[redmenace]

Congressional GOP Seeks $800 Billion Debt Ceiling Increase
Wed Nov 17 2004 10:06:02 ET

Republicans want a larger, $800 billion increase in the politically sensitive federal debt limit to ensure the Treasury has sufficient borrowing authority to finance continued high budget deficits through this fiscal year, the WALL STREET JOURNAL reports.

House and Senate Republicans had calculated that they needed an increase of $690 billion to cover funding needs, but party leaders now have chosen to seek the higher figure intended to carry the Treasury until the next fiscal year begins in October 2005.

The increase would be the third in as many years and bring the debt limit to $8.184 trillion -- 37% higher than the ceiling that President Bush inherited in 2001." The Senate is "expected to take up the bill today in anticipation of a final vote tomorrow night.

If they know what is good for them they would reduce the debt ceiling and make inroads to balance the budget.

[Black Wolf]

They can't reduce the debt ceiling since they're bumping against it. They need to reduce the buget deficit is what they need to do. But, of course, that's not going to happen. Not for awhile anyway.

[Kazan]

that's $3.028 trillion larger ladies and gentlemen (37%)

we went from clintonian balanced budget and thriving economy - paying down the national debt

to a bu****e largest-deficit-in-history

Here is the debt-clock - it's increasing at about $1B/day


while the canadians - under a liberal government are paying down their debt

THIS INCREASING DEBT WILL CAUSE THE US DOLLAR TO FALL ON THE GLOBAL MARKET

[Taristin]

Wee! We're in debt up to our hairline! Now China can come in and buy us up, and we can all be red and happy!

[redmenace]

Reducing the budget and and making inroads to lowering the debt ceiling. I am a weee bit confused today.

[redmenace]

We wouldn't be in debt if it were not for 3 facts
a. The war in Iraq
b. The failing economy at the end of Clintons Administration
c. And the tax cut, although there has had some good from that

[aldo_14]

Is there not also a continously weakening dollar to worry about as well?  IIRC China have a massive trade surplus ($120bn) with the US in particular.

[redmenace]

Trade in the form of goods. The US however, has an surplus in the trade of services. But the former far outweighs the later.

[vyper]

[q]The failing economy at the end of Clintons Administration[/q]

You had higher export levels under Clinton.

[Gank]

Originally posted by redmenace
We wouldn't be in debt if it were not for 3 facts
a. The war in Iraq
b. The failing economy at the end of Clintons Administration
c. And the tax cut, although there has had some good from that

yis were well in debt before all three of these, they're just making it worse.

[Kazan]

Originally posted by redmenace
We wouldn't be in debt if it were not for 3 facts
a. The war in Iraq

no ****

b. The failing economy at the end of Clintons Administration

no such thing existed - the economy remained strong until bush became president elect and claimed "we're in a recession" when we were not

c. And the tax cut, although there has had some good from that

no there hasn't - the vast majority of that tax cut when to individuals with marginal propensities to save of almost 100%

it has done nothing but thrown us into huge deficit - it hasn't caused one ounce of economic stimulation

[Kazan]

Originally posted by Gank


yis were well in debt before all three of these, they're just making it worse.

clinton was making it better... the whole balanced budget he managed to get and all...

[redmenace]

Originally posted by Kazan


clinton was making it better... the whole balanced budget he managed to get and all...

That would be the case is he had the idea and introduced it to the congress. However, it was the other way around.

[Kazan]

Originally posted by redmenace

That would be the case is he had the idea and introduced it to the congress. However, it was the other way around.

nooo... it was more mutually proposed and something he strongly supported

[redmenace]

Originally posted by Kazan

no such thing existed - the economy remained strong until bush became president elect and claimed "we're in a recession" when we were not

Actually, they claimed we were in a recession before before the election. And the decline of the tech companies started in the 90s. Leading us to not have the imagenery surpluses

[IceFire]

Originally posted by Kazan
that's $3.028 trillion larger ladies and gentlemen (37%)

we went from clintonian balanced budget and thriving economy - paying down the national debt

to a bu****e largest-deficit-in-history

Here is the debt-clock - it's increasing at about $1B/day


while the canadians - under a liberal government are paying down their debt

THIS INCREASING DEBT WILL CAUSE THE US DOLLAR TO FALL ON THE GLOBAL MARKET

We rock!

Except our finance minister isn't sure how much surplus we had last year...1.9 Billion or 9.1 Billion.  Apparently its the latter...whatever they are doing, its apparently good....because Healthcare and Education need it.  Subsidies = good.

[Bobboau]

the economy started to fall about 6 months before the election, just go to any stock market site and look up the records.

[Omniscaper]

Getting Kazan to acknowledge FACTS that contradict his mantras is liking getting a politician to be completely truthful.

Speaking of the war and the budget....

I strongly believe that our current military spending and economic deficits would have been GREATLY reduced if Clinton hadn't mothballed much of the military that Reagan and Bush Sr. had built up, just to cut costs and spending, and lets NOT FORGET a gutted CIA as well. I won't even get into his genious idea of having FBI (domestic agency) investigate the "criminal" act of bombing a FREAKIN U.S. WARSHIP. Who did that anyway.. oh... some "criminal" gang called AL-QUIDA. Silly criminals putting holes on our WARSHIP.

These are some of the major factors that attributed to that blissfull economic surplus.

Lets see.... we have muchos $$$ in the bank, no defecits, and economic happies....BAMMM!!!!

9/11

"Oh shiit!!! How could we have not seen this coming"... oh wait... CIA gutted... but we can retaliate..... WAIT, oh shiit.....  our military is not as strong as it use to be to fight this war (Afghan AND Iraq) time to start military spending again just to regain what was already ours and was paid for back in the day.

GW was handed a lousy hand, economically and military, when he came into office.

Bill Clinton left the US with its pants down as he left office.

In a nutshell, sure we had a surplass and a balanced budget. But at what cost. Isolationism doesn't work anymore and foreign policy, especially with the Middle East, requires hawk eyes and very sharp claws. You can't turn blind eye to the world and put down your guns with a "if we don't bother them, they wont bother us" mentallity.

[Mongoose]

Originally posted by Omniscaper
Bill Clinton left the US with its pants down as he left office.

I think his pants were down, too.

[Flipside]

gosh

that means the end of the world