Free Republic

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. The leadership is betting that it’s better for the party to...

Dubai and California, how alike are they? STAND UP AMERICA, GET OUT OF THE FETAL POSITION AND MAKE YOUR VOICES HEARD. Welcome to the GLENN BECK television thread...Shake the cobwebs out of your brain...We are another day closer to the REVOLUTION that will change the 2010 elections. All comrades, infidels, sick twisted freaks and lurkers are welcome and are encouraged to participate in the thread. Join us for a head exploding hour of GLENN BECK!

ongressional Democrats are using several budget gimmicks to disguise the cost of their health care overhaul, claiming the House and Senate bills would cost only (!) about $1 trillion over 10 years. Now that critics have begun to correct for those budget gimmicks, supporters of ObamaCare are firing back. One gimmick makes the new entitlement spending appear smaller by not opening the spigot until late in the official 10-year budget window (2010–2019). Correcting for that gimmick in the Senate version, Sen. Judd Gregg (R-NH) estimates, “When all this new spending occurs” — i.e., from 2014 through 2023 — “this bill...

The incessant stream of lies out of the Democrats is amazing. This is the New York Times flat out saying that Pelosi tried to pull one over on us on the cost of her bill. Throughout Thursday, news accounts, including our own, focused on $894 billion, the total cost given out by aides to the House speaker, Nancy Pelosi, before the official cost analysis was released by the Congressional Budget Office. But a closer look at the budget office report suggests that the number everyone should have reported was $1.055 trillion, which is the gross cost of the insurance coverage...

WASHINGTON – Health care legislation taking shape in the House carries a price tag of at least $1 trillion over a decade, significantly higher than the target President Barack Obama has set, congressional officials said Friday as they struggled to finish work on the measure for a vote early next month. Democrats have touted an unreleased Congressional Budget Office estimate of $871 billion in recent days, a total that numerous officials acknowledge understates its true cost by $150 billion or more. That figure excludes several items designed to improve benefits for Medicare and Medicaid recipients and providers, as well as...

Back on October 7, when the Congressional Budget Office reported that the federal deficit had ballooned to a massive $1.4 trillion during President Obama’s first year on the job, Katie Couric’s CBS Evening News did not tell viewers. But Couric finally caught up to the bad news after the Obama White House put out its final numbers on Friday afternoon. Couric disclosed the news in a brief item on the October 16 Evening News that never mentioned Obama by name: “It’s the biggest IOU Uncle Sam has ever written. Government figures out today show for the last fiscal year, which...

$1.4 Trillion Deficit Complicates Stimulus PlansBy JACKIE CALMES Published: October 16, 2009 WASHINGTON — The Obama administration said Friday that the federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before and the largest shortfall relative to the size of the economy since 1945. The number, while lower than forecast a few months ago, underscored the challenges ahead in shrinking the deficit even as the White House and Congress are considering more steps to stimulate an economy that is making a slow recovery. The political hurdles to finding...

WASHINGTON – The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy. The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken. As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released Friday. President Barack Obama...

US Deficit 'Hits Record $1.4Tn' The US budget deficit hit a record $1.4 trillion (£877bn) in the year to 30 September, US Congress estimates say. Analysts had predicted a $1.6tn deficit but revised the estimate, which comes after the end of the US financial year. The deficit was equal to 9.9% of gross domestic product (GDP) - more than treble the 2008 level and the highest since the end of World War II. The surging deficit was put down to increased government spending and a big drop in tax revenues. The Treasury Department will report the actual deficit later this...

NEW YORK (Reuters) - The U.S. government will have issued $7 trillion in bonds by the time the current fiscal year ends next week, but it expects the debt deluge to stabilize by mid 2010, a Treasury official said on Wednesday. Though markets and the economy are improving, efforts to provide a firm foundation for recovery will require increases to the U.S. Treasury's conventional bonds going forward, as well as debt securities that are indexed to inflation.

Multiply this stack by 7 and that is what NObama is thowing away! http://www.ptm.org/uni/resources/ptmupdate/032309/conclusion.html

WASHINGTON – The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year. The soaring deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt. The Chinese, now the largest foreign owners of U.S. Treasury securities, have expressed concerns about runaway deficits. Treasury Secretary Timothy Geithner and other administration officials have sought to address those concerns by insisting that once the recession is over and the financial system is stabilized, the administration will move forcefully to get the deficits under control. However, Republican critics contend the...

Each "pallet" equals 1 billion dollars...

WASHINGTON (Reuters) - The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. "The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the official, who is familiar with the plans. "Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out." The CBO said in June that deficits between 2010...

USA Today reports that "The federal government has unfunded obligations of $1.2 trillion to pay for retired health care for retired federal workers ... and Medicare and Social Security obligations pushing the total to more than $5 trillion."

WASHINGTON — The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday. Under the worst of circumstances, the report said, the government's maximum exposure could total nearly $24 trillion, or $80,000 for every American. The figures are part of a tough new quarterly report to Congress from special inspector general Neil Barofsky, who accuses the Treasury Department of repeatedly failing to adopt recommendations aimed at making one component of the government financial rescue effort more accountable and...

WASHINGTON (MarketWatch) -- The U.S. recorded a federal budget deficit of $94.3 billion in June, pushing the cumulative deficit so far this year to a record $1.08 trillion, the Treasury Department reported Monday. Outlays rose in June to $309.6 billion, while receipts climbed to $215.3 billion in the month. Among the outlays for June is $11.3 billion in Troubled Asset Relief Program funds, the bailout program for banks and U.S. automakers. At this time last year, the cumulative federal budget deficit was just $285.8 billion. The Obama administration expects a deficit of $1.84 trillion for the full fiscal year, which...

A number of warnings have gone out about the printing of money. The Federal Reserve has been injecting money into the economy by buying US Treasuries in an attempt to keep down interest rates. Their efforts thus far are beginning to fail as bond rates are starting to climb. As we all know, the US Treasury has been forced to issue ever increasing amounts of bonds to finance Congress’s irresponsible spending. The chilling part is the bulk of the Stimulus money has yet to be spent meaning the US Treasury will have to significantly ramp up its bond sales to...

WASHINGTON – A bipartisan group of senators at work on health care reported progress Thursday in holding the cost of legislation to their $1 trillion target, but Republicans quickly added there was no agreement on even the outlines of a bill. "We have options that would enable us to write a $1 trillion bill, fully paid for," Sen. Max Baucus, chairman of the Senate Finance Committee, told reporters. His comments came one week after analysts set the cost of earlier proposals at $1.6 trillion over 10 years. The Montana Democrat provided no details, but others have said the changes made...

What’s bigger than a trillion, a number so large it would take several lifetimes to count to it? Well, a quadrillion is a thousand trillion. It may be time to worry that President Obama’s spending spree will introduce us to the word “quadrillion.” This year alone we’ve been asked to pay for stimulus, the bailouts, Health Care Reform, Climate Change and proposals to exact massive new taxes. The next round of Tea Parties (scheduled for Independence Day) should focus attention on the threat the federal government may end up taking control of what’s left of the private sector of the...

Some Federal Reserve officials are open to raising the amounts of mortgage and Treasury securities purchase programs beyond the $1.75 trillion that they have already committed to buying, according to minutes from the Fed’s April meeting. Officials, meanwhile, projected an even deeper recession than they expected three months earlier and a more sluggish recovery over the next two years as labor markets remain under pressure. “Some members noted that a further increase in the total amount of purchases might well be warranted at some point to spur a more rapid pace of recovery,” according to the minutes of the April...

How much is 1 trillion dollars? A stack of one trillion one-dollar bills would reach 68,000 miles in space. If you spent $1 million dollars a day from the day Jesus was born until now, you would only have spent about three quarters of a trillion. If you laid one trillion one-dollar bills end to end, it would make a chain from the earth to the moon 200 times. One trillion dollars would stretch nearly from the earth to the sun. It would take a jet flying at the speed of sound, reeling out a roll of dollar bills behind it, four...

* KBW analysis shows banks need to raise capital * Sees Bank of America needing more government help (Adds dateline, detail on government stress test) NEW YORK, April 23 (Reuters) - U.S. banks including Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) may need to raise $1 trillion of capital, Keefe, Bruyette and Woods analysts said in a report on Thursday, after they stress tested the industry.

Tell your congressman to oppose the largest tax increase in American History. Click for link to Congressman.

Two Trillion Tons (Song - Updated with Lyrics) Following is a parody of Sixteen Tons as heard on the Lars Larson Show on Westwood One Radio Network. Lyrics by Jim Gossett and Lars Larson. Vocals by David Ford. Produced by Nick Archer. CLICK HERE TO LISTEN Two Trillion Tons Obama got elected, now there is no end; The Democrats wanna tax and spend, Tax and spend us into bankruptcy, With a tax-cheat runnin’ our Treasury. You spend two trillion bucks, and what do you get? No recovery but deeper in debt. St. Peter better call me ‘fore it’s too late;...

At his press conference last night, President Obama insisted once again that he inherited the budget deficit, and “we’re doing everything we can to reduce that deficit.” But the deficits over the next 10 years that Obama proposed in his budget are not George Bush’s deficits. They are the deficits that Obama has proposed, resulting from the $1 trillion in increased spending he adopted in the no-stimulus stimulus bill, and the $400 billion supplemental spending bill he supported and also adopted the following week, and the $275 billion housing bailout he proposed the next week, and the $1 trillion bank...

All this talk about "stimulus packages" and "bailouts"... A billion dollars... A hundred billion dollars... Eight hundred billion dollars... One TRILLION dollars... What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like. We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go. A packet...

As reported last week, the Federal Reserve just printed an additional $1 trillion dollars to work into the economy. And the Congressional Budget Office is projecting that our cumulative deficit -- the combination of pre-existing debt, along with all the new spending the president has planned -- will stretch to a stratospheric $9.3 trillion dollars. It's tough to get our minds around such numbers, so here's a helpful visual. This is $1 million dollars (10,000 $100 bills, stacked and bound).                          And here's what $100 million dollars looks like. That's a lot of money.    But it's not quite $1 trillion...

Glenn Beck explains how the AIG issue is a smokescreen for the Fed's move buy $1 Trillion in debt from the American treasury. http://conservativebrawler.blogspot.com/2009/03/glenn-beck-explains-this-weeks.html

WASHINGTON – President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month. The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget. Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable....

Heritage Foundation Senior Policy Analyst Brian Riedl details how President Barack Obama’s budget raises taxes on Americans by $1.4 trillion

WASHINGTON (Reuters) – U.S. households suffered a record-large 9 percent drop in wealth and pared debt in the fourth quarter as a deepening recession battered confidence and finances, Federal Reserve data showed on Thursday. Household net worth dropped by $5.1 trillion from the prior quarter to $51.5 trillion. For the full year, net worth dropped by $11.2 trillion, reflecting steep declines in the housing and stock markets. The declines in household net worth were the largest since quarterly and annual records began in 1951 and 1946, respectively, the Fed said. Since a second-quarter 2007 peak of $64.4 trillion, household wealth...

What does one TRILLION dollars look like? All this talk about "stimulus packages" and "bailouts"... A billion dollars... A hundred billion dollars... Eight hundred billion dollars... One TRILLION dollars... What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like. We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to...

America's trillion dollar question The US economy has suffered a sharp nosedive. Plunging exports and the biggest fall in consumer spending in 28 years has meant that the decline was much worse than analysts had expected. Kevin Connolly in the US looks at why we are now talking trillions as well as billions. In the world of American government, the trillion is the new billion. There was a time when only astro-physicists and accountants practising in Zimbabwe had any use for a word which - in the US at least - means a million millions. Barack Obama is not the...

...Given recent developments, I am going on record again. In my opinion, the decisions of our new administration will lead the US into a Greater Depression. This may be the worst mistake in...

Who is representing you in Washington, D.C.? By Robert Faletra There's plenty of concern around the banking industry. I get that. Credit is essentially a utility that has to be provided and protected. But then along comes the auto industry handout, soon to be followed by who knows how many other handouts. The inside-the-beltway types are throwing around billion-dollar spending packages like it's rock salt being used to clear a New England driveway. So while we are ready to bail out all these poorly managed megabusinesses with multimillion-dollar-paid executive teams, we have to wonder who will generate the taxes to...

GOODBYE, AMERICA! IT WAS FUN WHILE IT LASTEDFebruary 11, 2009It's bad enough when illiterate jurors issue damages awards in the billions of dollars because they don't grasp the difference between a million and a billion. Now it turns out the Democrats don't know the difference between a million and a trillion. Why not make the "stimulus bill" a kazillion dollars? All Americans who work for a living, or who plan to work for a living sometime in the next century, are about to be stuck with a trillion-dollar bill to fund yet more oppressive government bureaucracies. Or as I call...

Here is a CNN Report on just how big $1 Trillion is, the expected size of President Obama's Economic Stimulus Plan. It includes the quote from Republican Sen. Minority Leader Mitch McConnell saying that if we started spending $1 Million the day Jesus Christ was born, and spent $1 Million every day since then, we still would have not spent $1 Trillion! Good Report. . . . . . (Watch Video)

WASHINGTON (Reuters) – The cost of the government setting up a "bad bank" to buy up toxic assets from struggling U.S. banks could range as high as $4 trillion, according to some experts, Sen. Charles Schumer said on Thursday. ... "I've talked to various experts. The estimates vary, from one to four," the Senate Banking Committee member said. Asked if banks need $2 trillion to $3 trillion in additional bailout funds, Schumer said: "No, not necessarily."

Stimulus with interest: $1.2 trillionJeanne Sahadi, CNNMoney.com senior writer Tuesday January 27, 2009, 5:25 pm EST The long-term cost of the $825 billion economic recovery package before Congress could rise to $1.2 trillion over 10 years, a top budget official said Tuesday. That's because the government will borrow to fund the plan and pay an estimated $347 billion in interest, Congressional Budget Office Director Douglas Elmendorf told the House Budget Committee on Tuesday. The calculation was made at the request of House Republicans who have questioned the size and effectiveness of the bill. When asked at a press briefing about...

Ranking Member Dave Camp (R-MI) presses staffer from the Joint Committee on Taxation about job creation in the Democrats' proposed stimulus bill. He could not confirm that this bill could produce one job.

Excuse me, Mr. Obama...but... Traveling on business this week in California. Tonight, in my "down time" which is short and usually late and followed by hotel room-service dinners and flopping on the bed for 30 minutes from sheer exhaustion after driving from Santa Maria, to Orange County, I wiled away the minutes tonight by watching pundits on politics, news, and surfing related sites. OK, I heard something like this on the radio earlier today. It was a caller into one of those "right wing conservative" radio shows, which will be banned in the near future by the "fairness" doctrine -...

HARARE (AFP) – Zimbabwe unveiled a 100 trillion dollar note Friday in the latest grim measure of its staggering economic collapse, heightening the urgency of a new round of unity talks set for next week. Veteran leader Robert Mugabe and opposition chief Morgan Tsvangirai are set to hold talks Monday with key regional leaders in a bid to salvage a four-month-old unity accord, which has yet to be implemented. The stalemate over disputed elections last year has only fuelled the economic and humanitarian crisis that has impoverished the country, leaving nearly half the population dependent on food aid as a...

President-elect Obama is considering an economic stimulus package that will include increases in government spending and tax cuts of approximately one trillion dollars. Many fear a prolonged depression resulting from a sharp reduction in consumer spending. After saving very little for many years, Americans have begun to save more in response to the economic crisis. When people spend less on consumer goods and services, producers sell less and cannot afford to employ as many workers. Thus, it seems self-evident that if unemployment is to be reduced and the economy is to recover from the recession, there must be an increase...

Am I the only one who thinks that a trillion dollar deficit, proposed by the President-elect, is financially insane? True, as we head into the deepest recession since the Great Depression of the 1930's, we may succeed in becoming the Great Depression II. However, before we touch a lit match to a fuse on a trillion dollar budget deficit (not to mention funding for the wars in Iraq and Afghanistan occuring outside the annual budget, which will surely detonate our country in the future), let us try to address the original problem. We all agree residential real estate began this...

Five Democratic governors are determined to help President George W. Bush secure his legacy as the president who helped to destroy the U.S. economy in order to protect idiot real estate speculators. Placing their faith in the false gods of Keynesianism, they want the U.S. government to fork over $1 trillion --in addition to the $8.5 trillion the federal government and the Fed have already committed to various bailouts-- to help cash-strapped states, Reuters reports. In other Bush legacy news, the U.S. Treasury announced it plans to provide financial aid to companies that supply automobile manufacturers. President Bush better pick...

WASHINGTON (Reuters) – The U.S. budget deficit will swell to a record $1.186 trillion in fiscal 2009 as the global recession saps the economy, congressional forecasters said on Wednesday, presenting a daunting challenge to President-elect Barack Obama who has said tough choices will be necessary. The Congressional Budget Office also forecast the deficit will likely fall to $703 billion in the 2010 fiscal year which begins October 1, 2009, as the U.S. recession begins to ease in the second half of this year.

Slowing tax revenues and an historic bailout of the U.S. financial system will drive the annual budget deficit to nearly $1.2 trillion this year, even without the massive economic stimulus package now under review by Congress, the Congressional Budget Office reported this morning. The CBO also projects that the deficit will hit $703 billion in the fiscal year that starts in October. The CBO budget outlook provides the first official estimate of how rampant federal spending aimed at stabilizing markets and reviving the economy have affected the government's finances. The picture is grim: both numbers represent deficits far larger than...

WASHINGTON – President-elect Barack Obama says the nation probably faces huge deficits for years to come, but heavy spending is needed now to spur the economy. .. "Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on."

President-elect Barack Obama’s record-setting stimulus plan — the biggest special spending bill in history — is getting such astonishingly quick treatment from House Democrats that officials say it could go from draft to final passage in one week.