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WASHINGTON (Reuters) - Republicans in Congress will try to pass spending cuts this week, after war, anti-terrorism efforts, hurricanes and big tax cuts helped push the government's debt load through the $8 trillion mark.
Sources in the House of Representatives said it likely would be mid-week before Republican leaders know whether they have enough support for spending reductions, including cuts in health programs for the elderly and poor, that go beyond the $35 billion sketched out last spring.
Congress is also debating a Republican-backed plan for more tax cuts, mostly for the wealthy.
The Senate is sticking to the $35 billion benchmark for spending cuts, amid pressure from conservatives in both chambers to cut more money to help pay for $62.3 billion in emergency aid for victims of Hurricanes Katrina and Rita.
For either approach to become law, Republicans, who hold a majority in both houses of Congress, will have to do it alone.
Democrats opposed the Republican budget plan enacted last spring and none have said they are on board for a new round of cuts, coupled with the tax cuts.
"I'm appealing to my colleagues in the majority, don't do this. Postpone this effort," Senate Minority Leader Harry Reid, a Nevada Democrat, said on Monday.
Congress is also debating a Republican-backed plan for more tax cuts, mostly for the wealthy.
Record debt is washing over the Treasury Department, recently breaching the $8 trillion mark in money owed to foreign governments, private investors and the Social Security retirement fund used to finance deficit-spending.
Republicans, who also control the White House, have now presided over an increase in $2 trillion to the national debt over four years or so, despite contending that they are the only U.S. political party that practices fiscal discipline.
Eight years of Democrat Bill Clinton's presidency resulted in around $1.6 trillion being added to the U.S. debt, but with the possibility of paying it all off by 2015.
CM: The Congress and the president can address that issue. Of course, the president already has addressed that issue. He said there won't be any increases in taxes.
NYT: Indeed, he is still calling for tax cuts. He would like to eliminate the estate tax permanently.
CM: I think there is a likelihood that Congress will deal with that issue before this term comes to an end. I would vote to eliminate, as we refer to it, the death tax. I think it's an unfair tax.
NYT: Really? I think it's a perfect tax. The idea behind it was to allow people to postpone paying taxes until they die, at which point they presumably no longer care. Why do you call it unfair?
CM: Well, let's say, if you are in the farming business [yes, let's say that] and you have the desire to pass this farm on to your children. The problem is that when your parents die, you have to come up with cash to pay the estate tax. One thing you don't have is cash. You've got plenty of land. So I just don't believe it's a fair tax.
NYT: That strikes me as a red herring. The issue is not really small farms, but zillion-dollar estates made up of stocks and bonds.
CM: I don't know what the percentage breakdown is. [of course you don't] I still go back to the same notion that these individuals who have accumulated these resources have paid taxes on them many times in their life, and then to say, when you die, now you pay more taxes on it? There is a limit. [and we're cutting that too, for the zillionaires ]
NYT: Well, the U.S. government has to get money from somewhere. As a two-term former Republican senator from Florida, where do you suggest we get money from?
CM: What money? [bwahahahaha]
NYT: The money to run this country.
CM: We'll borrow it.
NYT: I never understand where all this money comes from.
CM: When the president says we need another $200 billion for Katrina repairs, does he just go and borrow it from the Saudis?
In a sense, we do. Maybe the Chinese.
NYT: Is that fair to our children? If we keep borrowing at this level, won't the Arabs or the Chinese eventually own this country?
CM: I am not worried about that. [Course not. ] We are a huge country producing enormous assets day in and day out. We have great strength, and we have always adjusted to difficulties that faced us, and we will continue to do so.
I'm going to ignore rant because I don't feel like doing any research
You've shown me the light, and now I'm a democrat
I'm going to ignore rant because I don't feel like doing any research at 3 in the morning
Originally posted by RANT
EDIT: I see you added "tax cuts" to your rationale for evil. Good one. Kerry had one for you too, but I'm sure you didn't trust him like you did Bush.
Originally posted by RANT
Stop torturing people. Stop stealing. Stop lying. Stop spending. Stop letting wingnuts run the country. Stop ignoring your advisors. Stop ignoring your military leaders. Stop selling off our natural resources to the highest bidder. Stop rewarding outsourcers, tax cheats and your other co-conspirators against the people like corporate healthcare and pharmaceuticals.
Originally posted by junglejake
Were you implying it is only the Republican party that is guilty of those things?
I believe in an America where the separation of church and state is absolute--where no Catholic prelate would tell the President (should he be Catholic) how to act, and no Protestant minister would tell his parishoners for whom to vote--where no church or church school is granted any public funds or political preference--and where no man is denied public office merely because his religion differs from the President who might appoint him or the people who might elect him.
Originally posted by Otts
Aren't the Republicans also pushing for all federal funding to PBS to be cut? Because we all know it's better to spend to kill people in another country than educate kids in one's own. And besides, I'm sure that Sesame Street makes kids homosexual