “I have achieved an unprecedented level of transparency”, “I played an unprecedented amount of golf this year” and “I just wasted an unprecedented amount of money”... in honor of the Liar in Chief, we can make “unprecedented” the word of the day. First up is Obama’s unprecedented deficit. The current real cost of ObamaCare is up to 2.5 Trillion dollars and rising. The Senate Republicans’ chart demonstrates that the total for all of these costs—based on CBO projections for the bill’s true first 10 years—is $2.5 trillion. And...
  • Public Blame For Recession Shifting Toward Democrats--Congress Getting Antsy

    11/20/2009 6:38:03 AM PST · by Shellybenoit · 13 replies · 703+ views
    CNN/Washington DC/The Lid ^ | 11/20/09 | The Lid
    The latest economic polling from CNN shows an interesting trend. The biggest of which may be the closing of the window for the Democrat's blame of George Bush for everything from the lousy economy to the three traffic accidents had by Joe Biden's motorcade this week. As you may expect 82% of the country believe the economy is somewhat or very poor. But only 38 percent of America blames the GOP for current economic problems. In May 53% blamed the GOP. The poll reported that 27% blame the Democrats for the recession, up from 19%. The number who blame both...
  • CSPAN NOW-Committee for a Responsible Fed Budget - Says Budget Autho Needs to be with a Committee

    11/10/2009 9:01:57 PM PST · by dila813 · 15 replies · 295+ views
    CSPAN1 ^ | Today | Myself
    Brooking Institute Doctor Says that there is no reason to expect Congress can rein in Spending. Lamar Alexander Senator Republican Tennessee "Agree that we need to do Healthcare" Says that the current Healthcare Reform sends a 1.5B Tax per state in order to pay for Healthcare Reform. Larmar disagreed with them pretty strongly. But wasn't as visceral as I which he had been.
  • Economists Worry POTUS Making Same Mistakes as FDR, Could Lead to Depression

    09/07/2009 4:07:42 PM PDT · by Shellybenoit · 16 replies · 848+ views
    UK Telegraph/The Lid ^ | 9/7/09 | The Lid
    One of the biggest myths about the great depression is that FDR's NEW Deal and the related government intervention and public works projects got us out of the Great Depression. The truth is that the New Deal did not work. Instead of creating growth in the private sector, it created government growth that squeezed out the private sector. Of course, the number one public golf course in the country Bethpage Black (where the US Open played this year) was a was a New Deal Federal works project, but that only cures MY depression, it did little for the country. As...
  • Save the GOP

    06/18/2009 8:29:09 AM PDT · by bs9021 · 10 replies · 330+ views
    Campus Report ^ | June 18, 2009 | Deborah Lambert
    Save the GOP by: Deborah Lambert, June 18, 2009 Indiana Gov. Mitch Daniels, touted as a possible savior of the GOP, took a gamble that paid off when he delivered a recent commencement address at Butler University (Indianapolis) that took a critical look at his own generation of baby boomers, according to Byron York. “All our lives, it’s been about us,” said the 60-year-old Daniels, who told the graduating seniors that his free-spending “Me Generation” who wore T-shirts saying “If it feels good, do it,” will also “leave you with a staggering pile of bills to pay. . . Good...
  • Real National Debt Unmasked

    06/16/2009 10:25:30 AM PDT · by bs9021 · 2 replies · 282+ views
    Campus Report ^ | June 16, 2009 | Evan Sumortin
    Real National Debt Unmasked by: Evan Sumortin, June 16, 2009 In his first five months of office, President Obama has initiated an unprecedented spending spree. He signed a $787 billion stimulus bill into law, continued spending from the second half of the $700 billion Troubled Asset Relief Program (TARP) funds authorized by Congress during George W. Bush’s term, proposed a $3.6 trillion budget for the next fiscal year, and created other billion-dollar programs with the intent of stimulating the economy. At the weekly bloggers briefing held at the Heritage Foundation on June 9, Congressman Dan Burton (R-Indiana) spoke out against...
  • Federal Debt keeps up ticking....

    03/24/2009 10:05:55 PM PDT · by RDasher · 12 replies · 428+ views
    US Debt Data | Mar 25, 2009 | Dasher
    In case you haven't noticed the federal debt increase has been on a tear this this year... no end insight.
  • Last Nail in the Coffin for the U.S. Economy

    01/14/2009 7:40:35 PM PST · by randita · 139 replies · 3,287+ views
    The Market Oracle ^ | 1/14/09 | Martin Weiss
    Last Nail in the Coffin for the U.S. Economy Economics / US Economy Jan 14, 2009 - 04:23 PM By: Money_and_Markets Martin Weiss writes: The government has just released one of the most shocking federal budget reports of all time. Even if you overlook the gaping holes in their economic assumptions, it's obvious the federal deficit is going to deliver a punch below the belt of the economy. And once you unveil the shaky assumptions, it's equally obvious the deficit could be the last nail in its coffin. First, Look at the Government's Own Shocking Numbers! The Congressional Budget...
  • Federal Liabilities Now Equal $175,000 for Every American

    11/08/2007 8:06:21 AM PST · by Sub-Driver · 29 replies · 738+ views
    Federal Liabilities Now Equal $175,000 for Every American By Terence P. Jeffrey CNSNews.com Editor in Chief November 08, 2007 (CNSNews.com) - Deficit spending and promised benefits for federal entitlement programs have put every man, woman, and child in the United States on the hook for $175,000, says a new report by David Walker, comptroller general of the United States. On Tuesday, Walker sent the results of his audit of the federal debt to Treasury Secretary Henry Paulson. The audit revealed that, as of Sept. 30, the last day of fiscal year 2007, the U.S. government owed $8.993 trillion. Of this...
  • Long Term Fiscal Burdens Continue to Pile Up

    07/18/2007 6:56:09 PM PDT · by rob777 · 20 replies · 438+ views
    Human Events Online ^ | 07/13/2007 | Mike Franc
    “The most serious threat to the United States,” U.S. Comptroller General David Walker has warned, “is not someone hiding in a cave in Afghanistan or Pakistan but our own fiscal irresponsibility.” Walker, the federal government’s chief auditor, has been traveling across the country like a modern Paul Revere encouraging ordinary Americans to focus on the long-term fiscal threat we face. True, Walker acknowledges, the economy is vibrant for now: Job creation is strong, inflation low, incomes up. But he warns of “a fiscal cancer” that “could have catastrophic consequences for our country” -- the imminent retirement of 78 million Baby...
  • The U.S. is indebted to itself

    06/27/2007 6:27:25 AM PDT · by gpapa · 42 replies · 679+ views
    The Politico ^ | Jun 26, 2007 | Michael K. Farr
    There is an unsexy but very important issue being largely ignored by the 2008 presidential candidates: foreign ownership of U.S. government debt. As America continues to operate at a deficit, and as our debt held by foreign countries increases, we lose control over our economic destiny. The successful candidate in 2008 must reduce the deficit and regain control of the economic tiller. The candidate who can successfully and simply outline a workable plan will undoubtedly win friends at the polls and on the Hill.
  • GAO Chief Warns Economic Disaster Looms

    10/28/2006 8:30:11 PM PDT · by Mel Gibson · 5 replies · 1,015+ views
    MyWay ^ | Oct 28, 2006 | MATT CRENSON
    From the hustings and the airwaves this campaign season, America's political class can be heard debating Capitol Hill sex scandals, the wisdom of the war in Iraq and which party is tougher on terror. Democrats and Republicans talk of cutting taxes to make life easier for the American people. What they don't talk about is a dirty little secret everyone in Washington knows, or at least should. The vast majority of economists and budget analysts agree: The ship of state is on a disastrous course, and will founder on the reefs of economic disaster if nothing is done to correct...
  • 8,180,000,000,000,000.00

    11/18/2004 8:09:35 AM PST · by edcoil · 32 replies · 962+ views
    18 November 2004 | Kevin
    Damn, that is a lot of money! Just wondering based on the last election what solutions all that spending has bought us.
  • The truth is there's no trust fund

    03/28/2004 4:11:38 AM PST · by MikeJ75 · 16 replies · 259+ views
    Houston Chronicle ^ | March 28, 2004 | Bert McLachlan
    This nation's seniors should be outraged. Call it misunderstood accounting, misrepresentation, perpetuation of a myth, or simply outright lying, but last week's reporting of the condition of the financing of Medicare and Social Security is a massive cover-up. It is the same cover-up that the trustees of these funds have been carrying on for decades. The hospital insurance fund is likely to run dry by 2019. Social Security's projected insolvency date remains 2042. Those statements about a distant problem are correct if they are trust funds. But those funds exist only on paper. There is absolutely no money in them,...
  • Treasury Sees Jan-Mar Qtr's Net Borrowing Needs $160 Bln

    11/05/2003 8:45:49 AM PST · by Starwind · 2 replies · 145+ views
    Dow Jones Newswire | November 3, 2003 | Deborah Lagomarsino, Rebecca Christie
    Treasury Sees Jan-Mar Qtr's Net Borrowing Needs $160 Bln DJ Treasury/Borrowing Needs -2: Oct-Dec Qtr Would Be Record . By Deborah Lagomarsino Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The Treasury Department on Monday said it expects to borrow a record net $117 billion in the October-December quarter, down from the $126 billion in net borrowing previously anticipated for this quarter. "This decrease is due to higher receipts and lower outlays," Treasury said in a statement. Treasury said it will be targeting a cash balance of $35.0 billion at the end of December, down from the $45.0 billion cash balance it...
  • Tax Cuts NOW More Than Ever!

    04/16/2003 7:44:39 PM PDT · by az4vlad · 5 replies · 229+ views
    IntellectualConservative.com ^ | April 15, 2003 | Scott Shore
    While some well-meaning Republicans may believe that new revenues will go to pay off the Federal debt, these innocents forget that for liberals and Democrats new revenues are the fuel for newer, bigger and extended government programs. One is never surprised when Democrats and liberals call for higher taxes or reduced tax cuts. It is something else altogether when the reincarnated Herbert Hoovers of the GOP call for less tax cuts. Certain timid Republicans have never fully believed that lower taxes mean greater macroeconomic prosperity. This attitude remains in spite of the unparalleled prosperity of the Reagan-Bush economic boom...
  • Cooking the Federal Books ... or does Uncle Sam use Authur Andersen too?

    07/16/2002 9:23:44 AM PDT · by Smedley · 17 replies · 481+ views
    Here's some yearly federal deficit numbers taken from the National Bureau Of Economic Research web page1990 -221.2 1991 -269.4 1992 -290.4 1993 -255.1 1994 -203.3 1995 -164.0 1996 -107.5 1997 -22.0 1998 69.2 1999 125.5 2000 236.4 2001 127.1 +++++++++++++++++++++++++++++++++++++ Now here's some Federal debt numbers from the SAME webpage 1990 3,206.6 1991 3,598.5 1992 4,002.1 1993 4,351.4 1994 4,643.7 1995 4,921.0 1996 5,181.9 1997 5,369.7 1998 5,478.7 1999 5,606.1 2000 5,629.0 2001 5,770.3
  • Hastert: Amtrak Should Spend Wisely

    06/23/2002 4:04:55 PM PDT · by Willie Green · 7 replies · 205+ views
    Newsday ^ | June 23, 2002 | WILLIAM C. MANN -- Associated Press Writer
    For education and discussion only. Not for commercial use. WASHINGTON -- House Speaker Dennis Hastert gave no indication Sunday whether Congress would provide the $200 million bailout Amtrak contends it needs to operate beyond midweek and said some railroad routes should shut down. He said Amtrak's management must correct what he called money-losing policies before turning to Congress whenever the railroad runs out of cash. Amtrak's new president said he completely agreed. "I want to change the way we do business," David Gunn said in an interview. "My goal is to turn (Amtrak) into a much more focused organization with...
  • O'Neill Wants House to Up Debt Limit

    06/23/2002 3:12:44 PM PDT · by Willie Green · 21 replies · 570+ views
    Newsday ^ | June 23, 2002 | The Associated Press
    For education and discussion only. Not for commercial use. WASHINGTON -- Treasury Secretary Paul O'Neill urged the House on Sunday to follow the Senate's lead and raise the federal debt limit to ensure that the government won't run out of borrowing room this week. "We need the House of Representatives to come together in a bipartisan, nonpartisan way and do the thing that's necessary so we can not have this shadow over our ability to pay our fair and true debts," O'Neill said on ABC's "This Week." "They need to do it, without doubt, and I can't believe they're going...