Government Hits $6.4 Trillion Debt Limit

Yahoo News

Replaying a drama from last year, the government is once again bumping against the debt limit of $6.4 trillion and the Treasury Department has begun taking evasive actions to prevent an unprecedented default on the national debt. Treasury Secretary John Snow informed leaders of Congress on Wednesday that the government would reach the borrowing limit on Thursday and he would begin pulling investments out of a $48 billion government pension fund to make room for normal public borrowing auctions.

And we want to spend more money on a costly war?
Great.

XAOS

bush is going to ruin us in the long run. keep people happy now, do your thing, get the hell out and leave the rest to starve. oh well, i'll start robbing banks or something if it affects me. he's got to be more careful with his spending. we don't need this war either.

We need tax cuts, Reagan-style, and we need them now! (shut up BT ) - and shut down the NEA.

I am only half joking also.

Is that Reagan pic from Madame Tousseau's wax museaum, or did they have the old bastard stuffed & mounted like Trigger?

I actually favor substantial, one time tax rebates to folks making under $150K per year. Capital expenditures by companies happen after they've reduced inventories....what better way than to get the largest purchasing bloc out there spending?

From old man Alan:

'There is no question that when deficits go up, contrary to what some have said, it does have a negative impact on the economy.'..."

"Greenspan's testimony may or may not be the kiss of death for the President's economic plan. But it was certainly the Play of the Week." (CNN.com, 02/17/03)

www.cnn.com...

Just some fiscal responsibility from Bush, ANY, would be welcomed! It doesn't even have to get to debating economic theory, even though Reaganomics has been proven to be disasterous, just let them please understand that:
Cutting billions of taxes from the top 5% + spending trillions on war �� balance or solvency

I think Reagans tax cuts should have been followed up with government spending cuts. And 'ol Alan doesn't seem to mind the end on dividend taxes - does he not?

Yup, disasterous. Reagan's plan cut taxes, yet the tax base grew which created even more revenue. Never mind that all of it and then some was spent on running the Soviet Union into the ground, only to cause us to give them a bunch more money to keep them from selling off the nukes and other technology even though some of it may have made into the hands of those who are enemy to date. So, remind me again, who won the cold war? Gosh, I miss the good ol' days.

It's a bit more complicated than just cutting taxes. The French have high taxes and an incredibly high standard of living, and a very beautiful country.

(No # about French people please.)

I'm sure there were far more factors that came into the equation.

One thing u might want to chew on is that American batchelors courses at University are now 5 years long, in Europe they are 3. The IB, which is based on the French education system is a benchmark and very highly regarded at my university (Imperial College, London). We spend more on education, and Americans seem to need two years of catchup (at a private college if u want to get anywhere.) Cuts on public spending?

Yes but anyway, Bush will be fine in office, he's just gonna lump all his # onto the fall guy who's unlucky enough to get elected after him.

The Debt Clock

A good description of Bush's tax cuts:

"The Government that robs Peter to pay Paul, can always rely on the support of Paul."

-George Bernard Shaw.

[Edited on 26-2-2003 by kegs]

...But there's literally *millions* of Peters that are demanding to know why they're always broke...And only a very few wealthy Pauls for Bush to talk to...


My new nickname for Bush: Richard Noggin