Posted on 05/09/2006 11:04:47 AM PDT by soccer_maniac
A $2.7 trillion budget plan pending before the House would raise the federal debt ceiling to nearly $10 trillion, less than two months after Congress last raised the federal government's borrowing limit.
The provision -- buried on page 121 of the 151-page budget blueprint -- serves as a backdrop to congressional action this week. House leaders hope to try once again to pass a budget plan for fiscal 2007, a month after a revolt by House Republican moderates and Appropriations Committee members forced leaders to pull the plan.
With passage of the budget, the House will have raised the federal borrowing limit by an additional $653 billion, to $9.62 trillion. It would be the fifth debt-ceiling increase in recent years, after boosts of $450 billion in 2002, a record $984 billion in 2003, $800 billion in 2004 and $653 billion in March. When Bush took office, the statutory borrowing limit stood at $5.95 trillion.
(Excerpt) Read more at washingtonpost.com ...
Those freaking bearings on the money printing presses must be glowing red about now................
yeah, i agree about the overblown perception of the national debt. what concerns me is the method (dollar devaluation) that seems to be the long term remedy.
Remember when there was a government shutdown, stalemate, because House Republicans wouldn't write in the debt increase to $4.5 trillion? Ahhh, those were the days ...
Botswana (like Dubai) is one of the few countries that have managed to literally raise themselves up through hard work and great vision. Here is a report from www.CIA.gov on Botswana's economy:
Botswana has maintained one of the world's highest economic growth rates since independence in 1966. Through fiscal discipline and sound management, Botswana has transformed itself from one of the poorest countries in the world to a middle-income country with a per capita GDP of $10,000 in 2005. Two major investment services rank Botswana as the best credit risk in Africa. Diamond mining has fueled much of the expansion and currently accounts for more than one-third of GDP and for 70-80% of export earnings.
diamond mining is one third of GDP, lucky dirt they're sitting on
I'll end up paying a lot more in taxes :(
That's the stupidest chart I've ever seen.
Would you please do us all a favor and include all the unfunded Social Security and Medicare liability?
Please, humor us and let's see how we compare to other countries.
The estimated population of the United States is 298,677,050 so each citizen's share of this debt is $28,002.18.
The National Debt has continued to increase an average of
$1.95 billion per day since September 30, 2005!
There is a difference between a debt and an unfunded liability.
The gov't could pay off the debt with little effort. Just print the money
Uhhh, hate to tell you but that is what deficit spending is. If you create a debt that is never paid off, guess what, you have created more "money" to float around in banking accounts making more loans.
The fiat money system that we have is based on debt to create money in bank accounts.
A loan is money in a bank account that was just created by loan that was deposited into it. The same money borrowed over and over and over again moving as credits into multiple bank accounts as each is loaned out in it's turn.
Guess what happens when everyone wants their money out of the bank at the same time.
Government debt (sold to banks as government bonds and Treasury notes) is nothing more than the fundamental loan that creates the first bank account to underwrite even more debt and add "money" to accounts in the private sector.
Look up "fractional reserve banking", on the internet sometime. That is the monetary system we have under the Federal Reserve System.
You must have studied at the Enron school of business
Are you saying a debt and an unfunded liability are the same?
[/sarcam]
Tonight we're gonna party like it's 1999...spend it boys! It don't mean nothin'! Print some more money!
I smell bankruptcy in the air...
Please go here and all your questions will be anserwed.
http://optimist123.com/
BTTT!
There they go again...
One of the reasons third parties cannot win is because people think they cannot win, and they go on and vote for the DimRats or RepubliSlimeys.
Damn, here I thought being able to keep more of what I make in my pocket was the whole idea of this "freedom", "limited government", and "capitalism" thingie... I guess I only work to service the growing spending habits of Congress.
In that case, time to stop working...
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