Timmy Geithner. Didn't know about him.
http://www.businessweek.com/news/2011-07-14/geithner-says-no-way-for-more-time-on-raising-debt-limit.html
I'm going to be really, really pissed if we default, and I'm going to blame the Republicans in Congress. Not only are they impoverishing and degrading the vast majority via government - now they're going to tarnish our national honor. It's not about social security checks for me.
Originally posted by AThousandYoungThere won't be a default. The GOP in the House will probably pass a small increase in the debt limit, say enough for 3 months or something, complete with matching or greater spending cuts, and leave it to Reid and Obama to choose default over spending cuts.
Timmy Geithner. Didn't know about him.
http://www.businessweek.com/news/2011-07-14/geithner-says-no-way-for-more-time-on-raising-debt-limit.html
I'm going to be really, really pissed if we default, and I'm going to blame the Republicans in Congress. Not only are they impoverishing and degrading the vast majority via government - now they're going to tarnish our national honor. It's not about social security checks for me.
We hit the debt limit on May 16 (or 16 May for those of you outside the U.S.)
Between May 16 and July 7, the Feds took in $296 billion of tax revenues.
In that same time period, total interest payments on the national debt equaled $14.6 billion.
Also during that same period, the federal government's combined expenditures for interest payments on the national debt, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits equaled $270 billion.
Obama could pay all of that and still have $26 billion left over.
He's got the money to send the checks out.
The extra $26 billion would also pay for (during that period of time, that is) all Housing & Urban Development expenditures, Justice Department expenditures, and Federal Highway Administration expenditures (as an example).
If Obama and Geithner don't pay the Soc Sec checks, then we need to find out who it is that WILL be getting paid.
Originally posted by TheBloopWhere did you get such figures? They look ridiculous; are you really claiming that total interest payments for the entire year will be only about $100 billion and that federal revenues for the year will be something like $2.2 trillion? That's what those amounts prorate to.
We hit the debt limit on May 16 (or 16 May for those of you outside the U.S.)
Between May 16 and July 7, the Feds took in $296 billion of tax revenues.
In that same time period, total interest payments on the national debt equaled $14.6 billion.
Also during that same period, the federal government's combined expenditures for interest payments on ...[text shortened]... r don't pay the Soc Sec checks, then we need to find out who it is that WILL be getting paid.
Not only do I not feel guilty when I have trouble getting work (no job security, gotta constantly be on the lookout for work), but I don't feel guilty when I don't pay the debts I owe to banks any more either. Apparently that's how things are done all the way to the top. You don't work and you don't pay debts.
The first thing we need to stop paying is stop paying Congress (and the President). Then stop paying welfare checks to the different states. Stop paying ATF. Stop funding property crimes enforcement. Stop funding border enforcement. Stop funding FBI maybe. Stop funding on any weapons procurement. Don't enforce anti-prostitution laws. No funding for the War on Drugs.
No more farm subsidies either. No more evictions. That last one should be prioritized. You live there, it's yours. No rent enforcement.
Capitalism requires extensive government support. End the support and destroy the capitalist class. Just make sure you're armed.
Originally posted by SleepyguyI doubt it. The Tea Party types are refusing to vote for ANY increase in the debt limit.
There won't be a default. The GOP in the House will probably pass a small increase in the debt limit, say enough for 3 months or something, complete with matching or greater spending cuts, and leave it to Reid and Obama to choose default over spending cuts.
If the Republicans were serious about a balanced budget, why not pass one? They'd need about $1.2 trillion in spending cuts this fiscal year (of course taxes cannot be raised). I'd be very curious to see their proposal.
Originally posted by no1marauderThey're called Daily Treasury Statements.
Where did you get such figures? They look ridiculous; are you really claiming that total interest payments for the entire year will be only about $100 billion and that federal revenues for the year will be something like $2.2 trillion? That's what those amounts prorate to.
As of 5/16, the Feds had taken in $1.333 trillion in taxes, and as of July 7, they'd taken 1.630 trillion in taxes.
http://www.fms.treas.gov/dts/overview.html
Interest F-YTD on Treasury Securities totaled $136 billion as of 5/16 and about $151 billion as of 7/17.
Obama has more than enough to pay Social Security (although admitting that it's being cut so close has completely exposed the myth of the Social Security Trust Fund / Lockbox)
Originally posted by TheBloopGuess the troops don't get paid.
We hit the debt limit on May 16 (or 16 May for those of you outside the U.S.)
Between May 16 and July 7, the Feds took in $296 billion of tax revenues.
In that same time period, total interest payments on the national debt equaled $14.6 billion.
Also during that same period, the federal government's combined expenditures for interest payments on r don't pay the Soc Sec checks, then we need to find out who it is that WILL be getting paid.
Total interest on the debt in the FY is expected to be $430 billion BTW.
Originally posted by TheBloopWhy is the GOP loading a gun and handing it to Obama? If he gets to pick what gets slashed, he has tremendous power.
Obama and Little Timmy Geithner.
The Soc Sec checks go out unless one of those two guys orders otherwise.
btw, what ever happened to the Soc Security "Trust Fund" we're heard about all these years? We've gone from "oh, Soc Sec is solvent until 2035" to "Soc Sec is solvent through July 2011".
"Social Security Trust Fund Solvent Till 2035"
http: ...[text shortened]... checks don't go out, it's because Obama and Little Timmy decided not to mail them.
Originally posted by no1marauderNot true. They are against an increase in the limit absent spending cuts and permanent reforms to ensure it's the last time we raise it.
I doubt it. The Tea Party types are refusing to vote for ANY increase in the debt limit.
http://www.cutcapandbalanceact.com/
Despite our nation’s staggering $14.4 trillion debt, there are many Members of the U.S. House and Senate who want to raise our nation’s debt limit without making permanent reforms in our fiscal policies.
We believe that this is a fiscally irresponsible position that would place America on the Road to Ruin. At the same time, we believe that the current debate over raising the debt limit provides a historic opportunity to focus public attention, and then public policy, on a path to a balanced budget and paying down our debt.
We believe that the “Cut, Cap, Balance” plan for substantial spending cuts in FY 2012, a statutory spending cap, and Congressional passage of a Balanced Budget Amendment to the Constitution is the minimum necessary precondition to raising the debt limit. The ultimate goal is to get us back to a point where increases in the debt limit are no longer necessary.
Originally posted by no1marauderThe plan is summarized here . . .
If the Republicans were serious about a balanced budget, why not pass one? They'd need about $1.2 trillion in spending cuts this fiscal year (of course taxes cannot be raised). I'd be very curious to see their proposal.
http://rsc.jordan.house.gov/UploadedFiles/Cut_Cap_Balance_Act_Summary-FAQ--07-15-11.pdf
They're not going for it all at once. The plan is to gradually reduce govt spending as a percentage of GDP between 2012 and 2021.
I heard some talking head say they're voting on it Tuesday.