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Thread: US Treasury asks Congress to lift debt ceiling

  1. #141
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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Wrong, the National Debt is caused by the U.S. Govt. spending more money than it takes in. The Federal Reserve doesn't spend a dime, it is the Congress that spends the money and creates the debt. Notice the difference between revenue and expenses?

    Receipt 2010

    Individual Income tax 898.5
    Corporate Taxes 191.4

    Total 1089.9

    SS/Unemploy/Other 864.8

    Excise Taxes 66.9


    2021.6

    Expenses

    Defense 696.1
    International Affairs 45.2
    Gen. Science, Space 30.9
    Energy 11.5
    Natural resources/env 41.6
    Agriculture 23.2
    Commerce -82.9
    Transportation 92.5
    Community Dev 24.5
    Education/Train/Social 125.1
    Health 369
    Medicare 451.6
    Income Security 624
    Social Security 706.7
    Veterans Benefits 108.4
    Justice 55.2
    General Govt. 18.1
    Net Interest 196.9


    Total 3537.6
    now you recognize that (since clinton, anyway) the government spends more than it receives in revenues
    so, tell us from what source those borrowed dollars are realized ... what organization in the USA handles the borrowing of those extra monies required to operate our government
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by justabubba View Post
    now you recognize that (since clinton, anyway) the government spends more than it receives in revenues
    so, tell us from what source those borrowed dollars are realized ... what organization in the USA handles the borrowing of those extra monies required to operate our government
    Now you realize that the answer to that question has nothing to do with the post. Congress authorizes and spends the money thus creates the debt, not the Federal Reserve. As for Clinton a very simple question, did Clinton propose budgets and spending more or less than the GOP Congress approved? An answer is required before giving Clinton credit for the budget condition.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Now you realize that the answer to that question has nothing to do with the post. Congress authorizes and spends the money thus creates the debt, not the Federal Reserve. As for Clinton a very simple question, did Clinton propose budgets and spending more or less than the GOP Congress approved? An answer is required before giving Clinton credit for the budget condition.
    yes, the house initiates the appropriations budget
    but you pretend that the fed plays no role in bridging the gap between the revenues the government takes in and the obligations of the government ... since the last republican regime, a negative number
    i wanted to see if you truly were ignorant of the fed's role in assuring that adequate funds - were made available to bridge that revenue gap and that the fed plays a critical function in making sure it is available
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  4. #144
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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by justabubba View Post
    yes, the house initiates the appropriations budget
    but you pretend that the fed plays no role in bridging the gap between the revenues the government takes in and the obligations of the government ... since the last republican regime, a negative number
    i wanted to see if you truly were ignorant of the fed's role in assuring that adequate funds - were made available to bridge that revenue gap and that the fed plays a critical function in making sure it is available
    Again, what does this have to do with the FACT that Congress spends the money and it is the Congress that creates the debt, 5 trillion since Democrats took control of Congress in January 2007. The Federal Reserve manages the monetary policy and has a responsibility for borrowing or printing the money to cover the debt which there wouldn't be any if the Congress and President didn't spend the money. You seem easily confused by the rhetoric.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Again, what does this have to do with the FACT that Congress spends the money and it is the Congress that creates the debt, 5 trillion since Democrats took control of Congress in January 2007. The Federal Reserve manages the monetary policy and has a responsibility for borrowing or printing the money to cover the debt which there wouldn't be any if the Congress and President didn't spend the money. You seem easily confused by the rhetoric.
    not at all
    you seemed to want to dismiss the feds involvement in bridging the funding gap
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by justabubba View Post
    not at all
    you seemed to want to dismiss the feds involvement in bridging the funding gap
    I completely understand that role of the Fed but they have nothing to do with spending or creating the deficits and the debt which isn't what has been stated here by you or another poster.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    I completely understand that role of the Fed but they have nothing to do with spending or creating the deficits and the debt which isn't what has been stated here by you or another poster.
    so then, you aren't sure what has gotten your panties in a wad?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by justabubba View Post
    so then, you aren't sure what has gotten your panties in a wad?
    Then obviously you didn't read rickfolly's post that started this discussion.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Then obviously you didn't read rickfolly's post that started this discussion.
    sure i did
    that was the point at which i jumped in to illustrate the fed's involvement; the one you attempted to deny existed
    delighted to see i was able to set you straight
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by justabubba View Post
    sure i did
    that was the point at which i jumped in to illustrate the fed's involvement; the one you attempted to deny existed
    delighted to see i was able to set you straight
    Really? That is your response to this post?

    Wrong... The Government IS required to balance the yearly budget. If they spend more than they take in, the Fed Reserve makes up the difference. As evidenced by no deficit carry-over to the next years budget.

    It's essential for the Fed Reserve to balance the budget every year. Can you imagine what our world wide credit rating would drop to if we reported a yearly carry-over deficit?
    First of all, you believe that the Federal Govt. is required to balance the yearly budget?

    Then you believe it is the Federal Reserve is the entity that does that?

    Now a couple of you don't seem to understand what a balanced budget is and if you think borrowed or printed money balances the budget then we have a more serious problem that I thought. What the Federal Reserve does isn't balancing the budget, it is borrowing or printing money to equal the deficit. that isn't a balanced budget. Want to try again?

    To me a balanced budget is Revenue and expenses being equal. A deficit means more expense than revenue and anyone who believes that borrowed or printed money is an asset really has a problem. Both are debt and thus liabilities.
    Last edited by Conservative; 01-11-11 at 09:41 PM.

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