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OfflineFrankieJustTrypt
and fell

Registered: 01/28/04
Posts: 537
Loc: MI
Last seen: 8 years, 5 months
Wasting No Time -- White House: Debt Ceiling Must Be Raised
    #3318121 - 11/04/04 09:13 AM (18 years, 1 month ago)



HAHAHAHAHAHA,.... oh shit I live here too....

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White House: Debt Ceiling Must Be Raised

WASHINGTON - The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.

Treasury Department officials announced that they will be able to conduct a scheduled series of debt auctions next week to raise $51 billion. However, an auction of four-week Treasury bills due to be completed on Nov. 18 will have to be postponed unless Congress acts before then to raise the debt ceiling.

"Due to debt limit constraints, we currently do not have the capacity to settle our four-week bill auction scheduled to settle on Nov. 18," Timothy Bitsberger, acting assistant Treasury secretary for financial markets, said in a statement.

Congress is scheduled to return for a lame-duck session beginning on Nov. 16 to deal with the debt ceiling, an omnibus spending plan for the rest of this budget year and other matters.

The Republican-controlled Congress put off dealing with the debt ceiling before adjourning in October, preferring not to force members to vote on the politically sensitive issue of adding to the national debt before the November elections.

The government hit the current debt ceiling of $7.384 trillion on Oct. 14, forcing Treasury to begin a series of bookkeeping maneuvers to keep financing the government's normal operations without breaching the debt ceiling. But Treasury Secretary John Snow has warned that those special measures would last only until mid-November.

The Treasury Department's actions have included reducing the amount of debt in government trust funds to free up room for further borrowing from the public. The nonpublic debt is then replaced in the trust funds once the debt ceiling is increased along with any lost interest payments.

Republicans have proposed that the debt ceiling be raised by $690 billion to $8.074 trillion, an amount that would get the government through next September, when the 2005 budget year ends.

The need to raise the debt ceiling reflects the record budget deficits of the past two years. The deficit for the 2004 budget year, which ended Sept. 30, was an all-time high of $413 billion, surpassing the old mark, in dollar terms, of $377 billion in 2003.

Democrats blame the surging deficits on Bush's tax cuts, while the administration contends the tax cuts provided critical economic stimulus to help lift the economy out of the 2001 recession.

The administration says the president has a plan to cut the deficit in half by 2009, but critics contend that the real problems will come in later years as retiring baby boomers put unprecedented strains on Social Security and Medicare.

In its announcement Wednesday, Treasury said it will sell $51 billion in new securities next week including $22 billion in three-year notes on Monday, $15 billion in five-year notes on Tuesday and $14 billion in 10-year bonds on Wednesday.

http://www.iraq-war.ru/tiki-read_article.php?articleId=29255


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If you want a free lunch, you need to learn how to eat good advice.


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InvisibleRandalFlagg
Stranger
Registered: 06/15/02
Posts: 15,608
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: FrankieJustTrypt]
    #3318144 - 11/04/04 09:19 AM (18 years, 1 month ago)

Here is my take on this debt fiasco:

Neither of the major parties will ever make an attempt to get
the federal government to stop spending more money than it takes in.

This means that the federal debt will continue to rise.

Once the debt hits a certain level, an economic crisis will
occur and the U.S. dollar could be devalued.

I hope to have moved out of the country by then.


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OfflineICHMLASC
Astro Zombie

Registered: 09/14/04
Posts: 88
Last seen: 17 years, 8 months
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: RandalFlagg]
    #3318227 - 11/04/04 09:55 AM (18 years, 1 month ago)

This country is going to hell in more ways than one. In the election the environment was rated as a less important issue than gay marriage. I just don't understand...


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OfflineBleaK
paradox
Registered: 06/24/02
Posts: 1,583
Last seen: 9 years, 1 day
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: RandalFlagg]
    #3318259 - 11/04/04 10:05 AM (18 years, 1 month ago)

its not possible to ever pay off the debt since we buy money with money, and are charged intrest.


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"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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InvisibleLe_Canard
The Duk Abides

Registered: 05/17/03
Posts: 94,392
Loc: Earthfarm 1 Flag
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: FrankieJustTrypt]
    #3318267 - 11/04/04 10:08 AM (18 years, 1 month ago)

Recession here we come! Thanks Dubya... :frown:


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InvisibleRandalFlagg
Stranger
Registered: 06/15/02
Posts: 15,608
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: BleaK]
    #3318273 - 11/04/04 10:12 AM (18 years, 1 month ago)


its not possible to ever pay off the debt since we buy money with
money, and are charged intrest.


If the federal government would stop spending more money than it
took in, it wouldn't have to issue bonds anymore. It wouldn't
have to keep borrowing.


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OfflineBleaK
paradox
Registered: 06/24/02
Posts: 1,583
Last seen: 9 years, 1 day
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: RandalFlagg]
    #3318350 - 11/04/04 10:41 AM (18 years, 1 month ago)

but it can never pay back everything.


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"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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OfflineBleaK
paradox
Registered: 06/24/02
Posts: 1,583
Last seen: 9 years, 1 day
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: BleaK]
    #3318354 - 11/04/04 10:42 AM (18 years, 1 month ago)

we pay hundreds of billions in intrest yearly on our 7+ trillion dollar debt thats rapidly rising


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"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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OfflineFrankieJustTrypt
and fell

Registered: 01/28/04
Posts: 537
Loc: MI
Last seen: 8 years, 5 months
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: BleaK]
    #3318545 - 11/04/04 12:25 PM (18 years, 1 month ago)

This is correct. When we borrow money from a central bank, we owe the bank the debt plus interest. Since all money in circulation is a product of a central bank, it is impossible to have enough money in the system to pay the debt.


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If you want a free lunch, you need to learn how to eat good advice.


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InvisibleCJay
Dark Stranger
 User Gallery

Registered: 02/03/04
Posts: 931
Loc: Riding a bassline
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: FrankieJustTrypt]
    #3318593 - 11/04/04 12:58 PM (18 years, 1 month ago)

life on the plantation


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Invisible1stimer
Religion=Rape
Registered: 11/18/01
Posts: 1,280
Loc: Amerika
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: RandalFlagg]
    #3318717 - 11/04/04 03:33 PM (18 years, 1 month ago)

Quote:

Neither of the major parties will ever make an attempt to get
the federal government to stop spending more money than it takes in.



Actually the Clinton administration had balanced the budget and had a projected 5 trilliion dollar surplus.


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ash dingy donker mo gollyhopper patty popiton rockstop bueno mayo riggedy jig bobber johnathan pattywhacker gogboob t-shirt monkey.

There is such emotion in the distortion.


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OfflineSource
Remainder of anUnbalancedEquation
Male

Registered: 07/28/03
Posts: 667
Loc: Outer Darkness
Last seen: 9 years, 15 hours
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: 1stimer]
    #3319670 - 11/04/04 09:17 PM (18 years, 1 month ago)

They are actually quite possibly pushing the country toward bankruptcy on purpose in order to provide the justification necessary to further cut govenment programs and ultimately "...cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub" (Grover Norquist).


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What you're searching for is what's searching.


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OfflineMAGnum
veteran

Registered: 07/09/04
Posts: 2,421
Last seen: 11 years, 4 days
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: Source]
    #3319743 - 11/04/04 09:32 PM (18 years, 1 month ago)

What the hell does that mean, source?


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Agent 727
7


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InvisibleVvellum
Stranger

Registered: 05/24/04
Posts: 10,920
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: FrankieJustTrypt]
    #3319756 - 11/04/04 09:34 PM (18 years, 1 month ago)

looks like debt PR damage control to me.


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OfflineSource
Remainder of anUnbalancedEquation
Male

Registered: 07/28/03
Posts: 667
Loc: Outer Darkness
Last seen: 9 years, 15 hours
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: MAGnum]
    #3319906 - 11/04/04 10:08 PM (18 years, 1 month ago)

Aslo known as "Starve the Beast", it's a strategy of deliberately creating a deficit in order to force the government to reduce spending on social causes.


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What you're searching for is what's searching.


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OfflineBleaK
paradox
Registered: 06/24/02
Posts: 1,583
Last seen: 9 years, 1 day
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: 1stimer]
    #3320471 - 11/05/04 12:36 AM (18 years, 1 month ago)

clinton MAY, have balanced the budget. but theres no way he was going to makeup 12 trillion dollars


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"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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InvisibleEvolving
Resident Cynic

Registered: 10/01/02
Posts: 5,385
Loc: Apt #6, The Village
Re: Wasting No Time -- White House: Debt Ceiling Must Be Raised [Re: 1stimer]
    #3321194 - 11/05/04 03:22 AM (18 years, 1 month ago)

Quote:

1stimer said:
Actually the Clinton administration had balanced the budget and had a projected 5 trilliion dollar surplus.



You are wrong. You've been fooled by the Federal budget numbers game - smoke and mirrors. Federal government debt continued to increase under Clinton, although at a slower rate than under Bush. Why is the debt to the Social Security 'trust fund' not included in the calculations? Why is so much spending 'off budget'?


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To call humans 'rational beings' does injustice to the term, 'rational.'  Humans are capable of rational thought, but it is not their essence.  Humans are animals, beasts with complex brains.  Humans, more often than not, utilize their cerebrum to rationalize what their primal instincts, their preconceived notions, and their emotional desires have presented as goals - humans are rationalizing beings.


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