APPROVED: US national debt... $9,000,000,000,000.00

Discussion in 'Politics, Religion, Social Issues' started by Stella, Mar 16, 2006.

  1. Stella macrumors 604

    Stella

    Joined:
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    Canada
    #1
    I'm wondering the total interest on the existing US national debt!!!
    Must be horrific....


    http://apnews.myway.com/article/20060317/D8GD1CKG6.html



    Senate Passes $2.8 Trillion 2007 Budget
    Email this Story

    Mar 16, 8:51 PM (ET)

    By ANDREW TAYLOR
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    WASHINGTON (AP) - The Senate on Thursday passed an election-year budget plan forsaking President Bush's tax cuts and Medicare curbs, hours after lifting the ceiling on the national debt to $9 trillion.
    The spending blueprint, approved 51-49, little resembles Bush's proposal last month for the budget year that begins Oct. 1.
    To the disappointment of budget hawks, the Senate's measure would break Bush's proposed caps on spending for programs such as education, low-income heating subsidies and health research.
    Vice President Dick Cheney was on hand for a possible tie-breaking vote, but that proved unnecessary.
    Senators earlier voted 52-48 to send Bush a measure that would allow the government to borrow an additional $781 billion and prevent a first-ever default on Treasury notes.
    As a result, the government could pay for the war in Iraq without raising taxes or cutting popular domestic programs.
    The House, meanwhile, overwhelmingly approved a $92 billion measure that would provide more money for the war in Iraq and hurricane relief for the Gulf Coast.
    The budget blueprint advanced without Cheney's vote in the Republican-led Senate when Democratic Sen. Mary Landrieu supported the plan after winning concessions to help her hurricane-damaged state of Louisiana and the Gulf Coast.
    She won inclusion of a proposal that could provide up $2 billion a year for levee and coastal restoration projects. The money would come from auctioning television airwaves to wireless companies and from potential oil lease revenues from exploration in an Alaskan wildlife refuge.
    Among the specific votes for the budget plan were:
    _$3 billion more for heating subsidies for the poor. It passed 51-49.
    _$7 billion more for education, health and worker safety accounts. It passed 73-27.
    _$1.2 billion more for aviation security and stopping Bush's proposed increase in airline ticket taxes. They advanced by voice vote.
    _$1 billion more for benefits for military survivors.
    The votes Thursday set up a confrontation with the House, which is certain to oppose the additional spending.
    In fact, the Senate's moves appear to make it less likely that Congress will settle on a final budget plan this spring. House Republicans will not release their budget until after next week's congressional recess.
    The votes dismayed deficit hawks such as Senate Budget Committee Chairman Judd Gregg, R-N.H. He already had decided to drop Bush's proposals to cut the growth of Medicare, strengthen tax-free health savings accounts and advance legislation to make permanent his 2001 tax cuts.
    Republicans are eager to show their conservative supporters that they are getting serious about cracking down on spending. Last weekend, GOP presidential aspirants at the Southern Republican Leadership Conference in Memphis, Tenn., promised to be more thrifty with the people's money.
    But GOP moderates such as Sen. Arlen Specter of Pennsylvania apparently did not get the message. His amendment to add $7 billion for education, health and labor programs won support from most Republicans, including Majority Leader Bill Frist of Tennessee, who has criticized Congress for embarking "down a wayward path of wasteful Washington spending."
    "All the talk in Memphis just doesn't comport with the realities of these important items" such as education and health research, Specter said.
    The debt limit increase was the fourth of Bush's presidency, totaling $3 trillion. With the budget deficit expected to approach $400 billion for both this year and next, an additional increase in the debt limit almost certainly will be required next year.
    Treasury Secretary John Snow applauded Congress for "protecting the full faith and credit of the United States." He said it ensures that the government "can deliver on promises already made, such as Social Security and Medicare payments and aid for the victims of the 2005 hurricanes."
    The present limit on the debt is $8.2 trillion.
    The increase is an unhappy necessity - the alternative would be a disastrous first-ever default on U.S. obligations - that greatly overshadowed a mostly symbolic, weeklong debate on the GOP's budget resolution.
    Democrats blasted the bill, saying it was needed because of fiscal mismanagement by Bush, who came to office when the government was running record surpluses.
    "When it comes to deficits, this president owns all the records," said Senate Minority Leader Harry Reid, D-Nev. "The three largest deficits in our nation's history have all occurred under this administration's watch."
    Unlike last year, when Congress passed a bill trimming $39 billion from the deficit through curbs to Medicaid, Medicare and student loan subsidies, Senate GOP leaders have abandoned plans to cut mandatory programs.
     
  2. solvs macrumors 603

    solvs

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    LaLaLand, CA
    #2
    Yes. We're screwed. Remind me again why they call them conservatives? Clinton was more conservative than this guy and his lackeys in Congress.
     
  3. zimv20 macrumors 601

    zimv20

    Joined:
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    toronto
    #3
    Politics Drives a Senate Spending Spree

    link

     
  4. Heb1228 macrumors 68020

    Heb1228

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    Location:
    Virginia Beach, VA
    #4
    You're right. This is terrible. Its really time to start cutting our budget. Not just cuts in growth, actual cuts. There are a lot of Republicans in this congress that disgust me as a fiscal conservative. (But I still think they're better than Democrats would be.)
     
  5. zap2 macrumors 604

    zap2

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    #5
    i recall last year, i was counting down to 8 trillion(had to tell a teacher of mine for personal reason:rolleyes: )

    Wow already up to 9 trillion, it a shame. The USA government has less control with money then i do!:D
     
  6. zimv20 macrumors 601

    zimv20

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    #6
    based on what, exactly -- the clinton era budget surpluses? or all the cries from congressional democrats over the past 5 years for fiscal prudence?
     
  7. Heb1228 macrumors 68020

    Heb1228

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    #7
    Don't forget those budget surpluses were under a Republican congress after '94. Plus when Bush released a budget this past year that cut (the growth) in discretionary spending, there were liberal groups all over CSPAN yelling about every program that was going to receive reductions or cuts and how Bush had no heart for trying to cut those programs.

    But I think a large part of the blame does go to Bush who is simply not a fiscal conservative other than his affinity for tax cuts.
     
  8. Chundles macrumors G4

    Chundles

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    Jul 4, 2005
    #8
    Wait, 9 TRILLION!!!

    What are you guys buying??:D
     
  9. zimv20 macrumors 601

    zimv20

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    toronto
    #9
    and it's even more republican now. what changed? who is president, the leadership, monetary policy and more GOP congressmen.

    how can you possibly blame the dems for fiscal imprudence? it's disingenuous.
     
  10. yg17 macrumors G5

    yg17

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    #10

    A couple PMG5 quads and a 30" cinema display to go with them.
     
  11. OutThere macrumors 603

    OutThere

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    NYC
    #11
    Crack, it appears.
     
  12. leekohler macrumors G5

    leekohler

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    #12
    It always confused me why the Republicans hated Clinton. He did everything they wanted- balanced the budget, NAFTA etc. Oh wait- he had better sex than they did- and stayed married. :)
     
  13. Heb1228 macrumors 68020

    Heb1228

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    #13
    I'm not blaming them, I'm just saying they wouldn't have been any better, and most likely worse. We'll never know for sure. All I know is that when democrats start talking about fiscal 'responsibility,' they usually mean tax hikes and not spending reductions. And I don't consider higher taxes an acceptable solution. The only way this can get fixed is true spending cuts. And it appears neither party is willing to stick its neck out and propose true budget cuts.
     
  14. leekohler macrumors G5

    leekohler

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    #14
    No- certainly not the Republicans. They just borrow and spend. At least with Clinton we had a balanced budget- oh wait, a surplus! :rolleyes: Yeah, the Democrats are worse. :rolleyes: And guess what? Lowering taxes doesn't help. You know what? You have to PAY for what you spend. It's called fiscal responsibility.
     
  15. Heb1228 macrumors 68020

    Heb1228

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    #15
    Cute line... except for the fact that republicans have better sex lives than democrats, according to ABC news...

    :D not that it has anything to do with this discussion... but you brought up the sex thing

    http://abcnews.go.com/Primetime/News/story?id=180291

     
  16. Heb1228 macrumors 68020

    Heb1228

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    #16
    Or just cut spending. That's the whole point, right? Don't we really agree on this?
     
  17. leekohler macrumors G5

    leekohler

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    #17
    This also depends on people being HONEST when they discuss these things. This is hardly evidence. It's just what people say.
     
  18. leekohler macrumors G5

    leekohler

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    #18
    We do. BUT, you also must be realistic in your approach. If you have to raise taxes to pay for things, then let us know- and in detail. We can handle it.
     
  19. Heb1228 macrumors 68020

    Heb1228

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    #19
    Of course it does! So you think they all lied? What in the world kind of evidence is there for that? That you don't like the results?! ;)

    Thats true, I would just argue that the cuts should be more drastic than you probably would. I would like to see cuts in spending that drop us back well into the black and give us more opportunity for tax cuts.

    But either way, republican or democrat, liberal or conservative I think we can all agree that our government needs to spend much less money than it does.
     
  20. skunk macrumors G4

    skunk

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    #20
    A few less idiotic military adventures would be a good start.
     
  21. Heb1228 macrumors 68020

    Heb1228

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    #21
    I figured I'd leave the specifics for another time and just revel in the agreement for once. :D
     
  22. zimv20 macrumors 601

    zimv20

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    #22
    ...and therefore you declare yourself right. hm.

    bush inherited a budget surplus and a national debt that was being paid down. there were more dems in office than there are now. they have been replaced by republicans. we all know what's happened to the deficit and debt since.

    if you can't see the correlation, or worse yet, go with the anti-correlation, then what have we really got to talk about? dogmatism, i suppose.
     
  23. gekko513 macrumors 603

    gekko513

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    Oct 16, 2003
    #23
    Did anyone see the TV series where the hacker hero fooled the bad guys by entering a million as 1,000,000.00 when the bad guys pressured him to hack into some european bank and transfer money to them? The number was of course interpreted as just 1.0 since comma is the decimal separator in Europe so the bad guys only got one euro or whatever currency they were using.

    Maybe Bush could try that? :p
     
  24. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #24
    Iraq is a big part of this equation, getting out would save a ton of money. Republicans have become the borrow and spend party, and then lets do everything behind secret doors. Bush & republican gang have destroyed the budget. destroyed. They love to build bombs and force their corporation ran world on everyone. That isnt what our forfathers intended when drafting the constitution. The document thats under attack by the republican party.
     
  25. leekohler macrumors G5

    leekohler

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    #25
    Nope, but people lie about sex all the time. Do really think all your friends tell you the truth about their sex lives? How many won't even discuss it? Do you really think they ALL told the truth?
     

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