Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Reid to offer $2.5 trillion debt deal with NO TAXES?
Zero Hedge ^ | 7/24/2011 | CNN Twitter

Posted on 07/24/2011 2:37:05 PM PDT by SDShack

Just out from CNN's Lisa Desjardins

BREAKING - NEW Dem. debt plan: Reid to offer at "least $2.5 Trillion" in deficit redux w/ no revenue increases, Dem. source tells CNN. NEW REID PLAN: "At least $2.5 T in deficit redux" w/ no revenue increases. BUT, unclear what baseline he's using and what he'd cut. REID PLAN: Dem aide tells our @tedbarrettcnn they think it meets GOP call for dollar-for-dollar spending cuts with debt increase.

(Excerpt) Read more at zerohedge.com ...


TOPICS:
KEYWORDS: debt; debtceiling; debtcrisis; debtlimit; dinghyharryreid; donothingsenate; haterofamerica; nerdyjerk; partyofnoplan; truecommunist
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-119 last
To: Jean S

for those of you that can’t figure out how to do basic research..try this ...
http://www.google.com/#hl=en&xhr=t&q=zero+hedge&cp=6&pf=p&sclient=psy&source=hp&aq=0&aqi=g5h1&aql=&oq=zero+h&pbx=1&bav=on.2,or.r_gc.r_pw.&fp=44eb8ccc40613db6&biw=1024&bih=534


101 posted on 07/24/2011 4:32:54 PM PDT by RummyChick
[ Post Reply | Private Reply | To 99 | View Replies]

To: kabar
The debt ceiling never goes down. The entitlement programs are the biggest driver of our debt. 51% of Medicare expendiutres come from the General Fund. And with 10,000 baby boomers retiring every day from now to 2030, these costs will balloon and consume by that time at least 20% of the total federal budget.

Right now, 100% of Federal revenues are used to pay Social Security, Medicare, Medicaid, and income security (unemployment, welfare, food stamps, housing assistance). EVERY DOLLAR the Federal Government receives from ALL sources just barely covers these programs alone.

The VA, DOD, EPA, OSHA, HUD, DHS, FBI, CIA, all the rest is paid for with borrowed dollars.

We simply cannot balance the budget WITHOUT addressing Social Security, Medicare, and Medicaid. It's impossible. They need to be cut and capped - that's the only way out of a Ponzi scheme.

102 posted on 07/24/2011 4:33:27 PM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
[ Post Reply | Private Reply | To 92 | View Replies]

To: RockinRight; Jim Robinson

And You Sir! Must be a Liberal Plant here on Free Republic for that asinine statement! I am an accomplished International Businessman with years of experience in Europe and Asia and specifically China and your statement is beyond naive! GOD BLESS AMERICA!! with Voters like You!


103 posted on 07/24/2011 4:57:47 PM PDT by True Republican Patriot (May GOD Continue to BLESS Our Greatest President :George Washington!!)
[ Post Reply | Private Reply | To 70 | View Replies]

To: RockinRight; Jim Robinson

And You Sir! Must be a Liberal Plant here on Free Republic for that asinine statement! I am an accomplished International Businessman with years of experience in Europe and Asia and specifically China and your statement is beyond naive! GOD BLESS AMERICA!! with Voters like You!


104 posted on 07/24/2011 4:57:56 PM PDT by True Republican Patriot (May GOD Continue to BLESS Our Greatest President :George Washington!!)
[ Post Reply | Private Reply | To 70 | View Replies]

To: FromTheSidelines

You left out debt servicing costs, which will soar to close to $1 trillion a year in ten years if/when interest rates return to their historical average. Everything will have to be cut in order to change the current trajectory of debt. Some very painful decisions are ahead. The longer we wait, the more painful the decisions.


105 posted on 07/24/2011 5:09:54 PM PDT by kabar
[ Post Reply | Private Reply | To 102 | View Replies]

To: True Republican Patriot

I have been here since 2000...that is a ridiculous statement in and of itself.


106 posted on 07/24/2011 5:12:07 PM PDT by RockinRight (If we're "teabaggers" then they're "d-baggers.")
[ Post Reply | Private Reply | To 104 | View Replies]

To: True Republican Patriot
We dont need the Department of Energy, the Department of Education, nor 99% of the department of State to name just a few!!

Those are three of the smallest agencies of government. Not much savings. And exactly how would you operate the State Department with 1% of its current budget?

107 posted on 07/24/2011 5:13:13 PM PDT by kabar
[ Post Reply | Private Reply | To 38 | View Replies]

To: RockinRight

You’re a troll? You’ve done a great job of hiding it for all these years :-)


108 posted on 07/24/2011 5:26:34 PM PDT by Jean S
[ Post Reply | Private Reply | To 106 | View Replies]

To: RockinRight

So I have been as well! You just support humogous Government Bereaucraies with Unlimited Budgets obviously
which makes You an Obama Communist or worst!


109 posted on 07/24/2011 6:27:13 PM PDT by True Republican Patriot (May GOD Continue to BLESS Our Greatest President :George Washington!!)
[ Post Reply | Private Reply | To 106 | View Replies]

To: Jean S

AMEN!!! to the Infinity!!! The Guy is a TROLL beyond Disgusting!


110 posted on 07/24/2011 6:29:43 PM PDT by True Republican Patriot (May GOD Continue to BLESS Our Greatest President :George Washington!!)
[ Post Reply | Private Reply | To 108 | View Replies]

To: True Republican Patriot; RockinRight

Good grief! I was joking.

RockinRight is no troll.


111 posted on 07/24/2011 6:34:41 PM PDT by Jean S
[ Post Reply | Private Reply | To 110 | View Replies]

To: kabar

Sure - we pay for that debt servicing with more debt, right now. Our taxes only cover Social Security, Medicare, Medicaid, and income security. Everything else - including debt service - is covered with more debt.


112 posted on 07/24/2011 7:17:10 PM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
[ Post Reply | Private Reply | To 105 | View Replies]

To: True Republican Patriot

You’re a moron.


113 posted on 07/24/2011 7:24:37 PM PDT by RockinRight (If we're "teabaggers" then they're "d-baggers.")
[ Post Reply | Private Reply | To 109 | View Replies]


Boop A Cat! Don't Wake the Dragon!

If they wake him up trying to steal that fish
There is sure to be trouble


Please donate, monthly if possible

A Sponsoring FReeper will contribute $10
For each New Monthly Donor

Donate monthly and end FReepathons!

114 posted on 07/24/2011 7:55:17 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
[ Post Reply | Private Reply | View Replies]

To: FromTheSidelines

You could describe it that way, but the fact is that we borrow 42 cents of every federal dollar spent. So you can allocate it anyway you want in describing what is and is not paid. There really is nothing mandatory about mandatory spending. I would say that servicing the debt would come at the top of the list given its impact on the economy and the nation. It is just a matter of setting priorities.


115 posted on 07/24/2011 8:45:48 PM PDT by kabar
[ Post Reply | Private Reply | To 112 | View Replies]

To: kabar

oh, I agree, and I believe the Constitution requires that the national debt obligations be paid before anything else as well...

However, I find it instructive - especially when dealing with liberals/moderates (not here, just for firepower later) - to put it in terms of the sacred cows/entitlements. We can literally only cover the big entitlements that so many crave; we must borrow for everything else.

Given the rate at which entitlements are growing, it won’t be very long at all (probably 2014) before tax receipts alone cannot cover the entitlements, meaning we MUST address - and cut - them no matter what.


116 posted on 07/24/2011 9:40:19 PM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
[ Post Reply | Private Reply | To 115 | View Replies]

To: FromTheSidelines
51% of Medicare expenditures already come from the General Fund. By law, 75% of the costs for Medicare Parts B and D (SMI) come from the General Funhd. The premiums only cover 25% of the costs.

Medicare already spends more than it receives in dedicated taxes and premium payments. As baby boomer retirees begin to flood the system, the impact will be felt by every other federal program:

• Currently, Medicare claims about 11 percent of federal nonentitlement tax dollars.

• By 2020, Medicare deficits will claim one in every five federal tax dollars that are not already dedicated to Medicare and Social Security.

• This means that in just 7 years the federal government will have to stop doing one in every five things it does today if taxes are to remain at their current level and projected Medicare benefits are paid on behalf of the disabled and the elderly.

• By 2030, the deficits in Medicare will claim one in every three general revenue dollars; by 2050, they will claim one in every two.

117 posted on 07/24/2011 9:51:29 PM PDT by kabar
[ Post Reply | Private Reply | To 116 | View Replies]

To: kabar

Now that information is TRULY scary! EEK - we’re out of time, we have to address Medicare/Medicaid and Social Security NOW.


118 posted on 07/24/2011 10:31:22 PM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
[ Post Reply | Private Reply | To 117 | View Replies]

To: RummyChick
These ads are at the homepage of this website.

http://act.boldprogressives.org/survey/gwa_prosser/?source=gwa-sr-fls1&gclid=CMKVodujnaoCFQVrKgodFFRNzw

http://dlcc.wiredforchange.com/o/6377/p/dia/action/public/?action_KEY=57&gclid=CJWxl52jnaoCFUPBKgodezoqxQ

119 posted on 07/25/2011 1:17:24 PM PDT by Jean S
[ Post Reply | Private Reply | To 101 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-119 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson