2.5 trillion dollar increase in the debt ceiling

Discussion in 'Politics' started by cosmictraveler, Aug 2, 2011.

  1. cosmictraveler Be kind to yourself always. Valued Senior Member

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    The Budget Control Act of 2011 will raise the debt ceiling by between $2.1 trillion and $2.4 trillion -- that's expected to cover Treasury's borrowing needs until 2013.


    The bill cuts about $2.4 trillion over the next decade in a two-step process. In the first phase, Congress would raise the debt limit by $900 billion while cutting $917 billion. The increase would last for about six months. Then, a newly-created Joint Committee would be tasked with finding $1.5 trillion in cuts in order for President Obama to be authorized to request another $1.5 trillion increase.

    Read more: http://dailycaller.com/2011/08/01/h...-visit-from-rep-gabby-giffords/#ixzz1TtwC0sot

    Nothing about reducing the governments payroll or cutting the duplicity of agencies or the reduction to foriegn countries for ais to them, nothing about reducing the insurances that Congress gets for life and their pensions either. Nothing about pension cutting anywhere. I'm very very ________!
     
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  3. Pinwheel Banned Banned

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  5. cosmictraveler Be kind to yourself always. Valued Senior Member

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    It is rather strange that Congress knows it needs 2.5 trillion in 2.5 years to keep the government going. They should be reducing their spending not increasing it with this much money. They are again not looking out for anyone but their own businesses.

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  7. jmpet Valued Senior Member

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    On a more basic level, I find it amazing that Obama can come up with a budget (the money we need to run the country for a year) and not pay attention to taxation (the money we collect to finance the government)... how can he say "we need $1 trillion more than we take in" and the whole of government go along with it???

    Shouldn't the both be connected? Shouldn't we take in as much as or more than we spend??? When did it become so easy to Federally borrow money by the trillion???
     
  8. kx000 Valued Senior Member

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    I have no idea what this means, but it seems terrible. I do know, the deffinition of insanity is trying the same thing over and over and expecting different results.
     
  9. spidergoat Venued Serial Membership Valued Senior Member

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    There are places to cut spending, but mostly we need to increase it, because we are in a depression, and the only way out of it is investment. We need a second stimulus program. The same thing happened during the first great depression, and the conservatives did the same thing, to the detriment of the economy. When we finally woke up, the investments grew the middle class for two decades.

    He knows the House will not raise taxes, so Obama is waiting until we can vote these clowns out.
     
  10. Me-Ki-Gal Banned Banned

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    We are in deep shit !! Tax revenues will continue to fall is the prob. As manufacturing , exports and consumption continues to collapse so goes expected revenues . Growth is anemic . Not enough to even pay interest .
    If it continues in this way the debt won't be payed and a revision will happen in 2013 or possibly before . Americans are f--cked . Get ready for a new beginning cause the bumpy ride has only begun. Brake through in discovery is needed bad . Something the the world can get behind . Purpose is what we need as a group . That is the other shoe . Purpose creates endeavors . As long as humans are seen as a blight on the world purpose is a difficult situation cause we are what we think .
    Now the thing is these times are contraction . Which seems a natural progression to high populations. Slow down because of high populations . So what is the matter with our work ethics we live by in a contracting over used world ? I tell you I must be one of the few that see the collision of ideologies based on old world models and new paradigm shifts . It is time to eat drink and be merry if you ask Me . Ride your bikes and listen to great music . Oh that might just be Me . Well at least Me "big foot" print is a lot smaller . Contraction in Me Life and your life will slow the economy more . Tax Revenues will fall .

    Spiral time
     
    Last edited: Aug 3, 2011
  11. joepistole Deacon Blues Valued Senior Member

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    I don't know what you are trying to say here. But if you are saying stimulus did not work, then you would be wrong.

    What doesn't work is trying to start a fire by putting gasoline on it and then dumping water on it. And that is essentially what is happening in Washington. Democrats are trying to move the economy forward by stimulating it. And they have had some success. However their efforts have been retarded by Republican ideology and partisan attempts to regain power. Republicans have been using everything in their power to retard the economy in hopes it will help them the next election cycle.

    Because we have a divided government and because the dominant party is very week and accomodative to Republicans and Republicans have no problem with destroying the nation, you wind up with a government that does silly things (e.g. refuses to raise taxes to pay down deficits). If one is serious about solving the nation's finances and economy, you don't do it wearing blinders - saying you are only going to look at spending cuts during a time when government spending is needed and you are not going to look at increasing taxes on the wealthiest citizens.
     
    Last edited: Aug 3, 2011
  12. spidergoat Venued Serial Membership Valued Senior Member

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    That is not the definition of insanity, and I wish people would stop saying that.
     
  13. Grim_Reaper I Am Death Destroyer of Worlds Registered Senior Member

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    They need to start taxing Corperations and other large Business's this is where the money is as well as Tax the people that have the most money yyou have to increase income and reduce spending. As far as increasing income the average person cannot afford that so go to the new average person the wealthy and athe large business's.
     
  14. joepistole Deacon Blues Valued Senior Member

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    Well I don't think you can entirely blame that on Obama. He inherited huge deficits from the previous Republican administration. And the current House is willing to run the nation into economic chaos to prevent the government from raising its income.
     
  15. Sock puppet path GRRRRRRRRRRRR Valued Senior Member

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    Has cutting military/defense spending been on the table at all? (I am not in the states so I don't get all the details) That is the single biggest budget post there is!
     
  16. madanthonywayne Morning in America Registered Senior Member

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    Wow. I've never seen that chart before.
     
  17. Rhaedas Valued Senior Member

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    The American government works on compromise. The Tea Party refuses to do this.

    I laugh at blaming Obama for not raising taxes, when it's not the left side at all that's been screaming they will refuse anything that leads to higher taxes.
     
  18. Pinwheel Banned Banned

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    The problem is when you also have a huge number of people employed in the defence industry, so much so that as much you'd like to cut spending there, you're going to put a lot of people out of work. I think we were warned about this many years ago....
     

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