Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Lounge > D.C.

Reply
 
Thread Tools Display Modes
Old 07-08-2010, 08:10 AM  
talastan talastan is offline
Manning, we're coming for you!
 
talastan's Avatar
 
Join Date: Jul 2006
Location: Springfield, Mo
Casino cash: $5000
U.S. marks 3rd-largest, single-day debt increase

http://www.washingtontimes.com/news/...ay-debt-boost/


U.S. marks 3rd-largest, single-day debt increase
$166 billion jump spurs concerns over policy

By Stephen Dinan
The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.

The one-day increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.

Daily debt calculations jump and fall, and big shifts are common. But all three of the biggest one-day debt increases have occurred under the tenure of President Bush, and all of the top six have been in the past two years - an indication of just how quickly the pace of deficit spending has risen under Mr. Obama and President George W. Bush.

"What matters is the overall trend line, and the overall trend line is shooting up," said Robert Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog group, who said it is one more reason for a fiscal wake-up call.

Fears over red ink have stalled key parts of Mr. Obama's agenda in Congress in recent weeks, including his push for another round of stimulus spending. Just last week, House Democrats had to use a tricky parliamentary tactic to pass an emergency war-spending bill, aid for teachers and new spending caps.

On Wednesday, the Congressional Budget Office said the government has recorded a $1 trillion deficit for the first nine months of fiscal 2010, which began Oct. 1. That's slightly down from 2009's record $1.1 trillion deficit at this point.

CBO said revenues are doing slightly better this year than last year, while spending is down about $73 billion, mainly because the government made giant payments last year to bail out Wall Street, but did not have similar expenses this year. Other spending is higher, including unemployment benefits, which have jumped nearly 50 percent.

Deficits are the difference between what the government raises in revenue versus what it spends each year, while debt is the accumulation of those deficits over many years.

The Treasury Department calculates the country's debt position each day, and big rises and falls are not unusual. In fact, since hitting $13.203 trillion on June 30, the figure has since slipped $25 billion to settle at $13.178 trillion as of Tuesday, the latest day for which figures are available.

June 30 is always a major day for new debt, since debt held by one part of the government to another - for example, IOUs to the Social Security trust fund - are rolled over, a spokeswoman for the Bureau of the Public Debt said.

PG 2

All told, this June 30, the government reported issuing $760 billion in new debts and redeeming $594 billion, for a new net debt of $166 billion that day.

White House officials said that big a jump is not the norm and that Mr. Obama has worked with the hand he was dealt by Mr. Bush. He has had to push spending to try to jump-start the economy and create jobs, even as he has also pledged to work in the long term to reduce annual deficits and bring the debt under control.

The budget he submitted to Congress earlier this year calls for a mix of tax increases and spending reductions, including a freeze on non-security discretionary spending, that would reduce deficits by $1 trillion over the next decade.

Mr. Obama has also named a bipartisan commission to recommend major changes that could help reduce the deficit to about 3 percent of gross domestic product, and stabilize the debt held by the public - a somewhat different figure than total debt - at about 60 percent of GDP, which the administration argues are more sustainable levels.

Testifying to that commission last week, CBO Director Douglas W. Elmendorf said to reach the sustainable debt goal the government will have to raise taxes by 25 percent, cut spending by 20 percent or do some combination of the two.

"That would require, for example, roughly a one-half increase in personal income tax revenue. On the other hand, if the change came entirely from spending ... that would represent, for example, the near elimination of all government programs except for Social Security, Medicare, Medicaid and national defense," he said.

The White House said CBO's scenario doesn't take into account some of Mr. Obama's proposals, such as long-term cuts in spending resulting from the new health care law.

Still, Mr. Bixby, the deficit watchdog, said the size of the numbers CBO laid out to the commission shows the tough choices that await Congress. He said the solution will have to be a combination of revenue increases and changes to major programs such as Social Security and Medicare, which are growing at a faster rate than the economy as a whole.

Total public debt includes two pots of money. One is normal government debt in the form of Treasury bills and bonds held by consumers, while the other is intragovernmental holdings, or money one part of the government borrows from another agency. That includes money borrowed from the Social Security trust funds.

Some analysts say the key measure is not the total public debt, but the debt in the hands of consumers. That figure stood at $8.628 trillion on Tuesday.
Posts: 4,815
talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.
  Reply With Quote
Old 07-08-2010, 08:20 AM   #2
HonestChieffan HonestChieffan is online now
Country Santa Year Around
 
HonestChieffan's Avatar
 

Join Date: Jan 2006
Location: In the Country in MO
Casino cash: $12708
Obama loves setting records
__________________
Frazod to KC Nitwit..."Hey, I saw a picture of some dumpy bitch with a horrible ****tarded giant back tattoo and couldn't help but think of you." Simple, Pure, Perfect. 7/31/2013

Dave Lane: "I have donated more money to people in my life as an atheist that most churches ever will."

Come home to Jesus Dave. Come home.
Posts: 29,316
HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.
  Reply With Quote
Old 07-08-2010, 08:28 AM   #3
Bwana Bwana is offline
GONE FISHING
 
Bwana's Avatar
 

Join Date: Aug 2000
Location: Billings, Montana
Casino cash: $10964
More "Hope and CHANGE."

Thanks again Barry!
Posts: 47,954
Bwana has disabled reputation
  Reply With Quote
Old 07-08-2010, 08:34 AM   #4
mlyonsd mlyonsd is offline
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $9319
Quote:
Originally Posted by talastan View Post
Deficits are the difference between what the government raises in revenue versus what it spends each year, while debt is the accumulation of those deficits over many years.
Just an FYI for those that need the clarification.
Posts: 25,330
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 07-08-2010, 08:41 AM   #5
mikey23545 mikey23545 is offline
MVP
 
mikey23545's Avatar
 

Join Date: Aug 2000
Casino cash: $9545
As the article clearly implies: It's Bush's fault.
Posts: 12,189
mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.mikey23545 has enough rep power to blowy ou to bits.
  Reply With Quote
Old 07-08-2010, 08:43 AM   #6
HonestChieffan HonestChieffan is online now
Country Santa Year Around
 
HonestChieffan's Avatar
 

Join Date: Jan 2006
Location: In the Country in MO
Casino cash: $12708
Quote:
Originally Posted by mikey23545 View Post
As the article clearly implies: It's Bush's fault.

Well we know that
__________________
Frazod to KC Nitwit..."Hey, I saw a picture of some dumpy bitch with a horrible ****tarded giant back tattoo and couldn't help but think of you." Simple, Pure, Perfect. 7/31/2013

Dave Lane: "I have donated more money to people in my life as an atheist that most churches ever will."

Come home to Jesus Dave. Come home.
Posts: 29,316
HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.HonestChieffan is obviously part of the inner Circle.
  Reply With Quote
Old 07-08-2010, 08:57 AM   #7
Hydrae Hydrae is offline
MVP
 
Hydrae's Avatar
 

Join Date: Jul 2001
Location: Austin, Tx
Casino cash: $7818
President Bush and Mr Obama. I am sure there is no slant going on here.

Sorry, I couldn't even read the rest of the story after seeing that. I am quite sure the information is good to know but I will have to find it somewhere else.
Posts: 10,477
Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.Hydrae would the whole thing.
  Reply With Quote
Old 07-08-2010, 09:06 AM   #8
talastan talastan is offline
Manning, we're coming for you!
 
talastan's Avatar
 

Join Date: Jul 2006
Location: Springfield, Mo
Casino cash: $5000
I know there is a slant going on with this story, I did find the figures quite interesting though. Also no mention of the Democratic Controlled Congress that had the responsiblity for the budget since 2006.
__________________
Can we please just draft AND DEVELOP a QB - est. since 1983

Check out my band:

Truett and the Traitors
Posts: 4,815
talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.
  Reply With Quote
Old 07-08-2010, 09:09 AM   #9
The Mad Crapper The Mad Crapper is offline
Banned
 

Join Date: Dec 2009
Location: Sea of Green 23.4
Casino cash: $5000
Bush you bastard!

Poor Barry what a mess he has to clean up!
Posts: 8,657
The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.The Mad Crapper would the whole thing.
  Reply With Quote
Old 07-08-2010, 09:10 AM   #10
talastan talastan is offline
Manning, we're coming for you!
 
talastan's Avatar
 

Join Date: Jul 2006
Location: Springfield, Mo
Casino cash: $5000
Quote:
Originally Posted by mlyonsd View Post
Just an FYI for those that need the clarification.
According to Congressman Pete Stark the deficit defines how wealthy you are as a country.
__________________
Can we please just draft AND DEVELOP a QB - est. since 1983

Check out my band:

Truett and the Traitors
Posts: 4,815
talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.talastan has just been standing around suckin' on a big ol' chili dog.
  Reply With Quote
Old 07-08-2010, 09:19 AM   #11
mlyonsd mlyonsd is offline
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $9319
Quote:
Originally Posted by talastan View Post
According to Congressman Pete Stark the deficit defines how wealthy you are as a country.
Maybe if we try hard and all work together we can overtake Greece.
Posts: 25,330
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 07-08-2010, 03:03 PM
Otter
This message has been deleted by Otter. Reason: Stupid sentence
Old 07-08-2010, 03:19 PM   #12
Otter Otter is offline
holding a blood clot at birth
 
Otter's Avatar
 

Join Date: Sep 2000
Location: Durango, CO
Casino cash: $8250
I still have checks so I'm not broke...right?
__________________
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not - Thomas Jefferson, 1801.
Posts: 13,253
Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.Otter has enough rep power to blowy ou to bits.
  Reply With Quote
Old 07-09-2010, 12:41 PM   #13
ROYC75 ROYC75 is offline
Time For Your Wake Up Call !!!
 
ROYC75's Avatar
 

Join Date: Oct 2000
Location: Barn Yard
Casino cash: $6170
Quote:
Originally Posted by talastan View Post
I know there is a slant going on with this story, I did find the figures quite interesting though. Also no mention of the Democratic Controlled Congress that had the responsiblity for the budget since 2006.
This, oh hush you, don't you know the DNC/ Obots will not buy into this.
Posts: 28,048
ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.ROYC75 wants to die in a aids tree fire.
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump




All times are GMT -6. The time now is 09:42 PM.


This is a test for a client's site.
A new website that shows member-created construction site listings that need fill or have excess fill. Dirt Monkey @ https://DirtMonkey.net
Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.