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 ...
Well the deficit is shrinking and the thanks to tax cuts and growing economy so is the debt burden. The historical peak for the debt was 120% of GDP following WWII, so the present debt burden is really not a big deal so long America can maintain a growing economy, by say…KEEPING DEMON-RATS OUT OF OFFICE!
Er... we could be cutting spending NOW and paying down the debt with supposed "conservatives" holding the House, the Senate, and the Executive. No sign of that happening.
Yes. Rats would be worse. But right now the GOP'ers in office are spending like Rats so there isn't a whole lot of difference.
Especially since we can go right down the latest spending spree bill and find numerous examples of Extra-Constitutional programs being funded. The FedGov has a limited set of duties to perform. Anything else should be CUT. It'd save us trillions in unfunded liabilities.
I don't mean to pick on you, but you set yourself up as someone who knows things yet you make the silliest comments.
Debt/GDP is the only relevant measure? Do you realize that GDP includes gov't spending? Also, GDP is not a very reliable number as it's calculated by a gov't agency and it's based on significant assumptions and forward looking estimates.
Thank God the Republicans are in power /sarcasm
Yeah, that would solve this whole problem.
The National Debt has continued to increase an average of $1.95 billion per day since September 30, 2005!
It takes a lot of taxpayers to collect $2 billion in taxes.
But, when adjusted for inflation as a % of GDP...
know=knock
No answer? Realize your error?
Yes, they both appear in the liabilites section of the Balance Sheet.
If GM promises to pay the health benefits of retired workers and their families, that's an unfunded liability. If GM decided tomorrow not to pay them anymore, they'd have no claim on GM's assets.
If the Feds decided tomorrow to stop paying Social Security, recipients would have no legal claim to benefits.
The US GDP is about 11 Trillion so the debt cieling is not 89% of GDP.
Very interesting. What is that rumbling noise I hear? No, it's not the fiber.
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