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Thread: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes[W: 414]

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by Conservative View Post
    Where exactly does the money come from to pay for those interest bearing bonds? You simply don't have a clue.
    Dude, it's just more public debt. There is an appropriation to pay net interest on the public debt (i.e., what we pay to those who hold our debt LESS what we receive from others whose debt we hold), but there is no appropriation to pay off the principal value of maturing securities. Most of the time of course, the noteholder has no intention of closing out his position. He invested in Treasuries for a reason and that reason still holds. So we roll over that debt. We mark the old note paid, and hand him a brand new one for the same amount. Social Security does this every month. In those cases when an investor does wish to close out a position, we simply sell a new note to a third party and use the proceeds from that sale to pay off the maturing note. The guys down at the Bureau of the Public Debt can pull this sort of stuff off with their eyes closed, and with the yield on 10-year Treasuries having closed Friday at 1.87%, it's not like there's any shortage of investor-wannabes out there.
    Last edited by Cardinal Fang; 01-20-13 at 10:51 PM.

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by Cardinal Fang View Post
    Dude, it's just more public debt. There is an appropriation to pay net interest on the public debt (i.e., what we pay to those who hold our debt LESS what we receive from others whose debt we hold), but there is no appropriation to pay off the principal value of maturing securities. Most of the time of course, the noteholder has no intention of closing out his position. He invested in Treasuries for a reason and that reason still holds. So we roll over that debt. We mark the old note paid, and hand him a brand new one for the same amount. Social Security does this every month. In those cases when an investor does wish to close out a position, we simply sell a new note to a third party and use the proceeds from that sale to pay off the maturing note. The guys down at the Bureau of the Public Debt can pull this sort of stuff off with their eyes closed, and with the yield on 10-year Treasuries having closed Friday at 1.87%, it's not like there's any shortage of investor-wannabes out there.
    I only hope that some day I can become half as smart as you think you are. Debt is made up of public debt and intergovt. holding obligations along with debt service and other budget items. Please learn the difference. This country isn't taking in enough money to fund the 3.8 trillion dollar Obama budget which includes SS and Medicare. Too bad people like you think money grows on trees.

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    [QUOTE=Conservative;1061374121 This country isn't taking in enough money to fund the 3.8 trillion dollar Obama budget which includes SS and Medicare. Too bad people like you think money grows on trees.[/QUOTE]

    It seems were going in circles doesnt it?From a previous post.

    President Clinton's 2001 defense budget(prewar budget)=$291.1 billion

    President Obamas 2012 defense budget (Afghan war budget)=$553 billion


    $553 billion minus- $291.1 billion=$261.1 billionx ten years
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by Conservative View Post
    The two wars cost 1.3 trillion dollars over 10 years or 130 billion a year, hardly causing the debt we have today. The Drug plan was less than your party wanted and saved money by interjecting competition into Medicare. Keep buying what you are told while you ignore the real problems facing this country. The last Bush budget was 3.0 trillion, Obama has never had a budget under 3.5 trillion. We don't need a 3.8 trillion dollar budget so what is your excuse now, Iraq is over.
    We have spent $10 Trillion on defense since 2000, so YES that is a big portion of our debt. Over half is a pretty big proportion.

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by Whipsnade View Post
    It seems were going in circles doesnt it?From a previous post.

    President Clinton's 2001 defense budget(prewar budget)=$291.1 billion

    President Obamas 2012 defense budget (Afghan war budget)=$553 billion


    $553 billion minus- $291.1 billion=$261.1 billionx ten years
    Have you told your story to the Treasury Dept that shows the Defense budget well over 700 billion dollars in 2012? Doesn't look to me like the wars caused the 5.7 trillion Obama has added to the debt in 4 years. You keep buying what you are told ignoring the actual Treasury Data

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by iguanaman View Post
    We have spent $10 Trillion on defense since 2000, so YES that is a big portion of our debt. Over half is a pretty big proportion.
    Really? 10 trillion in 10 years? Democrats have controlled the purse strings from 2007 to 2011 so why didn't they cut defense spending? Maybe you ought to run your theory by the Treasury Department because the defense budget has never been more than it is today and that is over 700 billion. Don't know where people like you get your information but you really need to de better research. Start here

    Current Report: Combined Statement of Receipts, Outlays, and Balances of the United States Government (Combined Statement): Publications & Guidance: Financial Management Service

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by Whipsnade View Post
    It seems were going in circles doesnt it?From a previous post.

    President Clinton's 2001 defense budget(prewar budget)=$291.1 billion

    President Obamas 2012 defense budget (Afghan war budget)=$553 billion


    $553 billion minus- $291.1 billion=$261.1 billionx ten years
    Good start, but that still leaves 75% of the federal defict.

    Federal Spending by the Numbers - 2012
    “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

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by iguanaman View Post
    We have spent $10 Trillion on defense since 2000, so YES that is a big portion of our debt. Over half is a pretty big proportion.
    That is not where the bulk of the spending went:

    Federal Spending by the Numbers - 2012
    “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

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by ttwtt78640 View Post
    Good start, but that still leaves 75% of the federal defict.

    Federal Spending by the Numbers - 2012
    $291.1 billion x ten years=then your looking at some serious dough.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes

    Quote Originally Posted by Whipsnade View Post
    $291.1 billion x ten years=then your looking at some serious dough.
    What is the current defense budget? Keep buying the leftwing spin that would leave us defenseless. No Iraq and a 3.8 trillion dollar budget? Make sense to you?

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