Author Topic: U.S. Treasury Set to Borrow $1 Trillion for a Second Year to Finance the Deficit  (Read 4309 times)

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Offline BlueHammer

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Nancy Pelosi and Harry Reid.  In just two years, they took a $160 billion budget deficit and turned it into a $1.6 TRillion deficit.

(my bad)

which is chump change next to what the republican will be responsible for the next few years

Online Drago

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Huh???  In what alternate universe did Pelosi/Reid reduce the deficit?    :shrug: :shrug: :shrug:

Did you mean the reverse?  If so, got it.  lol
1998-2001...GOP welfare reform/W.J. Clinton.

Table 1.1:  https://www.whitehouse.gov/omb/historical-tables/

Offline XenaLee

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1998-2001...GOP welfare reform/W.J. Clinton.

Table 1.1:  https://www.whitehouse.gov/omb/historical-tables/

If my memory serves..... the GOP had control of the House back then.  Remember Newt's Contract With America?
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You can vote your way into socialism, but you have to shoot your way out of it.

Online Drago

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Yeah, IIRC Congress switched over to GOP in Clinton's 2nd year?  Was it "Reid/Pelosi" for the 1st 2? In any case you are/probably are correct...it was Newt/GOP/W.J. Clinton that managed to sorta "balance the budget"/"Balance the CR's" for 1998-2001.

Offline XenaLee

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Yeah, IIRC Congress switched over to GOP in Clinton's 2nd year?  Was it "Reid/Pelosi" for the 1st 2? In any case you are/probably are correct...it was Newt/GOP/W.J. Clinton that managed to sorta "balance the budget"/"Balance the CR's" for 1998-2001.

Clinton had to be dragged, kicking and squealing .... (he vetoed the first time) to sign off on it.  Problem was.... the GOP, back then, had overwhelming support from the public... which pressured Clinton to cave and sign it.  As a result, the economy boomed.... the rats took credit.  Ho-hum....nothing ever changes.
No quarter given to the enemy within...ever.

You can vote your way into socialism, but you have to shoot your way out of it.

Offline BlueHammer

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If my memory serves..... the GOP had control of the House back then.  Remember Newt's Contract With America?

Yup.....very little of which actually passed Congress or survived a veto

Offline BlueHammer

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Clinton had to be dragged, kicking and squealing .... (he vetoed the first time) to sign off on it.  Problem was.... the GOP, back then, had overwhelming support from the public... which pressured Clinton to cave and sign it.  As a result, the economy boomed.... the rats took credit.  Ho-hum....nothing ever changes.

Actually .... contract with America was a book and not some legislative document....very little of it actually got out of the chambers.....there was not much kicking and screaming by Clinton, though he did veto a bunch of stuff and then negotiated several watered down versions of bills.

Offline LMAO

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Yes, because at some point our foreign lenders will say no more and start dumping our debt and currency. People have no clue what we're zombie walking into.

The problem with that is then where else will they go? Historically, the lenders start getting anxious went public debt to GDP ratio gets above 80%.  That’s what happened in southern Europe. There are  advantages that the US has that other countries don’t. For example, the US economy is the largest in the world. But this can’t go on forever. And instead of anyone talking about cutting spending, we have people talking about new government programs that we cannot realistically pay for.
I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them.

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Offline IsailedawayfromFR

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The problem with that is then where else will they go? Historically, the lenders start getting anxious went public debt to GDP ratio gets above 80%.  That’s what happened in southern Europe. There are  advantages that the US has that other countries don’t. For example, the US economy is the largest in the world. But this can’t go on forever. And instead of anyone talking about cutting spending, we have people talking about new government programs that we cannot realistically pay for.
Why doesn't the Treasury go to the Social Security Trust Fund to get some money?  The Trust has accumulated trillions of surplus funds that can be used by the Treasury to fund its obligations.  Al Gore says the money is there.
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline XenaLee

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Why doesn't the Treasury go to the Social Security Trust Fund to get some money?  The Trust has accumulated trillions of surplus funds that can be used by the Treasury to fund its obligations.  Al Gore says the money is there.

Riiight.  Just raid the Al Gore Lockbox.  Oh wait.  Is that the same as Obama's stash?  Then nevermind (it's dead, Jim).
No quarter given to the enemy within...ever.

You can vote your way into socialism, but you have to shoot your way out of it.

Offline Hoodat

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What do you mean "my account is overdrawn"?  I still have checks left.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline BlueHammer

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reagan cut taxes in 1981 and then raised them in 1982......just saying

Offline IsailedawayfromFR

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reagan cut taxes in 1981 and then raised them in 1982......just saying
Congress, not the Executive, cuts or raises taxes......just saying 

Welcome to TBR @BlueHammer
« Last Edit: January 30, 2019, 11:04:16 pm by IsailedawayfromFR »
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington