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#1327817 - 01/21/10 03:42 AM
How are we ever going to dig out way out of this?
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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- AP
- January 20, 2010
Senate Democrats Propose $1.9T Increase to U.S. Debt Limit
Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.
WASHINGTON -- Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.
The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats who, as the party in power, hold the responsibility for passing the legislation.
The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year's deficit hit a phenomenal $1.4 trillion, and the current year's deficit promises to be as high or higher.
Congress has never failed to increase the borrowing limit, but it will take 60 votes to pass the legislation under an agreement by top Senate leaders.
Getting 60 votes became more complicated after Sen.-elect Scott Brown's victory Tuesday in Massachusetts. Democrats will shortly have 59 Senate seats and will need at least one Republican to pass the legislation.
"We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check," said Finance Committee Chairman Max Baucus, D-Mont. "We simply must do so."
The White House said the increase "is critically important to make sure that financing of federal government operations can continue without interruption and that the creditworthiness of the United States is not called into question," according to an official policy statement.
Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year.
Republican Sen. John Thune of South Dakota immediately offered an amendment to end the bank and Wall Street bailout, officially known as the Troubled Asset Relief Program, or TARP. Thune would prohibit further expenditure TARP funds and would require that all funds paid back be used to retire debt.
http://www.foxnews.com/politics/senate/ci.Senate+Democrats+Propose+%241.9T+Increase+to+U.S.+Debt+Limit.opinionPrint
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#1327818 - 01/21/10 03:44 AM
Re: How are we ever going to dig out way out of this?
MB Guy
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Joined: Jun 2004
Posts: 19,858
Pulling people out of the ditc...
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wonder how they'll try and pin this on bush
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Providing alternative truths since the invention of time
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#1327822 - 01/21/10 05:02 AM
Re: How are we ever going to dig out way out of this?
HappyGilmore
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Joined: May 2005
Posts: 8,487
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"The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress."
They left out the part where nobody will take any responsibility to reduce the size of the federal government. I propose we start with HUD.
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#1327838 - 01/21/10 12:57 PM
Re: How are we ever going to dig out way out of this?
pjs
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10K Club
Joined: Sep 2006
Posts: 13,244
Stuck w/Avatar
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:hands MB Guy hip waders and shovel: This is nuts, it's NUTS! I blame Bush.
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It's called a nap, Susan Lucci!
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#1327839 - 01/21/10 12:59 PM
Re: How are we ever going to dig out way out of this?
buggs
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Joined: Jul 2008
Posts: 4,797
You are here
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They left out the part where nobody will take any responsibility to reduce the size of the federal government. I propose we start with HUD. To all my fellow NYers Lets not forget who was asleep at the wheel of HUD when it all started to spiral out of control. Andrew Cuomo
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#1327860 - 01/21/10 01:47 PM
Re: How are we ever going to dig out way out of this?
MB Guy
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10K Club
Joined: Jul 2002
Posts: 13,994
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quit your complaining and pay your share
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blah
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#1327905 - 01/21/10 02:42 PM
Re: How are we ever going to dig out way out of this?
QCL
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Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
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Now that's what I'm talking about!
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A common mistake people make designing something completely foolproof is to underestimate the ingenuity of complete fools.
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#1327906 - 01/21/10 02:45 PM
Re: How are we ever going to dig out way out of this?
QCL
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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$1,400,000,000,000;
Or $1,400 Billion;
Or $1,400,000 Million.
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#1327911 - 01/21/10 02:48 PM
Re: How are we ever going to dig out way out of this?
MB Guy
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Power Poster
Joined: May 2002
Posts: 6,259
NW IL
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$1,400,000,000,000;
Or $1,400 Billion;
Or $1,400,000 Million.
I have more than that in my Mafia Wars account on FB.
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#1327920 - 01/21/10 03:02 PM
Re: How are we ever going to dig out way out of this?
QCL
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10K Club
Joined: Jul 2002
Posts: 13,994
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::writes $1,400,000,000,000 check to the government........post dated 4075::
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blah
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#1327932 - 01/21/10 03:10 PM
Re: How are we ever going to dig out way out of this?
Peepers
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Joined: Jun 2005
Posts: 4,594
Easy Street
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Who are gonna dig out? One spoonful at a time.
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Some days good karma isn't worth the hassle.
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#1328045 - 01/21/10 04:25 PM
Re: How are we ever going to dig out way out of this?
cheekEE
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Power Poster
Joined: May 2005
Posts: 8,487
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I read that Simon Cowell signed a $1 billion deal. That's what I need.
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#1328063 - 01/21/10 04:34 PM
Re: How are we ever going to dig out way out of this?
Peepers
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10K Club
Joined: Jul 2004
Posts: 18,989
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::writes $1,400,000,000,000 check to the government........post dated 4075:: If you don't notify the Bank, it can still be negotiated now, ya know!
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With the lights out, it's less dangerous.
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#1328127 - 01/21/10 05:24 PM
Re: How are we ever going to dig out way out of this?
Becka Marr
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Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
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All the government needs to do is print more money. This planet has - or rather had - a problem, which was this: most of the people on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movements of small green pieces of paper, which is odd because on the whole it wasn't the small green pieces of paper that were unhappy. Ah yes, perhaps it is time to leave. Do have your towel?
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A common mistake people make designing something completely foolproof is to underestimate the ingenuity of complete fools.
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#1328677 - 01/22/10 01:54 PM
Re: How are we ever going to dig out way out of this?
Jafo
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Power Poster
Joined: May 2009
Posts: 3,567
Ohio
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Anyone for a Pangalactic Gargleblaster?
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#1328721 - 01/22/10 02:40 PM
Re: How are we ever going to dig out way out of this?
Buccs
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Joined: May 2004
Posts: 10,124
Way, way south.
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I am sure this will help: January 21, 2010 Taxpayer Dollars Spent on Trysts, Golf, Skiing Questionable travel expenditures have remained a persistent problem across the federal government in recent years. From an extra day's hotel stay so military officials can fit in a round of golf to federal workers who fly business class instead of coach, questionable travel expenditures have remained a persistent problem across the federal government in recent years, the Washington Times reports. At the State Department, for instance, nearly 80 percent of the more than $300,000 in airfare reviewed at one little-known office in fiscal 2007 and 2008 went to pay for business-class airline tickets, and many of those purchases violated federal travel policy. One senior manager at the National Science Foundation took or extended taxpayer-funded trips totaling more than $10,000 to facilitate liaisons with women in Paris, Tokyo and Vancouver. And a former deputy secretary at the Pentagon repaid more than $17,000 after investigators said he extended official travel for personal reasons on more than a dozen trips, a finding the former official said he strongly denies. The Washington Times obtained information about these and dozens of other internal travel-related investigations through Freedom of Information Act requests to federal agencies across government, as well as a review of public reports, audits and court records. http://www.washingtontimes.com/news/2010/jan/22/taxpayers-bucks-spent-on-trysts-golf-skiing/
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#1328811 - 01/22/10 03:45 PM
Re: How are we ever going to dig out way out of this?
Becka Marr
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Power Poster
Joined: Jan 2004
Posts: 2,795
Guess
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All the government needs to do is print more money. This planet has - or rather had - a problem, which was this: most of the people on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movements of small green pieces of paper, which is odd because on the whole it wasn't the small green pieces of paper that were unhappy. The answer is so obvious...42!
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#1328821 - 01/22/10 03:56 PM
Re: How are we ever going to dig out way out of this?
YosemiteSamIAm
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Joined: May 2009
Posts: 3,567
Ohio
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...but what was the question?
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#1328823 - 01/22/10 03:57 PM
Re: How are we ever going to dig out way out of this?
Buccs
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Power Poster
Joined: Aug 2004
Posts: 5,912
Outside A Garage
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You know. The ultimate question of life, the universe, and everything.
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...you guys, I'm going home
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#1328827 - 01/22/10 03:58 PM
Re: How are we ever going to dig out way out of this?
Blade Scrapper
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Power Poster
Joined: May 2009
Posts: 3,567
Ohio
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Perhaps I can enchant you with a selection of Vogon poetry?
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