US national debt

[realbrown1]

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.

You won't tell us anything, because you don't have a clue.

We have a massive deficit not becuase the government collect too little, but because the government SPENDS TOO MUCH.

Reading your posts is like watching a car crashing, and being unable to do anything to stop it.

 

[Catatonic]

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."

And Cheney and Reagan were wrong.

 

[realbrown1]

And Cheney and Reagan were wrong.

But most of his presidency Reagan had a split or Democrat controlled congress.

And presidents don't pass spending bills.

They can only veto them, which might be worse than just signing it in to law.

 

[Sportello]

The future is the only thing that matters with regards to debt. Run it up now if you can pay for it in the future.

With the rdly Republicans in charge of the purse strings, it is unlikely we will invest in the future of the country.

 

[bottomups]

But most of his presidency Reagan had a split or Democrat controlled congress.

And presidents don't pass spending bills.

They can only veto them, which might be worse than just signing it in to law.

So why do you blame Obama for the deficits during his term?
Conservatives now control both the house and senate yet we are still in deficit spending. Both parties are full of crap!

 

[realbrown1]

So why do you blame Obama for the deficits during his term?
Conservatives now control both the house and senate yet we are still in deficit spending. Both parties are full of crap!

6 and a half years of being President and he has a congress controlled by Republicans for only the last 6 months.

So I blame Obama for those deficits.

 

[moreluck]

 

[wkmac]

History of US Debt Ceiling

 

[rod]

History of US Debt Ceiling

Just keep printing that money---what could possibly go wrong?

 

[moreluck]

 

[Babagounj]

 

[newfie]

But most of his presidency Reagan had a split or Democrat controlled congress.

And presidents don't pass spending bills.

They can only veto them, which might be worse than just signing it in to law.

liberals who defend Obama by blaming what Obama inherited from Bush for some reason forget or ignore what Reagan inherited from Carter.

 

[Wally]

US national debt tops $34T for first time in history

The U.S. national debt exceeded $34 trillion this week for the first time ever, setting off alarm bells over unprecedented levels of government spending.

www.foxbusiness.com

 

[Babagounj]

I have a full penny jar that I would like to donate to the cause.

 

[Wally]

I have a full penny jar that I would like to donate to the cause.

You might need it. Eventually, it's gonna' hit the fan!

Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt

When Does Federal Debt Reach Unsustainable Levels? — Penn Wharton Budget Model

PWBM estimates that---even under myopic expectations---financial markets cannot sustain more than the next 20 years of accumulated deficits projected under current U.S. fiscal policy. Forward-looking financial markets are, therefore, effectively betting that future fiscal policy will provide substan

budgetmodel.wharton.upenn.edu

 

[Gotta Go]