Congratulations Republicans...$900 billion in gov't borrowing seen through March

Discussion in 'Politics' started by sargon20, Nov 3, 2008.

  1. sargon20

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    So much for SMALL government. I thought it was the liberal democrats that knew how to SPEND SPEND SPEND?

    I heard Bush is drinking...again. Now we know why.


    WASHINGTON -The government, raising cash to pay for the array of financial rescue packages, said Monday it plans to borrow $550 billion in the last three months of this year — and that's just a down payment.
    Treasury Department officials also projected the government would need to borrow $368 billion more in the first three months of 2009, meaning the next president will confront an ocean of red ink.

    The nonpartisan Committee for a Responsible Budget estimates all the government economic and rescue initiatives, starting with the $168 billion in stimulus checks issued earlier this year, total even more — an eye-popping $2.6 trillion.


    $900 billion in gov't borrowing seen through March
     
  2. B_Nick4444

    B_Nick4444 New Member

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    so, where's Obama coming up with the cash for his projects?

    tax cuts still in the picture?
     
  3. 1BiGG1

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    Wasn’t there another party involved here ….. what are they called …… ummm ….. the Dribbleocrats …… no , the Dimocrats …… no, ummm ……. Oh yeah, the Democrats so lets not pretend they were not. :rolleyes:
     
  4. sargon20

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    Nope

    the day the s.e.c. changed the game


    all republicans made the decision. hear them laughing as they abdicate their duties. LAUGHING.

    now mclame wants to fire the SEC chairman. a LITTLE late.

    McCain: Fire SEC Chairman Chris Cox

     
    #4 sargon20, Nov 3, 2008
    Last edited: Nov 3, 2008
  5. D_Tintagel_Demondong

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    You've basically become white noise.

    Bush's party has shielded him from scrutiny so far, but I have no doubt that his two terms will be looked at as America's Dark Ages in the near future.

    But US debt had declined during Bill Clinton's last four years in office. Bush has missed a historic opportunity to improve the nation's fiscal position. The GOP insists that the Dems just want to gouge your wallets, but this is just laughable.

    During Bush's time in office, federal debt held by the public–-Washington's equivalent of a credit-card balance-–will have increased by more than 50 percent--to about $5.5 trillion. America is rich, but not that rich. This debt will take generations to pay off.

    President Bush amassed a shocking $4 trillion debt with little fanfare. On the day that he took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9% increase on Mr. Bush’s watch.

    Nonetheless, the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It'll be the 7th time the debt limit has been raised during Bush's administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

    Of course Bush didn't do it alone, for six years he had a Republican-controlled Congress that helped him do it. Obama and the house now have to deal with this fiscal nightmare. Unfortunately, their hands will be tied when it comes to social change, since so much of the budget will go to paying off the astronomical interest of the national debt.

    How the Republicans will recover from this shocking fiscal irresponsibility is beyond me.
     
  6. B_Nick4444

    B_Nick4444 New Member

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    bingo!
     
  7. stratedude

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    All I know is this: things were going OK here in America until right around the time that the Democrats took over Congress. Coincidence?
     
  8. D_Tintagel_Demondong

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    The fire starts before the smoke.

    The shit hit the fan with the illegal invasion of Iraq. That contracted the US into a useless war. Bush was convinced that the war would give him the same kind of popularity that it gave his daddy, so he appealed for augmentation after augmentation. They cost tens of billions of dollars and made no difference in Iraq. This is all his first term crap. The second term was the same, but then the GOP's horrible domestic policy kicked in and now there's this horrible mess to clean up. I'd get carpal tunnel syndrome if I listed all of the current fiscal problems that the next Administration has to deal with.

    Was it an 'augmentation' or an 'escalation'? I can never get it right. Apparently there's a very important difference.
     
  9. Freddie53

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    As a moderator I must consider closing this thread.:biggrin1: This is libelous material!:bs2:Everyone KNOWS that the Republicans are for small government, low taxes, balanced government and more power to the states.

    Re: Congratulations Republicans...$900 billion in gov't borrowing seen through March!:aargh4:

    Yesl It is true that the Democrats contributed their part to help get us where we are. But it was the Republicans, not the Democrats, that promised us that if would just let them in power again, their first move would be to enact a Federal Balanced Budget Amendment. The Republicans got into power and once they gained total power over the executive and both houses of the legislative branch in the year 200, the Republicans proceeded to pass laws and budgets that have lead to a federal deficit so large that just the part of the deficit under the Bush years is more than all the deficits run up under Democrats in history.

    What is worse is that under the Democrats we borrowed money from our own citizens. So in a since, we borrowed from ourselves. Little George has now borrowed billions from China.

    So when the Republicans start spouting off stuff about a balanced budget and less government, I have to laugh at them. The Republicans bought and ate the freshly baked cake in the bakery window. Let's not now pretend we don't know who got the cake out of the bakery case and started to cut the cake into pieces and eat them without having the money to pay for the cake nor the bottle of coke we drank to help down the cake.
     
    #9 Freddie53, Nov 3, 2008
    Last edited: Nov 3, 2008
  10. 1BiGG1

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    Bush tried to get reform for Fannie/Freddie and McCain did again in ’05. The democrats would not back McCain and mortgage backed securities brought down the house. Better try again and see if you can find something the democrats are actually innocent in.
     
  11. TurkeyWithaSunburn

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    :frown1: I think we should all be learning Chinese since they seem to have most of our debt.

    Wasn't it Sun Tzu's Art of War that said something about how to conquer an enemy is to lure them with profits first?

    A balanced budget amendment would be a GREAT thing, sadly won't ever happen because that would be taking away from pet projects and force people to be responsible in federal government.
     
  12. B_Nick4444

    B_Nick4444 New Member

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    indeed
     
  13. stratedude

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    Son, are you smoking crack? GHWB didn't even get re-elected. While Ross Perot was probably the major cause of that, if he was that popular, it wouldn't have mattered. Anyway your just making shit up out of thin air.
    Oh yes. The ol' excuse set-up for your future president is in place now, right?
     
  14. SpeedoGuy

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    Why do the Republicans want the USA so far in debt to foreign creditors?
     
  15. 1BiGG1

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    Not nearly as white as what you have been posting.

    The national debt was $4,188,092,107,183.00 on Clintons first day in office and $5,727,776,738,304.00 on his last for a net increase of $1,539,684,631,121.00 = what was allegedly "paid down" again?

    And on the Clinton, just what economic policies did he put in place that were of a benefit to the country and how much of the countries good fortune did he inherent from Reagan’s policies?


    We will always carry debt but I think you should look at historic highs against the GDP because today’s federal debt isn’t anywhere close.




    It costs this country 60 billion per year to keep shipping lanes open in the Middle East (not counting Iraq/Afghanistan) and it has cost this country another 125 billion per year for the last 30 years in economic instability from actions in the Middle East.

    Bush/Blair stabilizing the region will pay off like our investment in stabilizing Europe in WWII did. Our national debt against the GDP was astronomical after WWII compared with today.

    The Democrats would not support Fannie/Freddie reform when Bush tried and again in ’05 when McCain tried. The Democrats were afraid it would cost them votes if Fannie/Freddie stopped giving loans to those who should not be getting loans. Let’s not pretend the Democrat’s lack of any action on reform isn’t a major contributor along with their lack of doing anything else for the last two years when they had control of Congress.



    Sometimes you gotta spend money to make money as they say.
     
  16. B_Morning_Glory

    B_Morning_Glory New Member

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    what planet are you from. LOL.
     
  17. 1BiGG1

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    Why? Because it’s in our best interest. We are heavily invested for instance in China while leading the building of that country and it’s nice to have a two-way street on these matters.
     
  18. B_Morning_Glory

    B_Morning_Glory New Member

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    yes its a two way street alright they can come and go [ china others ect] but we cant even walk on our streets here anymore. think about that im sure it will come to you. a well maybe not sence you still think the republicans are a god send and put a debt, larger than we have ever had before.
     
  19. 1BiGG1

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    It depends on how you look at the debt, yes it’s the highest number but nothing compared with the debt against the GDP after WWII

    And I do not think all Republicans are god sent, just some of us are including me and I don’t even believe in god! :wink:
     
  20. b.c.

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    Yeah McCain knows how to do the right thing, eh? For example:

    YouTube - KEATING ECONOMICS: John McCain & The Making of a Financial Crisis
     
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