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This is going to be an interesting time in our history. From what I heard, raising the debt ceiling would most certainly bankrupt us and not raising it will screw the economy.
This is going to be an interesting time in our history. From what I heard, raising the debt ceiling would most certainly bankrupt us and not raising it will screw the economy.
Not raising it will certainly cause an immediate, unprecedented global depression, as it will force the U.S. to default on it's obligations and lose it's AAA rating.
It will be raised. Watch. I'll bet any of youse a dollar.
You do realize that voting against raising it will not cause us to default if we make necessary spending cuts to maintain a balance, right?
Voting against it will cause us to default, period. That's the reality of the situation.
It is not possible to make all the necessary cuts at the same time - unless you DON'T make it a standalone bill so you can include cuts along with it....oh, and those cuts need to take effect immediately, and they need to involve reneging on prior commitments of this same congress.
This is how we'll know who's telling the truth and who's playing the electorate for a fool.
The ones being fooled are those that believe we can implement a retroactive spending cap in order to prevent a debt limit increase. Those fools don't understand the first thing about government, budgets, the legislative process or economics. All they know is that Sarah Palin said increasing the debt limit is bad and therefore it's bad.
You're telling me that we can't reneg on whatever is still unspent from the stimulus, repeal the health care bill, and make 10% cuts across the entire budget, while still capping the debt limit?
I don't buy it. I haven't sat down and actually crunched the numbers because I just don't have that kind of time at the moment, but I really don't believe it's impossible.
And you don't know me well enough if you think I care any more about Palin than simply getting into her pants.
yes, I'm telling you we can't do that. I should also mention that it gets us nowhere near a place where we don't need the debt limit increase.
But props on the Palin comment...that was damn funny!
I'm going to need to see the numbers.
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
This is going to be an interesting time in our history. From what I heard, raising the debt ceiling would most certainly bankrupt us and not raising it will screw the economy.
Not raising it will certainly cause an immediate, unprecedented global depression, as it will force the U.S. to default on it's obligations and lose it's AAA rating.
It will be raised. Watch. I'll bet any of youse a dollar.
Not necessarily.
This is a boogyman raised by teh Dems so they can say "aha, we told ya so! There's no backing down on raising the debt. We aren't responsible. The GOP is doing it as well."
I'm going to need to see the numbers.
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
So you are saying we have no choice but to continue to go deeper into debt each day. I don't buy it. there has to be a way to stop it. How long can any country, state, city, or individual continue to go deeper into debt? Each month I continue to pay down my debt. Eventually if I live long enough I will owe no one anything, other than taxes of course......
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
So you are saying we have no choice but to continue to go deeper into debt each day. I don't buy it. there has to be a way to stop it. How long can any country, state, city, or individual continue to go deeper into debt? Each month I continue to pay down my debt. Eventually if I live long enough I will owe no one anything, other than taxes of course......
Unfortunately... Yes. Any spending cuts will further weaken the economy, and recession is the primary cause of the current deficits to begin with.
If you want to hedge the size of government, you must do it in a strong economy.
yes, I'm telling you we can't do that. I should also mention that it gets us nowhere near a place where we don't need the debt limit increase.
But props on the Palin comment...that was damn funny!
I'm going to need to see the numbers.
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
I'm going to need to see the numbers.
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
Looks like we have to cut more spending then.
We can start by bringing the rest of the troops home from Iraq, and make bigger cuts than 10%.
What's wrong with pre-Bush spending levels?
You can't even contemplate returning to spending levels from a mere 10 years ago?
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
Looks like we have to cut more spending then.
We can start by bringing the rest of the troops home from Iraq, and make bigger cuts than 10%.
What's wrong with pre-Bush spending levels?
You can't even contemplate returning to spending levels from a mere 10 years ago?
Does anyone have a link to the pre-Bush budgets? I'm actually rather curious. My guess is that SS and Medicare outlays have been the bulk of the increases due to retiring boomers, but I'd like to see the numbers for myself.
You continue to demonstrate a detachment from facts and an inability to learn.
Paygo is a congressional rule. Bush was not in Congress.
McCain apologized repeatedly for GOP mistakes on the trail.
The GOP's problem was acting like Democrats instead of Republicans. Now that Republicans wnat to act like Republicans you criticize them.
The president writes the budget and sets the agenda. The Republican..well conservative problem has been their problem for a very long time. It's the inate desire to consolidate power and wealth in to a small part of the population. It's pretty universal and crosses cultures.
Uh, no. Congress writes the budget and passes it. Congress institutes rules, like Paygo. Democrats want to consolidate power and wealth in a small entity called "government." Republicans want to diffuse power and wealth to a larger entity called "the people."
You consistently state misinformation and then look like an idiot trying to backtrack on it.
Looks like we have to cut more spending then.
We can start by bringing the rest of the troops home from Iraq, and make bigger cuts than 10%.
What's wrong with pre-Bush spending levels?
You can't even contemplate returning to spending levels from a mere 10 years ago?
Does anyone have a link to the pre-Bush budgets? I'm actually rather curious. My guess is that SS and Medicare outlays have been the bulk of the increases due to retiring boomers, but I'd like to see the numbers for myself.
What I know is that in only those 10 years, the national debt has increased by 9 trillion dollars.
While I go look for the pre-Bush budget, just let that 9 trillion sink in.
Obviously there's plenty of spending that can be cut to sustain operation without raising the debt ceiling.
If you really think 9 trillion in added debt is mostly entitlements, that's crazy.
Clinton's last budget was 1.9t.
Obama's last budget was 3.8t.
The previous 10 year pace was about 100B per year. The last 10 years was about 200B per year.
Entitlement reforms, and defense spending cuts need to happen.
Or we can just pretend there's nothing we can do about it and we have to continue to indebt ourselves forever.
Clinton's last budget was 1.9t.
Obama's last budget was 3.8t.
The previous 10 year pace was about 100B per year. The last 10 years was about 200B per year.
Entitlement reforms, and defense spending cuts need to happen.
Or we can just pretend there's nothing we can do about it and we have to continue to indebt ourselves forever.
Yeah I got the totals on Wiki, but I'd like to see the whole breakdown.
In any event, entitlements are not the problem you think they are. They have their own income streams. Unless you keep the tax but eliminate the benefit, you've done nothing to address the deficit. True, in previous times the income has been far higher than the outlays, and that "Trust fund" was borrowed against, making our deficits appear smaller than they actually were.
And of course I agree that defense spending needs to be cut, but I don't even know if now's the appropriate time for that either. There are 5-8 people searching for work for each available job. If we bring the soldiers home, what are we going to do with them when they get here?
No, another resident of a place called "Reality."
I'm going to need to see the numbers.
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
So you are saying we have no choice but to continue to go deeper into debt each day.
I'm going to need to see the numbers.
Some quick and dirty numbers: Let's say that on Jan 30th of next year, the debt limit is reached and no increase is passed.
The projected FY budget is about 3.55T. The deficit is projected at 1.4T. In other words, about 40% of all spending in this FY is generated by borrowing (increasing the debt). Tax revenues reach their peak in April - January and February see a bump, but the plurality comes in April. So everything else being equal, even in a balanced-budget environment the government would likely borrow in those months.
Stimulus spending, excluding the 40% of the measure that was tax cuts, is minimal in the first part of next year. Total ARRA spending for the year is somewhere in the range of 180B, so call it 15B per month.
Repealing the health care bill will not impact the short-term budgetary situation b/c although some regulations have come into effect, neither the spending nor the revenue generating portion have started.
Cutting 10% from the total budget would reduce the deficit for the year from to about 1.45T, or roughly the monthly deficit by 120B.
So...Let's say we abolish ARRA and cut by 10%. And let's presume that somehow revenues are evenly spread over the course of the year (knowing they are not...)
If we fail to increase the debt ceiling:
Revenues in January would equal 2.2T / 12 = 183 billion dollars.
Expenses in January would equal 3.55T/1.10 = 3.23T/12 = 269B - 15B ARRA savings = 254B
So, we'd 254B-183B short....
Or, said another way, we'd need to increase the debt ceiling by 71B just for the month of January alone - and that doesn't begin to account for the guaranteed payments already arranged. Or we could do as Rand pointed out, and just default.
Looks like we have to cut more spending then.
We can start by bringing the rest of the troops home from Iraq, and make bigger cuts than 10%.
What's wrong with pre-Bush spending levels?
You can't even contemplate returning to spending levels from a mere 10 years ago?
No, another resident of a place called "Reality."
"reality" and Cuyo cannot be mentioned in the same sentence without laughing.
