US national debt

[klein]

Debt-laden Harrisburg files for bankruptcy

• 
• Reuters - 51 minutes ago

(Reuters) - Pennsylvania's capital, Harrisburg, filed for a rare municipal bankruptcy on Wednesday in a desperate bid to resolve its debt crisis, but it now faces a showdown with the state over control of the city.
Harrisburg becomes one of the most-high profile cities to opt for the little-used chapter of the U.S. bankruptcy code, most notably used nearly 20 years ago by Orange County, California. Alabama's Jefferson County last month settled with its creditors to avoid what would have been the biggest-ever municipal bankruptcy.
The Pennsylvania capital's crisis has been a year in the making as the city of about 50,000 struggles to pay for critical services as well as roughly $300 million in debt that funded an incinerator project that failed to generate expected cash.

 

[moreluck]

 

[Lue C Fur]

This is a great idea so lets see if Buffet will put his money where his mouth is:

Republicans Unveil Their ‘Buffett Rule’ Allowing Americans to Pay More to Uncle Sam
President Obama’s proposed “Buffett Rule”-- which would force the wealthiest Americans to pay higher taxes to help cut the nation’s deficits -- has met its Republican match.
Republican lawmakers have introduced their own “Buffett Rule” that would allow billionaire investors like Warren Buffett who say they’re not paying enough taxes to voluntarily give more money to the federal government.
Under the legislation, authored by Sen. John Thune of South Dakota and Rep. John Scalise of Louisiana, taxpayers can donate at least a $1 to the Treasury fund for deficit reduction when they file their federal income tax returns starting next year.


“If individuals like Warren Buffett or President Obama are inclined to donate their own personal money toward paying down the federal government’s debt, they ought to have that right to do so voluntarily,” Thune said. “This bill would make it easier for those wealthy individuals who feel they are currently under-taxed to pay more to the U.S. Treasury above and beyond their current obligations, without raising taxes on America’s job creators.”

 

[moreluck]

What do you think the "Super Committee" is doing right now. I think we are going to find out the entire committee doesn't deserve the name, "SUPER".

Don't they have a Nov. date to be done......their deadline? We hear diddlysquat from them. Maybe they all ran away to Virginia!

 

[moreluck]

http://townhall.com/tipsheet/katiep...m=email&utm_campaign=nl_pm&newsletterad=thpm1

 

[Necropostophiliac]

In case the clueless left and others fail to read, I re-post... from More..
National Debt Hits $18,000,000,000,000

We are in trouble as a country...

It is Bush's fault and the Tea Party. Sigh...
http://townhall.com/tipsheet/katiep...m=email&utm_campaign=nl_pm&newsletterad=thpm1

 

[The Other Side]

I'll sell you a hint at what the deficit will reach, if the republicans pass legislation to cut taxes for the top 1% again.

The deficit will reach 20 trillion dollars the moment they pass it.

Then you can come back here and admit your beloved party is a fiscal disaster just on course to repeat the same old deficit spending policies that brought us to this point.

2 BUSH tax cuts added over 5 trillion to the 18 trillion that you see today, a prescription drug bill unpaid that added near 1 trillion to the debt that you see today. 2 Wars that accomplished nothing added another 3.5 trillion to the debt you see today. Bailouts to the banks and such that cost another 2.5 trillion to the debt you see today. 1 trillion given back to tax payers to attempt to revive the economy is a part of the debt you see today.

The republicans know full well that another tax cut for the rich will add over 3 trillion to the current debt, but that wont stop them.

Neither will you.

TOS.

 

[BrownArmy]

Clearly, it's Obama's fault.

 

[realbrown1]

http://townhall.com/tipsheet/katiep...m=email&utm_campaign=nl_pm&newsletterad=thpm1

$18,000,000,000,000.00 National debt.
Up 70% under Obama.
Great job TROLL PATROL. Your plan on destroying America is working.

 

[bbsam]

Obviously, taxes will have to go up.

 

[wkmac]

Clearly, it's Obama's fault.

Don't worry, in 8 years it will rotate to the next President and it will be their fault.

Are you starting to see a trend in this as the years go by?

 

[wkmac]

Obviously, taxes will have to go up.

Why? Why do we need to do anything at all about the debt? Everything is cool and both sides of the debate fully agree on that point.

WHAT? How can I say that?

Well under Bush, taxes weren't enough to cover the full cost of gov't, debt was used to make up the difference and all the Bush supporters said everything was fine, economy good, shut up and go do something else you haters.

Obama comes to town, taxes aren't enough to cover the full cost of gov't. debt is used to make up the difference and all the Obama supporters say everything is fine, economy good, shut up and go do something else you haters.

So seems to me that fundamentally, the debt and economy are not the problem. That part is working to the full support of both sides as they each in their own support someone who makes this happen.

The problem is the sock puppet figurehead and if that puppet represents the propaganda narrative of Team "R" or Team "D" but where it really counts, there is no real difference. All agree that reality is good. Thus begs the question, why change anything?

 

[bbsam]

I'm surprised at you wk. It's simple. Government is funded by taxes, fees, etc. If people elect a government that puts in programs and processes, thensuring those items must be paid for. If there are not enough funds, then revenue most be increased.

I grow weary when people talk about government being run "like a business". They are not the same although the Chamber of Commerce would have you believe that they are.

 

[wkmac]

The secret to reading a post sometimes lay with knowing where the sarcasms exist.

 

[realbrown1]

Obviously, taxes will have to go up.

That would be part of Obama's plan to make americans poorer, thus making more of them dependent of the government for assistance.

 

[Necropostophiliac]

Sigh...

We have now become # 2. All our debt to this country.

http://www.aol.com/article/2014/12/...d=maing-grid7|main5|dl1|sec1_lnk3&pLid=575985

 

[Sportello]

Sigh...

We have now become # 2. All our debt to this country.

http://www.aol.com/article/2014/12/04/china-overtakes-the-us-as-worlds-largest-economy/21003035/?icid=maing-grid7|main5|dl1|sec1_lnk3&pLid=575985

Pretty sure that means they depend on us.

 

[wkmac]

AH Right you Mer-a-Cans, lets show them thar Commie Bastards what fer. On 3

1,2, 3

USA! USA! USA!

We're #1
We're #1

Yeah. Now BY GAWD them commie bastards will know we mean bidness!

Chinese Gather In Beijing Square To Watch U.S. National Debt Clock Strike $18 Trillion

 

[moreluck]

 

[bottomups]

In November of 2002, when O'Neill, a "deficit hawk", tried to warn Vice President Dick Cheney that growing budget deficits... expected to top $500 billion that fiscal year alone... posed a threat to the economy. Cheney cut him off, saying, "You know, Paul, Reagan proved deficits don't matter."