US Borrowing 4.8 Billion a day two months into fiscal 2013

[dogtowner]

that BILLION and DAILY

and its not even borrowed anymore, its freshly printed money from Bernake.

in other terms 46 cents of every dollar the government spends is borrowed.

Obama and COngress need an intervention in the worst kind of way. do whatever with the fiscal cliff but

NO DEBT LIMIT INCREASE

not one dime.

we need the government to shut down if it cant control itself.

The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day.
“The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday.

 

[GenSeneca]

Howard Dean: "The Truth Is Everybody Needs To Pay More Taxes, Not Just The Rich"​

HOWARD DEAN: The only problem is -- and this is initially going to seem like heresy from a progressive is -- the truth is everybody needs to pay more taxes, not just the rich. And it's a good start. But we're not going to get out of this deficit problem unless we raise taxes across the board, to go back to what Bill Clinton had and his taxes. And if we don't do that, the problem is the pressure is going to be on spending even more.​

​

 

[PLC1]

Howard Dean is partially right. Tax increases, not just on the "rich", but on everyone, are going to be temporarily needed to bring the deficit under control. However, just raising taxes is not going to solve the problem. The government has been growing out of control for decades. We've now come to the point at which people are beginning to realize that government can not continue to grow without consequences.

but, tax increases are not popular, nor are cuts in government programs. Perhaps we've come to the one great flaw in the "government of, by, and for the people model. Sometimes, the unpopular solution is the only solution.

The federal budget at the beginning of the new millennium was 1.7 trillion. Now, it is double that and still growing. Clearly that rate of growth is not sustainable.

 

[Cruella]

The government is too big and has a spending problem. Raising taxes isn't going to do squat for this economy.

 

[dogtowner]

The government is too big and has a spending problem. Raising taxes isn't going to do squat for this economy.

have to dusagree Cru. it will have a significant effect. all bad.

 

[Hobo1]

What cliff? The Bush Tax Cuts cut taxes for the rich, and the rich got richer....

Seems to me if Congress does not continue the Bush Cuts, then the rich are going to be taxed at a higher rate and loose a lot of benefits in the Bush Tax Cut... and the poor will benefit. Isn't that what Obama wants?

So what are the expenditure cuts with the Financial Cliff?

"Budget Control Act. The automatic spending cuts or sequester legislated by the Budget Control Act of 2011 will hit January 2. Half of the scheduled annual cuts ($109 billion/year from 2013-2021) will come directly from the national defense budget, half from non-defense. However, some 70 percent of mandatory spending will be exempt."​

Hey, half the expenditure cuts come from the military budget. And as a former Navy Officer, I can tell you the military needs a "hair cut". Isn't that what Republicans want?

And you thought that the financial cliff was going make drastic cuts in social spending .. YOU WERE WRONG.

The Financial Cliff is going to raise taxes for the rich and cut non-social expenditures for the poor. Show me where to jump!!

 

[Cruella]

have to dusagree Cru. it will have a significant effect. all bad.

Well that's true....for sure it will decrease the GDP, increase unemployment and put more on the government handout program.

But wasn't that Obama's plan all along to destroy the country?

 

[dogtowner]

What cliff? The Bush Tax Cuts cut taxes for the rich, and the rich got richer....

Seems to me if Congress does not continue the Bush Cuts, then the rich are going to be taxed at a higher rate and loose a lot of benefits in the Bush Tax Cut... and the poor will benefit. Isn't that what Obama wants?

So what are the expenditure cuts with the Financial Cliff?

"Budget Control Act. The automatic spending cuts or sequester legislated by the Budget Control Act of 2011 will hit January 2. Half of the scheduled annual cuts ($109 billion/year from 2013-2021) will come directly from the national defense budget, half from non-defense. However, some 70 percent of mandatory spending will be exempt."​

Hey, half the expenditure cuts come from the military budget. And as a former Navy Officer, I can tell you the military needs a "hair cut". Isn't that what Republicans want?

And you thought that the financial cliff was going make drastic cuts in social spending .. YOU WERE WRONG.

The Financial Cliff is going to raise taxes for the rich and cut non-social expenditures for the poor. Show me where to jump!!

The so called Bush Tax cuts lowered taxes for all tax payers, not just the rich. Letting them lapse will, in turn, raise taxes on all tax payers. Letting the AMT exemption lapse will cause significant tax increases on the middle class. The very rich will not pay more taxes, they never do.

But this is what Obama wanted all along. Tax increases that have any hope of adding revenue would have to come from those without the knowledge of how to protect their income. So if you're looking forward to jumping off the cliff, you will get your wish.

 

[dogtowner]

Well that's true....for sure it will decrease the GDP, increase unemployment and put more on the government handout program.

But wasn't that Obama's plan all along to destroy the country?

yes ma'am.

 

[Cruella]

U.S. borrows 46 cents of every dollar it spends

This is bad. Last I heard it was 40 cents.

 

[Cruella]

Faber: Fed could up QE to $1 trillion a month

Faber has been predicting so-called "QE infinity" because "every government program that is introduced under urgency and as a temporary measure is always permanent." He also said, "The Fed has boxed itself into a position where there is no exit strategy."

 

[Texas_tea]

Faber: Fed could up QE to $1 trillion a month

Faber has been predicting so-called "QE infinity" because "every government program that is introduced under urgency and as a temporary measure is always permanent." He also said, "The Fed has boxed itself into a position where there is no exit strategy."

There never was an "exit strategy" .... Obama is intentionally bankrupting America .....

 

[dogtowner]

"Socialism is fine till you run out of other peoples money". No worried, just print more. Worked out fine fir Zimbabwe didnt it ?