White House: Debt Ceiling Must Be Raised

[Daphne]

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 has warned that those special measures would last only until mid-November.

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.

Full Story Here (http://http://story.news.yahoo.com/news?tmpl=story&cid=544&e=11&u=/ap/20041103/ap_on_go_pr_wh/debt_ceiling)

[Chuck]

Aww,,, go ahead and take it to an even 10 trillion. That should cover them till 2008.

[kcredden]

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.


What the heck, get rid of the debt ceiling so we can have some REAL fun, hmm? Just think of what countries we could destory with an unlimited budget, Iran? N. Korea? Syiria?

I'm thinking of moving to Canada, so I can have health care. Not going to get it here, for another 4 that's for sure.

[mark]

..........you know, I'm with all of you guys on this one. The gov't NEEDS to be more responsible with our money. When the gov't quit balancing the budget around 1969, that was the start of this crazy deficit spending.

I don't think any Prez since then has vetoed a spending bill of any kind.

Here's my answer to the problem:

Freeze A L L future spending ASAP & reduce the tax burden of businesses. At the same time, slowly C U T all unneccessary spending across the board by a minimum of 15% per year till it gets balanced, period!

We can't go out & overspend our checkbooks & get away with it & neither should they.

One last thing to do, starting at the next election, move the voting day from November to April 16th........that should get all the politician's attention real quick! .......................see ya Mark

[tkcomer]

The government can’t have it both ways. Fighting 2 wars and cutting taxes. Cut spending? What? The military is eating up close to 25% of the budget. Even Osama said we can’t keep this up. Economic collapse is what he’s after. And if we don’t stop our arrogant ways, he’ll get it.

[mark]

..........................the gov't can CUT spending. Look around you, there is pork $$ being wasted everywhere.

Look what I found with little effort internet surfing:



Unlike it did during World War II and the Korean War, Congress has failed to cut non-defense discretionary spending during the War on Terrorism. The choices are clear. Should Congress spend $1 million for oyster recovery in South Carolina, or marsh restoration in New Hampshire, or the Bering Sea crab in Alaska, or brown tree snakes in Hawaii? Or should that same $1 million be used to buy one Tomahawk cruise missile to begin replacing the thousands that are being used in Iraq? The American people know the answer, but apparently Congress has yet to get the message.

Or, how about this one:

$29,904,000 added by the Senate for projects in the state of then-Senate Agriculture Appropriations Subcommittee Ranking Member Thad Cochran (R-Miss.), including: $9,200,000 for the Southern Horticulture Laboratory in Poplarville; $2,000,000 for the plant propagation facility in Oxford; $750,000 for ornamental crops research; $500,000 for catfish health in Stoneville; $350,000 for sweet potato research in Stoneville; and $100,000 for drainage improvements on Watkins Drive in Jackson.

Yes, my friends, 500,000 for catfish health !! We all need that for sure!!

Notice I picked on a Republican in this copy & paste. Yes, BOTH parties are responsible & will continue spending until WE as the people send responsible people to D.C.

You can read plenty more about the excessive spending on the link provided:

http://www.cagw.org/site/PageServer?pagename=reports_pigbook2003

Can the gov't cut spending?? You betcha!

I still say when EVERYTHING is cut a minimum of 15%..... & that means everything, eventually the gov't can be responsible with our money again. There will be a lot of crying from all of us when it affects us in certain ways, but it's no different than the average American that has a large credit card debt that needs to be paid off.

One has to start somewhere---gov't included.....................see ya Mark

[Chuck]

Notice I picked on a Republican in this copy & paste. Yes, BOTH parties are responsible & will continue spending until WE as the people send responsible people to D.C.

You can read plenty more about the excessive spending on the link provided:

http://www.cagw.org/site/PageServer?pagename=reports_pigbook2003



Nice Democrat Link there bud,, lol We had our chance at new people in DC last Tuesday. We choose more of the same and added a couple of new spenders. :D

Now if Bush holds true to his word and things he has been saying since the election has past then they won't need to raise the ceiling much cause Bush will use his Veto Powers and make the Congress deliver a balanced budget.

If he does this and only adds 1 trillion or so to the National Debt. Fixes the SS System (Or at least not damage it anymore than it is.) Hold true to 1.5 his champaign promises. I promise to vote Republican in the next election. ;)

Other than that we might see the 1st Female President with a Vice President from Illinois. He's the Governor at current there. :eek: :eek: :eek:

Of coarse Edwards and Hillery has a nice ring.

[tkcomer]

Mark, you’re proving my point. We are running deficits of over 400 billion and all they can find is a measly 22 billion? We would need to cut more than that to support the over 500 billion we are spending fighting other country’s wars. That is one of the objectives of Osama. To bankrupt the United States until we can no longer support the military. Osama feels the Taliban put such a financial strain on the Soviets that they were forced to withdrawal. He wants to do the same to us. We are supposed to be the richest country in the world, but we are over 7 trillion dollars in debt. Businesses are leaving this country. The big three automakers say health insurance is a huge drain on their profits. And this administration biggest concern is over a tin pan dictator that was no threat to us.

[mark]

...............point well taken.

I still think we must try this:


Freeze A L L future spending ASAP & reduce the tax burden of businesses. At the same time, slowly C U T all unneccessary spending across the board by a minimum of 15% per year till it gets balanced, period!

EVERYTHING, my friends, just like YOU would your own checking acct......................see ya Mark

[Chuck]

You are so right we need to do something.

Freezing all government spending leaves you with an army that is fighting a war with no bullets. Richard Nixon did this in 197*?.

With the current civil unrest in the world and with us being poised to invade North Korea we couldn't do this.

What you are proposing is what Bill Clinton did, He stopped all future spending. Remember the military which takes the brunt of this. At least in the public eye.

He then made congress propose budgets that showed only spending that was covered by some type income the government had. No adding to the national debt.

It took Bill Clinton 6 years before we saw results from it.

He did this while spend money to add cops on the streets and many other govt, plans that help the people.

I am sorry and don't like the idea I brought up Clinton this close to the end of the election but wanted to show it was done before. Both ways.

Nixon did it 197*? we seen the affects of that for 15 years and Clinton did it in 1992.

Nixon's plan did not work because they had a fairly balanced budget when he froze to try to stop or slow inflation.

Clinton did this at the end of Bush H.W. when Govt. spending was at an all time high and inflation was stable.

Reagan had the right idea in his term. To recover from Nixon he need to get the govt. debt up to compensate for the economy unbalance. He just brought it up to fast to quick.

Had Nixon not froze the country financially, Industry and Govt. would have stayed balanced.

What Reagan did was made the next budget minded Presidents job easy. H.W. was not that person.

What we need is a balanced budget for 10 years before we try to seriously reduce it.

GNP and Govt. Spending need a balance to work. Eventually you would want to see the GNP climb and the budget drop, At current the GNP is dropping and the Budget is climbing. This is basically or Govt. debt. to income ratio.

Or how I feel about it. I could be way off.