[XangadsX]

UP UP AND AWAY!!! - While republicans and Democrats whine and moan over cutting 30 billion, we go that much more into debt in a single freaking day!!!!

Its time for a real change in washington...

Its time to change the way government runs.

Its time to Cuts spending, and tax deductions...

Its time to rein in the men and women in this country who think spending 40% more then you actually make is sound fiscal policy!!!



-----------------


(CNSNews.com) - The national debt has passed another historical milestone, topping $14.3 trillion for the first time ever, according to data released by the U.S. Treasury late Monday afternoon.

When the Treasury opened for business on Friday, April 15, according to the Treasury’s Bureau of the Public Debt, the national debt stood at $14.27 trillion ($14,270,792,119,184.89). By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).

Friday’s $34.54-billion jump in the national debt almost equaled the $38.5 billion the Republican House leadership said would be cut from spending for the remainder of this fiscal year by the continuing resolution that the Congress passed on Thursday and President Obama signed Friday.

The federal government is now perilously close to hitting its legal limit on debt.

At the close of business Friday, according to the Daily Treasury Statement published Monday afternoon, the Treasury only had legal authority to borrow another $40.821 billion.

(The legal limit on the debt that Congress and President Barack Obama set last February is actually a bit lower--at $14.2940 trillion--than the total federal debt of $14.3053 trillion that the Treasury reported for the close of business Friday. The total debt reported by the Treasury can exceed the curent legal debt limit of $14.2940 trillion because a small portion of the total federal debt is exempted from the limit. As of the close of business Friday, the portion of the debt that is subject to the legal limit had reached $14.253179 trillion.)

U.S. Debt Tops $14.3 Trillion for First Time | CNSnews.com

[GogaMegaPis]

Two facts neither party seems to have the courage to accept:

1. Taxes will have to go up
2. Spending will have to come down

The only question is how much deeper a hole we'll dig ourselves into before we as a nation find the courage to do what must be done. It's going to hurt, but it will hurt much less than pretending the problem doesn't exist until it all collapses.

[maxfieldj1]

Two facts neither party seems to have the courage to accept:

1. Taxes will have to go up
2. Spending will have to come down

The only question is how much deeper a hole we'll dig ourselves into before we as a nation find the courage to do what must be done. It's going to hurt, but it will hurt much less than pretending the problem doesn't exist until it all collapses.

Agreed in full, both parties are going to have to walk away with some real political losses for us all to really gain anything in terms of our ever growing debt. This problem will not go away and we have plenty of recent activity and reports to show more and more are waking up to the mess we are in.

[urbalatte]

Two facts neither party seems to have the courage to accept:

1. Taxes will have to go up
2. Spending will have to come down

The only question is how much deeper a hole we'll dig ourselves into before we as a nation find the courage to do what must be done. It's going to hurt, but it will hurt much less than pretending the problem doesn't exist until it all collapses.

I'm going to go with option B. Do nothing until a collapse is in process....if then. By then of course it will be too late.

[XangadsX]

I will take a 4% raise in all tax brackets EVEN THE zero one.

so everyone pays at least 4%

also, eliminate the EITC, and mortgage deduction. also increase FICA .25% on everyone and raise the cap to K. the .25 will go into a PRIVATE SS account or individual trust that can only be accessed after age 67 or left as a death benefit.

this must coincide with raising retirement age and Medicare eligibility age to 67 for anyone under 60. It must also come with a full 20% across the board cut in all spending.

[Shootohoist]

Implement the Fair Tax & all other Fed taxes cease. It eliminates every income tax deduction (dodge) for all tax payers. No more loopholes. No mortgage deduction, no healthcare deduction, no earned income credit & most importantly, no more corporate income tax breaks or loopholes. GE & the rest will pay their fair share. At the same time, the fed. gasoline tax goes away as well as phone taxes, energy, etc etc etc. If states would follow suit it would eliminate all other state taxes also. I keep hearing congress critters saying things like "we need a more fair, flatter tax rate". That couldn't be more true. The "progressive" structure is geared to help progressive supporters, from the corporate board rooms & financial leeches on Wall & Broad to the gimme class & those really in need. Conservatives, who make up the vast majority of middle income earners, keep getting it piled on our backs. But the Flat Tax is just another income tax that can be structured to continue helping whomever has the best lobbyists while penalizing the rest of us.

[Peertantyb]

Two facts neither party seems to have the courage to accept:

1. Taxes will have to go up
2. Spending will have to come down

The only question is how much deeper a hole we'll dig ourselves into before we as a nation find the courage to do what must be done. It's going to hurt, but it will hurt much less than pretending the problem doesn't exist until it all collapses.

Yeah but lets do number 2 first, before ever considering number 1. Somehow Washington is not good at cutting anything and it's time they learn.

[maxfieldj1]

Yeah but lets do number 2 first, before ever considering number 1. Somehow Washington is not good at cutting anything and it's time they learn.

You can't. There is not enough realistic cutting that can be done in one budget to make up for or justify continuing tax cuts that were temporary anyway, continuing tax loopholes killing the effective tax rates for way to many, and other tax code imbalance issues we face. It cannot be partisan any longer, they both have failed. The budgets being offered by both sides still refuse to get tax income levels near enough to spending output levels. Meaning, both sides still in the end promote going even further into debt.

Everyone (Democrat and Republican interests) has to walk away with some real political loss here to even have a realistic chance at getting to a meaningful surplus long enough to deal with our debt. Washington not being good at cutting is only part of the issue. Again, the real issue is Washington is just not apt at dealing with a budget that actually pays for itself. The longer we wait the worse debt will get and it is time everyone got their collective heads out of their asses long enough to realize the only way out is tax changes (meaning increases from ending the tax cuts and other tax code nonsense) and spending changes (across the board, entitlements and defense included, cuts.) They go together, that is the lesson Washington just has not learned. Spending goes with taxes, changing one means looking at the other.

[italertb]

I will take a 4% raise in all tax brackets EVEN THE zero one.

so everyone pays at least 4%

The fact that a conservative voice at this forum is willing to talk about increasing taxes is encouraging. Unfortunately the Republicans still swear to never raise taxes no matter what and no matter when.

Look at how difficult it is for even a conservative of good standing to suggest a tiny tax increase:

The rift within Republican ranks has surfaced in a bitter back-and-forth between two heroes of the conservative movement: Sen. Tom Coburn of Oklahoma, who has been working with a bipartisan group of senators on a compromise to reduce government borrowing, and Grover Norquist, author of the no-tax-increase pledge that has become a rite of passage for GOP candidates. At stake is a pillar of Republican orthodoxy that has for decades united every wing of the party in a quest to shrink government's reach.

As the battle over the federal deficit escalates in Washington, the two men are sparring over Coburn's seemingly narrow proposal to eliminate a $5 billion annual tax break awarded to companies that blend ethanol into gasoline. But both sides say this cuts to the core of a quandary for the GOP: Will the cause of trimming deficits run aground on the conservative principle that the government must not increase the amount of money it takes in through taxes? Politically we need to do both. Neither party is going to be punked into entirely giving away the farm to the other. No one is going to give up hard-fought benefits, especially not the elderly (with their high voting rates).

Economically we need to do both. Federal taxes are at their lowest in decades, and with a growing elderly population federal spending will need to increase to around 23 percent of gdp.

[italertb]

Yeah but lets do number 2 first, before ever considering number 1. Somehow Washington is not good at cutting anything and it's time they learn.

You don't live in your dream world. You live in the real world.

In the real world the President is a Democrat.

In the real world the Senate is held by Democrats.

In the real world Democrats would rather raise taxes on the rich than make even more cuts in children nutrition programs.

I know, it's tough to live in the real world.

[urbalatte]

You don't live in your dream world. You live in the real world.

In the real world the President is a Democrat.

In the real world the Senate is held by Democrats.

In the real world Democrats would rather raise taxes on the rich than make even more cuts in children nutrition programs.

I know, it's tough to live in the real world.

And in the real world, where the President is a Democrat, and the Senate is held by Democrats, they have just recently proven they have no interest whatsoever in cutting anything.

They'd rather raise taxes, making it more difficult for the private sector employers who pay all the bills to do so. Boy that's a great idea isn't it.

[hujdrftgkas]

UP UP AND AWAY!!! - While republicans and Democrats whine and moan over cutting 30 billion, we go that much more into debt in a single freaking day!!!!

Its time for a real change in washington...

Its time to change the way government runs.

Its time to Cuts spending, and tax deductions...

Its time to rein in the men and women in this country who think spending 40% more then you actually make is sound fiscal policy!!!







-----------------


(CNSNews.com) - The national debt has passed another historical milestone, topping $14.3 trillion for the first time ever, according to data released by the U.S. Treasury late Monday afternoon.

When the Treasury opened for business on Friday, April 15, according to the Treasury’s Bureau of the Public Debt, the national debt stood at $14.27 trillion ($14,270,792,119,184.89). By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).

Friday’s $34.54-billion jump in the national debt almost equaled the $38.5 billion the Republican House leadership said would be cut from spending for the remainder of this fiscal year by the continuing resolution that the Congress passed on Thursday and President Obama signed Friday.

The federal government is now perilously close to hitting its legal limit on debt.

At the close of business Friday, according to the Daily Treasury Statement published Monday afternoon, the Treasury only had legal authority to borrow another $40.821 billion.

(The legal limit on the debt that Congress and President Barack Obama set last February is actually a bit lower--at $14.2940 trillion--than the total federal debt of $14.3053 trillion that the Treasury reported for the close of business Friday. The total debt reported by the Treasury can exceed the curent legal debt limit of $14.2940 trillion because a small portion of the total federal debt is exempted from the limit. As of the close of business Friday, the portion of the debt that is subject to the legal limit had reached $14.253179 trillion.)

U.S. Debt Tops $14.3 Trillion for First Time | CNSnews.com

Last month alone we were 110 BILLION in red ink--so this 14.3 trillion dollars is of no surprise.

They're sitting up there on their asses in Washington D.C.--more worried about their reelection campaigns than they are about getting serious about reducing this 14.3 trillion dollar deficit and dealing with another 53 trillion in unfunded liabilities.

[Noilemaillilm]

Yeah but lets do number 2 first, before ever considering number 1. Somehow Washington is not good at cutting anything and it's time they learn.

Good point, the Teaparty bolstered Republicans held the government ransom and extracted huge cuts of nearly 1% of 1% of Spending.
Given the mood of the country, they may cut as much as 10% of 1% of Spending in the 2012 budget, over time this could reduce the deficit by as much as 50% of 1%.

This coupled with closing some of the loopholes that the greedy poor and elderly currently exploit, and we may even find enough room in the budget to cut taxes for the wealthy by a third, especially if it will only raise the deficit a small amount, if we assume massive economic growth reducing unemployment to 2%.

[urbalatte]

Good point, the Teaparty bolstered Republicans held the government ransom and extracted huge cuts of nearly 1% of 1% of Spending.
Given the mood of the country, they may cut as much as 10% of 1% of Spending in the 2012 budget, over time this could reduce the deficit by as much as 50% of 1%.

Tis a shame we didn't have enough of those Tea Party people in office to be able to override an Obama Veto. We might have seen some actual cuts then.

This coupled with closing some of the loopholes that the greedy poor and elderly currently exploit, and we may even find enough room in the budget to cut taxes for the wealthy by a third, especially if it will only raise the deficit a small amount, if we assume massive economic growth reducing unemployment to 2%.

Well if we're going to get any economic growth, it won't be through continuing to increase our entitlement spending. It will be done by those evil rich you hate so much, but you'd starve to death without.

[Noilemaillilm]

Tis a shame we didn't have enough of those Tea Party people in office to be able to override an Obama Veto. We might have seen some actual cuts then.


Well if we're going to get any economic growth, it won't be through continuing to increase our entitlement spending. It will be done by those evil rich you hate so much, but you'd starve to death without.

You've never actually taken a course in economics have you?
It shows...

[hujdrftgkas]

You've never actually taken a course in economics have you?
It shows...

It is glaringly apparent that it's you that's never taken economics 101--

You're probably still taking those underwater basket weaving classes.

[hujdrftgkas]

Two facts neither party seems to have the courage to accept:

1. Taxes will have to go up
2. Spending will have to come down

The only question is how much deeper a hole we'll dig ourselves into before we as a nation find the courage to do what must be done. It's going to hurt, but it will hurt much less than pretending the problem doesn't exist until it all collapses.

The ONLY single goal that any politician has is to get reelected. They put that in front of everything else--regardless of what a mess this country is in.

Different speeches to suit the masses--and a variety of them--in case the group is conservative--moderate or liberal.

Hey--it's worked for decades. And when this country can have a Rev. Wright jump out of a candidate's closet during the primary season--and we still get that candidate for President--hey this country is already down the tubes.

[Shootohoist]

We're going to hit the debt ceiling in less than a week? I read the same thing at Zerohedge about a month ago.

Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.

As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $ 14.268365 trillion. (The total national debt, including the portion exempted from the legal limit, was $14.3205 trillion.)

This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.

On April 4, Treasury Secretary Timothy Geithner sent a letter to Senate Majority Leader Harry Reid (D.-Nev.) in order to warn Congress that the Treasury was approaching the legal debt limit. In an appendix to this letter, Geithner pointed to the rapid pace at which new debt was accumulating.

“On average,” Geithner wrote, “the public debt of the United States increases by approximately $125 billion per month (although there are significant variations from month to month).”

In a 31-day month, $125 billion in new debt works out to an average of $4.03 billion in new debt per day. At that pace, the $25.635 billion in legal borrowing authority the Treasury had left at the close of business on Tuesday would be exhausted in less than seven days.

Federal Borrowing on Pace to Hit Debt Limit in Less Than Week | CNSnews.com

[urbalatte]

You've never actually taken a course in economics have you?
It shows...

Oh yes, because I know what financial responsibility is and who provides every cent the government takes that isn't created out of thin air.

Of course real things don't have much place in a liberal's view of economics.

[XangadsX]

without cust to spending we will hit 20 trillion in just a few short years.