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Old 11-03-2004, 06:38 PM  
Taco John Taco John is offline
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With election won, Bush's first move is to increase the debt ceiling...

Wow... Exactly the reason I feared a second term, and with the election freshly over, Bush is already reaching into our children's wallets...





White House: Debt Ceiling Must Be Raised

Wed Nov 3,12:54 PM ET
By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.



Treasury Department (news - web sites) officials announced that they will be able to conduct a scheduled series of debt auctions next week to raise $51 billion. However, an auction of four-week Treasury bills due to be completed on Nov. 18 will have to be postponed unless Congress acts before then to raise the debt ceiling.


"Due to debt limit constraints, we currently do not have the capacity to settle our four-week bill auction scheduled to settle on Nov. 18," Timothy Bitsberger, acting assistant Treasury secretary for financial markets, said in a statement.


Congress is scheduled to return for a lame-duck session beginning on Nov. 16 to deal with the debt ceiling, an omnibus spending plan for the rest of this budget year and other matters.


The Republican-controlled Congress put off dealing with the debt ceiling before adjourning in October, preferring not to force members to vote on the politically sensitive issue of adding to the national debt before the November elections.


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


The Treasury Department's actions have included reducing the amount of debt in government trust funds to free up room for further borrowing from the public. The nonpublic debt is then replaced in the trust funds once the debt ceiling is increased along with any lost interest payments.


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.


The need to raise the debt ceiling reflects the record budget deficits of the past two years. The deficit for the 2004 budget year, which ended Sept. 30, was an all-time high of $413 billion, surpassing the old mark, in dollar terms, of $377 billion in 2003.


Democrats blame the surging deficits on Bush's tax cuts, while the administration contends the tax cuts provided critical economic stimulus to help lift the economy out of the 2001 recession.


The administration says the president has a plan to cut the deficit in half by 2009, but critics contend that the real problems will come in later years as retiring baby boomers put unprecedented strains on Social Security (news - web sites) and Medicare.


In its announcement Wednesday, Treasury said it will sell $51 billion in new securities next week including $22 billion in three-year notes on Monday, $15 billion in five-year notes on Tuesday and $14 billion in 10-year bonds on Wednesday.
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Old 11-03-2004, 06:47 PM   #2
Braincase Braincase is offline
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Any word on new tax cuts yet?
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Old 11-03-2004, 07:13 PM   #3
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our kids? you don't have children, do you?

and you have no clue what things will be like when you finally decide to have them.

more fear. I reallly feel for people who constantly try to sell misery when they have no clue what it reallly means.
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Old 11-03-2004, 07:16 PM   #4
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Quote:
Originally Posted by First Down Elvis
our kids? you don't have children, do you?

and you have no clue what things will be like when you finally decide to have them.

more fear. I reallly feel for people who constantly try to sell misery when they have no clue what it reallly means.
I have three. I am planning accordingly.
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Old 11-03-2004, 07:22 PM   #5
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Quote:
Originally Posted by Taco John
Wow... Exactly the reason I feared a second term, and with the election freshly over, Bush is already reaching into our children's wallets...





White House: Debt Ceiling Must Be Raised

Wed Nov 3,12:54 PM ET
By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.



Treasury Department (news - web sites) officials announced that they will be able to conduct a scheduled series of debt auctions next week to raise $51 billion. However, an auction of four-week Treasury bills due to be completed on Nov. 18 will have to be postponed unless Congress acts before then to raise the debt ceiling.


"Due to debt limit constraints, we currently do not have the capacity to settle our four-week bill auction scheduled to settle on Nov. 18," Timothy Bitsberger, acting assistant Treasury secretary for financial markets, said in a statement.


Congress is scheduled to return for a lame-duck session beginning on Nov. 16 to deal with the debt ceiling, an omnibus spending plan for the rest of this budget year and other matters.


The Republican-controlled Congress put off dealing with the debt ceiling before adjourning in October, preferring not to force members to vote on the politically sensitive issue of adding to the national debt before the November elections.


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


The Treasury Department's actions have included reducing the amount of debt in government trust funds to free up room for further borrowing from the public. The nonpublic debt is then replaced in the trust funds once the debt ceiling is increased along with any lost interest payments.


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.


The need to raise the debt ceiling reflects the record budget deficits of the past two years. The deficit for the 2004 budget year, which ended Sept. 30, was an all-time high of $413 billion, surpassing the old mark, in dollar terms, of $377 billion in 2003.


Democrats blame the surging deficits on Bush's tax cuts, while the administration contends the tax cuts provided critical economic stimulus to help lift the economy out of the 2001 recession.


The administration says the president has a plan to cut the deficit in half by 2009, but critics contend that the real problems will come in later years as retiring baby boomers put unprecedented strains on Social Security (news - web sites) and Medicare.


In its announcement Wednesday, Treasury said it will sell $51 billion in new securities next week including $22 billion in three-year notes on Monday, $15 billion in five-year notes on Tuesday and $14 billion in 10-year bonds on Wednesday.


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Old 11-03-2004, 08:47 PM   #6
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Wait, I thought it was going to be 75 more billion for Iraq.

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Old 11-03-2004, 08:54 PM   #7
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Old 11-03-2004, 08:57 PM   #8
B2chiefsfan B2chiefsfan is offline
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Quote:
Originally Posted by BrainCase
I have three. I am planning accordingly.

As should everyone.


I have three myself.
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Old 11-03-2004, 08:58 PM   #9
B2chiefsfan B2chiefsfan is offline
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Quote:
Originally Posted by Rausch
DAMNIT CARL!!!
Totally classic

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Old 11-03-2004, 08:59 PM   #10
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We have a debt ceiling?
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Old 11-03-2004, 09:07 PM   #11
Taco John Taco John is offline
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Quote:
Originally Posted by First Down Elvis
our kids? you don't have children, do you?

and you have no clue what things will be like when you finally decide to have them.

more fear. I reallly feel for people who constantly try to sell misery when they have no clue what it reallly means.


We have decided to have them. We're crossing our fingers now.

And I know what this means. You can **** off with your entire attitude. I know EXACTLY what this means, and your response is nothing more than another bleat from the "conservative" side who don't GAF how much money this president spends, just so long as he pretends to share your values.
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Old 11-03-2004, 09:08 PM   #12
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Quote:
Originally Posted by Adam
We have a debt ceiling?
Not for long.
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Old 11-03-2004, 09:14 PM   #13
Ari Chi3fs Ari Chi3fs is offline
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i wonder why this wasnt mentioned on the election campaign?
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Old 11-03-2004, 09:30 PM   #14
stevieray stevieray is offline
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Quote:
Originally Posted by Taco John
We have decided to have them. We're crossing our fingers now.

And I know what this means. You can **** off with your entire attitude. I know EXACTLY what this means, and your response is nothing more than another bleat from the "conservative" side who don't GAF how much money this president spends, just so long as he pretends to share your values.
Wrong, as usual. I think you have unhealthy tendacy to pin any mistake you can find on a man whose power mainly comes and goes through Congress.

Telling me to **** off doesn't change that. stop crying about how horrible things are when your standard of living is greater than most of the world, provided by generations breaking their backs and giving their lives so you can try to win endless pissing matches on this board by incessantly trying to kick the gift horse in the mouth.

I understand though, as much smack as you talked about this election, I'd be hidng my embarassment behind more of the same character asissination.

Good luck with the "family", I think you'll find that just like every other family out there( for centuries), you'll be doing you're best with what you have.
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Old 11-03-2004, 09:42 PM   #15
Taco John Taco John is offline
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Quote:
Originally Posted by First Down Elvis
Wrong, as usual. I think you have unhealthy tendacy to pin any mistake you can find on a man whose power mainly comes and goes through Congress.
Uh huh... I'm sure this is exactly the kind of leeway you were advocating for Clinton back in the day. Don't even pretend to own the high ground here.



Quote:
Telling me to **** off doesn't change that. stop crying about how horrible things are when your standard of living is greater than most of the world, provided by generations breaking their backs and giving their lives so you can try to win endless pissing matches on this board by incessantly trying to kick the gift horse in the mouth.
You know what? I don't give a damn about the rest of the world. If my standard of living is greater than theirs, then so be it. God bless America. I still am not going to sit with a sock in my mouth as this Adminstration squanders our national wealth. Kicking a gift horse in the mouth is cutting taxes and raising the debt ceiling. Cutting taxes while raising debt is damned foolish, and is the epitomy of pissing on the generations who have provided what we have to date.

Telling you to **** off isn't going to change it, but it sure is going to let you know that I thought you were WAY out of line with your worthless diatribe. I'm all for a conversation, but if you're going to sit on your short-sighted, "you don't even have kids yet" high horse, you can **** off.


Quote:
I understand though, as much smack as you talked about this election, I'd be hidng my embarassment behind more of the same character asissination.

Character assasination!?

Again. **** off. I'm one of the few people on this board that stuck 95% to policy and fact-based observations, rarely digging down to the depths of slander that most people on this board engaged in. And again, this discussion is about policy. Not character. Your ad hominem is hardly accurate.

You don't know me. You only *think* you do.
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