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Thread: U.S. National Debt Tops Debt Limit

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    U.S. National Debt Tops Debt Limit

    U.S. National Debt Tops Debt Limit - Political Hotsheet - CBS News

    (AP)The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

    The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

    A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

    Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.

    Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.)

    Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections.

    The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.

    The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion.

    The Debt figure goes up and down on a daily basis based on government borrowing and revenue.
    Does this not just shake you to your core?

    How in the world are we going to fix this?

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Erod View Post
    U.S. National Debt Tops Debt Limit - Political Hotsheet - CBS News



    Does this not just shake you to your core?

    How in the world are we going to fix this?
    Lower taxes
    Seriously cut government spending
    Bail on the current health care reform bills
    Stop printing money at the outrageous rate in which we are
    Stop bailing out every company the administration wants to take over

    Just to name a few...
    Welfare (Food Stamps, WIC, etc...) are not entitlements. They are taxpayer funded handouts and shouldn't be called entitlements at all. Social Security and Veteran's benefits are 'Entitlements' because the people receiving them are entitled to them. They were earned and paid for by the recipients.

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Hugh_Akston View Post
    Lower taxes
    Seriously cut government spending
    Bail on the current health care reform bills
    Stop printing money at the outrageous rate in which we are
    Stop bailing out every company the administration wants to take over

    Just to name a few...
    I agree that most of what you proposed would help reduce the national debt, but how is lowering taxes going to help? The government is in trouble because it spends more money than it brings in and you want it to bring in less? How is that supposed to help?
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by molten_dragon View Post
    I agree that most of what you proposed would help reduce the national debt, but how is lowering taxes going to help? The government is in trouble because it spends more money than it brings in and you want it to bring in less? How is that supposed to help?
    It would enable to people to pay their full tax obligation. As it is now, if they can't afford to pay it all, they usualy don't pay any. It would wind up bringing more money into the government kitty.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by molten_dragon View Post
    I agree that most of what you proposed would help reduce the national debt, but how is lowering taxes going to help? The government is in trouble because it spends more money than it brings in and you want it to bring in less? How is that supposed to help?
    Lowering certain taxes help stimulate job growth. For example: if you are employing 150 million people at a 15% tax rate, that brings in more in taxes that if you are employing 120 million people at an 18% tax rate. Of course, if the government isn't going to seriously cut spending, it doesn't really matter what you do with the tax rate because you will never see a government surplus as it is now.
    Welfare (Food Stamps, WIC, etc...) are not entitlements. They are taxpayer funded handouts and shouldn't be called entitlements at all. Social Security and Veteran's benefits are 'Entitlements' because the people receiving them are entitled to them. They were earned and paid for by the recipients.

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Erod View Post
    U.S. National Debt Tops Debt Limit - Political Hotsheet - CBS News



    Does this not just shake you to your core?

    How in the world are we going to fix this?
    For the last decade, we have been hearing this every single year, no matter who controlled the presidency or congress. And the fix? Hell, that is easy. Just unelect every Democrat and Republican who now holds office. Actually, its easy to say, but so many sheep stand in the way..... Damn, I'm a poet.
    The ghost of Jack Kevorkian for President's Physician: 2016

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Erod View Post
    [url=http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml]Does this not just shake you to your core?
    I don't think so.

    What's my "core"?

    Quote Originally Posted by Erod View Post
    [url=http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml]How in the world are we going to fix this?
    Rope is cheap, the Washington monument is tall, plenty of room for 535 examples for the next people we send to Washington.

    Then again, if we're taking them up the Washington Monument, we don't really need rope, do we?

    Seriously, though, there's two ways to do this. The hard way and the easy way.

    The hard way is to elect an American president next time, we should be done with these socialists by now, right? Raise your hand if you're tired of all these god damned socialists wrecking the country.

    While you're at it, elect enough American Congressmen to pass a Line Item Veto Amendment, and an Amendment mandating that each spending item in a bill have it's Constitutional origins listed for easy reference. Add an Amendment requiring super majorities to raise taxes, and that income tax should be a completely flat tax with no deductions for any damn thing at all.

    The easy way is to move the tax filing deadline to Halloween, which is a scary night.....that's only a week before the Congressional elections, and require citizens to write their tax payment to the government monthly as a check or credit/debit card payment, just to make sure the people know how much their taxes really are.

    Won't take long before politicians willing to reign in spending and cut taxes are elected.
    Last edited by Scarecrow Akhbar; 12-16-09 at 07:36 PM.

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Hugh_Akston View Post
    Lowering certain taxes help stimulate job growth. For example: if you are employing 150 million people at a 15% tax rate, that brings in more in taxes that if you are employing 120 million people at an 18% tax rate. Of course, if the government isn't going to seriously cut spending, it doesn't really matter what you do with the tax rate because you will never see a government surplus as it is now.
    Is 3% on a tiered system really going to bring in 30 million more jobs? Particularly if that is income tax, that doesn't seem likely. If we alleviated the issue of crushing medical insurance costs, then it is likely we could boost employment numbers. Decreasing personal income taxes is hardly going to do much compared to reducing costs that are directly tied to new jobs. Reducing worker's comp, health insurance costs, unemployment and FICA would IMO do far more for jobs then any minor cut in personal earned income tax rates.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: U.S. National Debt Tops Debt Limit

    Quote Originally Posted by Hugh_Akston View Post
    Lower taxes
    Might be possible if.....

    Seriously cut government spending
    We were not in a recession. Combined with a democratic majority better keep dreaming.

    Bail on the current health care reform bills
    Nothing is better than something? Nobody should have to go broke because they cannot afford health care. That is my opinion; how we achieve such a scenario is another topic in itself.

    Stop printing money at the outrageous rate in which we are
    Do you own stock/have a 401k derived in equities?

    Stop bailing out every company the administration wants to take over
    The failure of major financial institutions creates systemic risk. A complete failure of the system cannot be risked. Ever....
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. National Debt Tops Debt Limit

    We're not going to fix it. We're going to run it into the ground, then it will fix itself. The hard way.

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