On Spend and Spend Economics
Nov. 17th, 2004 06:03 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
weaktwosSo, it's okay that we run up debts like this, right? I mean this is going to pay off in a big way for the American people in general, right?
Maybe the Treasury Dept should be allowed to start playing our state lotteries. Anything to avoid a little more tax.
Debt limit must be raised this week
Debt limit must be raised this week
Mon Nov 15, 2004 06:02 PM ET
(Recasts with Treasury, Hastert comments)
By Laura MacInnis and Anna Willard
WASHINGTON, Nov 15 (Reuters) - The U.S. Treasury Department on Monday postponed announcing a four-week bill auction to avoid piercing the limit on federal borrowing, and said Congress needed to raise the statutory debt ceiling this week.
The offering delay had been expected after Treasury last week said it had no authority to issue the bills that would have settled on Thursday, the day extraordinary measures used to skirt the debt limit are set to run out.
The Treasury Department said it was in talks with the House of Representatives and the Senate on the issue, and said it was essential lawmakers act as soon as possible to lift the limit.
"It would be unthinkable that Congress did not pass the debt limit legislation," Treasury spokesman Rob Nichols told a press briefing. "I believe we have made clear the critical importance of Congress acting on the debt limit."
Since early October, the Treasury Department has been hovering near its $7.384 trillion limit on federal borrowing. It has alerted Congress that accounting maneuvers to keep the U.S. below its debt ceiling would run out on Thursday.
The most recent Treasury data showed U.S. debt subject to limit at $7,383,975,000,000 -- just $25 million or 0.0003 percent below the debt limit.
Failure to raise the limit could lead to a government default on the debt its borrows, but Congress has never allowed this to happen.
Lawmakers are expected to vote before Thursday to increase the debt ceiling, possibly by as much as $800 billion, a Senate aide said. The aide, speaking on condition of anonymity, said a Senate vote on increasing the limit could come before noon on Wednesday.
The House of Representatives would then need to vote on the bill passed by the Senate for the increase to take effect. House speaker Dennis Hastert, an Illinois Republican, said he was keen to get the move out of the way.
"Whatever we get done is fine. Just get it done," he said.
The Republican-led Congress avoided increasing the borrowing limit before the Nov. 2 election as leaders did not want to have the politically sensitive vote.
Democrats, who have been pushing hard for a stand-alone vote on the debt limit, will likely use the debate to attack President George W. Bush's economic policies, which they say have turned the fiscal surplus he inherited into a record deficit.
Some Republicans wanted to tack the debt limit measure on to a huge spending package encompassing remaining unpassed spending bills for the 2005 fiscal year that lawmakers are working on. But other Republicans fear that could complicate the already tricky spending discussions.
Hastert said it "makes the bigger bills harder to pass" if they have extras stuck on to them.
Also, it is not clear whether the omnibus bill will be ready for congressional approval before Thursday.
Treasury's Nichols said the department would make decisions day-to-day on further emergency measures required to keep the government's financing below the statutory limit ahead of the Thursday deadline.
"As we are running up to that date, we are taking the prudent steps to protect the full faith and credit of the U.S. government," he said. "We are continuing to take those steps." (Additional reporting by Kristin Roberts, Editing by Chizu Nomiyama, anna.willard@reuters.com Reuters messaging: anna.willard.reuters.com@reuters.net; 1-202-898-8391))
.....
Earlier I read an article about the Bush Administration cutting $34 million dollars in funding towards family planning and AIDs prevention (as well as fighting against genital mutilation for females) for an organization that is part of the UN. Now, it's getting to the point where we really cannot afford to help other nations on vital assistance such as this.
However, supposedly the Bush is funding $100 million on "abstinence education". How expensive could abstinence education be, anyway? Abstinence is totally easier than birth control education. You don't need any knowledge of the body, or how to utilize birth control. You don't even have to consult with a physician to get abstinence. It's 100% free.
Of course, abstinence doesn't really do too much good when your hormones are out of control, so what we'll probably get is some more pregnant teens, and a lot more kids just engaging in oral and anal sex. But hey, no problem. At least those young ladies will still be virgins.
Maybe the Treasury Dept should be allowed to start playing our state lotteries. Anything to avoid a little more tax.
Debt limit must be raised this week
Mon Nov 15, 2004 06:02 PM ET
Debt limit must be raised this week
Mon Nov 15, 2004 06:02 PM ET
(Recasts with Treasury, Hastert comments)
By Laura MacInnis and Anna Willard
WASHINGTON, Nov 15 (Reuters) - The U.S. Treasury Department on Monday postponed announcing a four-week bill auction to avoid piercing the limit on federal borrowing, and said Congress needed to raise the statutory debt ceiling this week.
The offering delay had been expected after Treasury last week said it had no authority to issue the bills that would have settled on Thursday, the day extraordinary measures used to skirt the debt limit are set to run out.
The Treasury Department said it was in talks with the House of Representatives and the Senate on the issue, and said it was essential lawmakers act as soon as possible to lift the limit.
"It would be unthinkable that Congress did not pass the debt limit legislation," Treasury spokesman Rob Nichols told a press briefing. "I believe we have made clear the critical importance of Congress acting on the debt limit."
Since early October, the Treasury Department has been hovering near its $7.384 trillion limit on federal borrowing. It has alerted Congress that accounting maneuvers to keep the U.S. below its debt ceiling would run out on Thursday.
The most recent Treasury data showed U.S. debt subject to limit at $7,383,975,000,000 -- just $25 million or 0.0003 percent below the debt limit.
Failure to raise the limit could lead to a government default on the debt its borrows, but Congress has never allowed this to happen.
Lawmakers are expected to vote before Thursday to increase the debt ceiling, possibly by as much as $800 billion, a Senate aide said. The aide, speaking on condition of anonymity, said a Senate vote on increasing the limit could come before noon on Wednesday.
The House of Representatives would then need to vote on the bill passed by the Senate for the increase to take effect. House speaker Dennis Hastert, an Illinois Republican, said he was keen to get the move out of the way.
"Whatever we get done is fine. Just get it done," he said.
The Republican-led Congress avoided increasing the borrowing limit before the Nov. 2 election as leaders did not want to have the politically sensitive vote.
Democrats, who have been pushing hard for a stand-alone vote on the debt limit, will likely use the debate to attack President George W. Bush's economic policies, which they say have turned the fiscal surplus he inherited into a record deficit.
Some Republicans wanted to tack the debt limit measure on to a huge spending package encompassing remaining unpassed spending bills for the 2005 fiscal year that lawmakers are working on. But other Republicans fear that could complicate the already tricky spending discussions.
Hastert said it "makes the bigger bills harder to pass" if they have extras stuck on to them.
Also, it is not clear whether the omnibus bill will be ready for congressional approval before Thursday.
Treasury's Nichols said the department would make decisions day-to-day on further emergency measures required to keep the government's financing below the statutory limit ahead of the Thursday deadline.
"As we are running up to that date, we are taking the prudent steps to protect the full faith and credit of the U.S. government," he said. "We are continuing to take those steps." (Additional reporting by Kristin Roberts, Editing by Chizu Nomiyama, anna.willard@reuters.com Reuters messaging: anna.willard.reuters.com@reuters.net; 1-202-898-8391))
.....
Earlier I read an article about the Bush Administration cutting $34 million dollars in funding towards family planning and AIDs prevention (as well as fighting against genital mutilation for females) for an organization that is part of the UN. Now, it's getting to the point where we really cannot afford to help other nations on vital assistance such as this.
However, supposedly the Bush is funding $100 million on "abstinence education". How expensive could abstinence education be, anyway? Abstinence is totally easier than birth control education. You don't need any knowledge of the body, or how to utilize birth control. You don't even have to consult with a physician to get abstinence. It's 100% free.
Of course, abstinence doesn't really do too much good when your hormones are out of control, so what we'll probably get is some more pregnant teens, and a lot more kids just engaging in oral and anal sex. But hey, no problem. At least those young ladies will still be virgins.
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
no subject
Date: 2004-11-20 09:16 am (UTC)