Feds to Hit Debt Limit by Election

["Sixhits"]

http://channels.netscape.com/ns/news/story.jsp?id=2004071417480002348749&dt=20040714174800&w=RTR&coview=

Almost snuck by me.

"WASHINGTON, July 14 (Reuters) - The U.S. government will likely reach its federal debt limit in early October, a top Treasury official said in written remarks, giving fresh details on when the politically sensitive ceiling will need to be raised."

Wowa.

Here's more.

"Treasury Secretary John Snow has urged Congress to move speedily to raise the limit, in what is likely to be a contentious election-year vote on the country's rising debt. He has asked Congress to act before its August recess.

Democrats blame President George W. Bush's tax cuts for turning the fiscal surplus he inherited into a record deficit, which is expected to top $400 billion this year. The debt limit has already been raised twice during the Bush administration.

...

In a research note on Monday, Crandall had said there was little danger that Treasury would run out of borrowing authority before the election, adding it wouldn't need to invoke extraordinary measures until December.

Do I need to add comment?

[Cossack]

You know, it really sounds like the United States is going under. All this wealth, power, and corruption is making America hollow. If things start going like it is now, America will soon be nothing than a paper tiger.

[c| Lone-Wolf]

It's kind of sad, really...since it was almost a purposeful attempt to take this country down, planned and executed by its own administration...

[BTs_Mysterio]

Hrm. Now just how do they plan to work off that deficit.

[seth]

well, California is already bankrupt.

btw,

http://costofwar.com/

[BTs_Mysterio]

IT is a real shame though. The next issue is how to bring America out of debt. Not bring a new war to a new country.

[westamastaflash]

How about we stop spending? Theres a very simple solution - reduce budgets, cut funding, and eliminate the money pits of the federal government. Cut the budget to the UN (they hate us anyway). Cut the spending on medicare, welfare, and other social programs (people have been poor for 40 years, and these programs do nothing - people are still poor today). Cut the Department of Commerce, FDA, etc - If the Underwriters Laboratories are good enough for my VCR - I'm sure other organizations can be created that can PRIVATELY test food - who says the FDA knows what they're doing anyway - they said that prune growers aren't allowed to call their product "dried plums" even though prunes are - gasp - dried plums. Cut the Dept. of Health and Human Services, cut the Department of Education.
None of these things provide services that a free market couldn't provide better and cheaper.

[BTs_Mysterio]

You know your problems would be solved by stopping wars and raising taxes.

P.S. By Stopping wars I mean not starting them.

[BTs_GhostSniper]

You know your problems would be solved by stopping wars and raising taxes.

Man, FUCK RAISING TAXES!!!  Why should the government get the money that I earn???  I earned it, NOT THEM.  Look people, I have lived poor, and I have lived rich.  But I never changed my views between those two times.  I believed that the government shouldn't take from the rich when I was poor, just to give it to me.  I believed that you make your own way....you sure as hell don't wait around for the government to give it to you.  And I did.  I went from being raised very poor on a farm in Oklahoma, to being a servant to the American people in the U.S. Military, to struggling to feed my family and provide for them when I became a civilian in 1998, to where I am today.  I give thousands of dollars a year to charities, to my church, to organizations that I believe in, to the political leaders that I believe in, and sometimes even to some of you through my quizes.  I want for nothing.  If I want something, I have the money to buy it.  But I have always held true to my beliefs through it all.  And foremost on top of it all is this: over-taxing the rich just because they are rich is just plain wrong.[/size]

[BTs_Mysterio]

GS, what's more important to you:

Your money?

     -or-

You're countries welfare?

[BTs_GhostSniper]

GS, what's more important to you:

Your money?

     -or-

You're countries welfare?

See, you don't understand because your eyes have been blinded by SOCIALISM.  Someday you might learn that everything runs better under a Free Market System.  Schools, Hospitals, regulatory agencies....they all run better and more efficiently when private enterprise is allowed to run them.  You socialist-minded people (read Canada and Europe) want the government to run everything....you think that you just can't live without the government running every part of your life.  That is just stupid.  But you are too blind to see it.  Why do you think France's unemployment rate hovers around 20 Percent?  Come on....TWENTY FUCKING PERCENT!  If we ever had an unemployment rate that high in the United States we would have another Civil War break out.  So keep your socialism...and keep your unemployment and skyrocketing inflation.  When people are so supported by their government that they don't have to do anything, guess what?  They become lazy and lose the will to better themselves, to seek a better life for them and their family, to actually WANT more for themselves.

So to answer your question....my money.  Because let everyone keep more of their money and their country's welfare will be improved.  But you just don't get it.[/size]

[BTs_Mysterio]

And where does the government get it's money? Or do you prefer anarchy?

[BTs_GhostSniper]

And where does the government get it's money? Or do you prefer anarchy?

There is a place for taxes.  Just don't OVER-tax people.  Do you realize that I have to work the first 6 months of the year just to pay the tax on the money that I make in a year?  Taxes are needed....they are needed for police and the military.  Pretty much everything else in the country could be run by free enterprise.[/size]

[BTs_Mysterio]

But GS, they are going to need extra money to pay off this debt.

[BTs_GhostSniper]

But GS, they are going to need extra money to pay off this debt.

Well, when terrorists stop wanting to destroy us, maybe we can start thinking about the debt again.  I don't remember anyone talking about how bad the national debt was when we were in the middle of fighting World War II.  It might surprise some of you to know that the United States IS, in fact, in the middle of a war.[/size]  

[BTs_Mysterio]

GS, true.

[seth]

That is just stupid.  But you are too blind to see it.  Why do you think France's unemployment rate hovers around 20 Percent?  

First, its not 20 %, its more around 11%.

Second, since you're talking about the US, how about you remove all the small jobs that people dont live on, and have to do 3 or 4 of those everyday to be able to pay a rent, remove those jobs, and lets see how close you get to 11%.
Also, since the US stands for united states, its jobless rate is a medium value: you got states where its very high, and you got states where its very low.

Third, i truly believe there would be a civil war in the US with a rate around 11%, but its not the case in France, and why is that  ? Coz people live well over there, even without a job.

Maybe you should get out of Mississipi, and see whats out there.

[BTs_GhostSniper]

First, its not 20 %, its more around 11%.

I have seen reports that show it to be 20%.  Just like you can find some reports here that show it to be as low as 3% (because they don't always count self-employed people in those numbers here).

Second, since you're talking about the US, how about you remove all the small jobs that people dont live on, and have to do 3 or 4 of those everyday to be able to pay a rent, remove those jobs, and lets see how close you get to 11%.
Also, since the US stands for united states, its jobless rate is a medium value: you got states where its very high, and you got states where its very low.

Any person in this country can get a well paying job if they put forth the effort.  If you work at Burger King for minimum wage then you just havn't gone out and learned the skills needed to do something else.  Take selling cars for example.  I can show any person on this forum how to go out and start selling cars and start out making over $40,000 a year.  By the way, out of all those people working all of those minimum wage jobs, most of them are high school or college students who don't have to work full-time to pay for rent.  You just made the stupidest argument I've ever heard.

Third, i truly believe there would be a civil war in the US with a rate around 11%, but its not the case in France, and why is that  ? Coz people live well over there, even without a job.

Yeah, people live well....with the government supplying all of their needs.  You call that FREEDOM?  And while at the same time you tax your rich to death!

Maybe you should get out of Mississipi, and see whats out there.

Man, I didn't realize what a moron you were til I read that statement.  Mississippi is the POOREST state in the United States.  We have the HIGHEST Unemployment.  I think I know what I'm talking about.  Not only that, but you are forgetting I was in the military.  I've lived in California, Ohio, Oklahoma, Texas, Georgia, North Carolina, South Carolina, and Mississippi.  I've spent time in almost every state in the United States.  Aslo, I have been to France, Germany, England, Italy, Austria, Kosovo, and Latvia.  I think I've seen enough of Europe (and I never want to go back).  Man, what a shithole France was.  The people were assholes, the restrooms were disgusting, and everybody smelled bad.

[bronto]

WELL HE DID IT. GEORGE W. BUSH RUINED AMERICA. GOOD SHOW OLD CHAP. now if only i could get the hell out of here quicker... (can't wait to cash in GS's ticket promise in a few years )

[seth]

WELL HE DID IT. GEORGE W. BUSH RUINED AMERICA. GOOD SHOW OLD CHAP. now if only i could get the hell out of here quicker... (can't wait to cash in GS's ticket promise in a few years )

hang on a few more months, and Moron number 1 will be out of the office. Now we might not see any difference from where we are, but hey, we will feel so relieved that the guy who can push the red button is able to eat a pretzel without chocking