Page 1 of 3 123 LastLast
Results 1 to 10 of 25

Thread: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

  1. #1
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    What's the price tag of stupidity? In the case of the foolish debt ceiling fiasco, the cost is $1.3 billion ... for one year, with the ultimate cost sure to rise. The Republican hissy fit will cost us at least three times as much as Solyndra.

    Last summer’s fierce political debate over raising the federal debt limit cost taxpayers more than $1*billion in extra borrowing costs, including hundreds of hours in overtime for federal employees responsible for avoiding default, according to a new government report.

    Delays in raising the debt limit forced the Treasury Department to pay an extra $1.3*billion in borrowing costs — and the final sum is expected to climb higher as multi-year obligations and other outstanding costs are added later, the Government Accountability Office said in a report released Monday.

    http://www.washingtonpost.com/politi...E5W_story.html
    Last edited by AdamT; 07-24-12 at 11:29 AM.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  2. #2
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 09:46 PM
    Gender
    Lean
    Libertarian
    Posts
    34,578

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by AdamT View Post
    What's the price tag of stupidity? In the case of the foolish debt ceiling fiasco, the cost is $1.3 billion ... for one year, with the ultimate cost sure to rise. The Republican hissy fit will cost us at least three times as much as Solyndra.
    Yet the solution is SO silly simple; do not spend more than your dare ask for in taxation. Is it not amazing that NO efforts are made to limit gov't spending or to increase taxation SUFFICIENT to pay for it, but temendous efforts are expended to increase borrowing to support it?
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  3. #3
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by ttwtt78640 View Post
    Yet the solution is SO silly simple; do not spend more than your dare ask for in taxation. Is it not amazing that NO efforts are made to limit gov't spending or to increase taxation SUFFICIENT to pay for it, but temendous efforts are expended to increase borrowing to support it?
    Sometimes seemingly simple solutions are simply simple minded. First, this was not a case where we had the option of not raising the debt ceiling. Do to existing obligations the options were to extend the debt ceiling or else default on our obligations -- which would have devastating consequences. This was nothing but an irresponsible and very expensive game of chicken that could have been resolved with a much better outcome if Republicans were not so uncompromising.

    Long term, it also doesn't make sense to prohibit deficit spending, as it doesn't allow for dire emergencies like WWII or the Great Recession. But I can see passing an amendment that links deficit spending to GDP growth in order to enforce fiscal restraint in times of economic abundance.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  4. #4
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 09:46 PM
    Gender
    Lean
    Libertarian
    Posts
    34,578

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by AdamT View Post
    Sometimes seemingly simple solutions are simply simple minded. First, this was not a case where we had the option of not raising the debt ceiling. Do to existing obligations the options were to extend the debt ceiling or else default on our obligations -- which would have devastating consequences. This was nothing but an irresponsible and very expensive game of chicken that could have been resolved with a much better outcome if Republicans were not so uncompromising.

    Long term, it also doesn't make sense to prohibit deficit spending, as it doesn't allow for dire emergencies like WWII or the Great Recession. But I can see passing an amendment that links deficit spending to GDP growth in order to enforce fiscal restraint in times of economic abundance.
    Nonsense. A nation NOT under attack is, none the less, in a constant state of "war". Using "war time" emergency is pure BS. During WWII we indeed spent like crazy yet repaid that debt rather quickly. Obama simply wants to play Sant Claus and spend OVER 40% more than he dares to tax.

    Borrowing for 8 years is EASY if you have no care as to when, or even if, it is paid back. Obama talks endlessly of "infrastructure" spending yet does no such thing, as only 6% of his moronic "stimulus" went to those "shovel ready" things he talked about. Obama is a "crony capitalist" that seeks to spread the funds to his friends to buy votes, babbles nonsense about creating (or saving) jobs yet sees unemployment remain extremely high.

    What SERIOUS proposals has Obama offered towards his campaign "promise" to cut the deficit in half? Obama talks the talk, yet NEVER walks the walk. Even the 2010 census was considered an "emergency" spending item that required no "pay go" or spending offset. Obama and his merry men in congress do not care one bit about "budgets" as they have yet to pass one. It is easy to buy votes with other people's money and blame the debt on "outside" factors, but you can not borrow and spend your way to prosperity. Get real!
    Last edited by ttwtt78640; 07-24-12 at 12:07 PM.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  5. #5
    Sage
    Arbo's Avatar
    Join Date
    Dec 2011
    Location
    Colorado
    Last Seen
    07-12-16 @ 01:32 AM
    Gender
    Lean
    Independent
    Posts
    10,395
    Blog Entries
    2

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by AdamT View Post
    What's the price tag of stupidity? In the case of the foolish debt ceiling fiasco, the cost is $1.3 billion ... for one year, with the ultimate cost sure to rise. The Republican hissy fit will cost us at least three times as much as Solyndra.
    If those silly republicans would just do as you commanded them, we could bring down America so much faster.

    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

  6. #6
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by ttwtt78640 View Post
    Nonsense. A nation NOT under attack is, none the less, in a constant state of "war". Using "war time" emergency is pure BS. During WWII we indeed spent like crazy yet repaid that debt rather quickly. Obama simply wants to play Sant Claus and spend OVER 40% more than he dares to tax.
    You can't simply dismiss the possibility of a major war or other national disaster that requires large-scale spending. If you passed a balanced budget amendment -- and amendment to the Constitution -- you would create a constitutional crisis every time such an emergency arose. What would the president do? Invoke martial law so he can raise enough money to address the emergency?

    Borrowing for 8 years is EASY if you have no care as to when, or even if, it is paid back. Obama talks endlessly of "infrastructure" spending yet does no such thing, as only 6% of his moronic "stimulus" went to those "shovel ready" things he talked about. Obama is a "crony capitalist" that seeks to spread the funds to his friends to buy votes, babbles nonsense about creating (or saving) jobs yet sees unemployment remain extremely high.
    Borrowing for eight years? How about borrowing for over 80 years, which is what we've been doing? You have no support for any of your assertions. They are all partisan gibberish. GAO and most economists agree that the stimulus reduced unemployment and increased GDP. You don't reduce deficits by allowing the economy to sink into a double-dip recession, as most of Europe would tell you. The UK has implemented strict austerity measures in order to reduce their debt. Their debt is increasing.

    What SERIOUS proposals has Obama offered towards his campaign "promise" to cut the deficit in half? Obama talks the talk, yet NEVER walks the walk. Even the 2010 census was considered an "emergency" spending item that required no "pay go" or spending offset. Obama and his merry men in congress do not care one bit about "budgets" as they have yet to pass one. It is easy to buy votes with other people's money and blame the debt on "outside" factors, but you can not borrow and spend your way to prosperity. Get real!
    One thing Obama offered was a four trillion dollar deficit reduction package that included both spending cuts and revenue hikes. That, of course, was rejected by Republicans, who cling to the insane notion that we can get our fiscal house in order by cutting spending alone. Romney is right there with them, stating recently that he would not even accept a deficit reduction package that including a 10:1 spending cuts to revenue hikes ratio.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  7. #7
    Guru
    Aberration's Avatar
    Join Date
    Mar 2012
    Location
    Oregon
    Last Seen
    12-08-17 @ 08:14 PM
    Gender
    Lean
    Independent
    Posts
    4,699

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by AdamT View Post
    What's the price tag of stupidity? In the case of the foolish debt ceiling fiasco, the cost is $1.3 billion ... for one year, with the ultimate cost sure to rise. The Republican hissy fit will cost us at least three times as much as Solyndra.
    The stupidity is in expecting more government spending to fix anything.

    I wish they would have fought harder. They gave up for $80B/year.
    “Tyranny is defined as that which is legal for the government but illegal for the citizenry.”
    ― Thomas Jefferson

  8. #8
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by Aberration View Post
    The stupidity is in expecting more government spending to fix anything.

    I wish they would have fought harder. They gave up for $80B/year.
    The stupidity is in throwing away billions of dollars as a result of an insane, grandstand threat to trash the full faith and credit of the United State.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  9. #9
    User
    Join Date
    Jul 2012
    Location
    WNC
    Last Seen
    07-24-12 @ 03:32 PM
    Gender
    Lean
    Liberal
    Posts
    5

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    They day Obama can unilaterally raise taxes, cut spending, and raise the debt limit is the day our "fiscal house" will be in order. But until that day comes, he's stuck with Congress' policies of spending 40% more than we take in. For someone who identifies as a libertarian, I assumed you would have been more acutely aware of the limits on the Presidents power.

  10. #10
    Sometimes wrong

    ttwtt78640's Avatar
    Join Date
    May 2012
    Location
    Uhland, Texas
    Last Seen
    Today @ 09:46 PM
    Gender
    Lean
    Libertarian
    Posts
    34,578

    Re: GAO: Debt ceiling fight cost taxpayers at least $1.3 billion

    Quote Originally Posted by AdamT View Post
    The stupidity is in throwing away billions of dollars as a result of an insane, grandstand threat to trash the full faith and credit of the United State.
    What does more harm to the nation's credit, increased borrowing or reduced spending? Obama does not care one lick about the national debt, about reducing deficits or cutting any DOMESTIC spending. Obama is about buying votes with tax money and playing class warfare games. Obama sees the nations wealth as simply a gov't resource to be distributed "fairly", let others figure out how to grow it, he seeks only to harvest it. Yes he did!
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •