Author Topic: 20 trillion: The national debt, GOP dismay grow in Washington  (Read 387 times)

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Online Free Vulcan

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20 trillion: The national debt, GOP dismay grow in Washington
« on: September 14, 2017, 04:39:51 pm »
The national debt surpassed a milestone last week, though not one easily understood or especially surprising.

The debt topped $20 trillion, drawing laments from some Republicans in the Arizona congressional delegation and serving anew as ammunition for others worried about the nation's spending at a constitutional planning convention gathered this week in Phoenix.

U.S. Sen. Jeff Flake, R-Ariz., has long made reining in federal spending a cornerstone of his campaigns. He used the milestone to raise the issue again.

“No budget gimmick or phony spending offset can hide the fact that $20 trillion is the largest debt ever owed by any nation in history," Flake said. "It’s time for Congress to change the way Washington does business. Shutting down the Washington favor factory with a permanent ban on earmarks and eliminating duplicative, wasteful, and unnecessary federal spending would be a good start.”

U.S. Rep. Andy Biggs, R-Ariz., noted the debt milestone as well.

"Instead of debating how Congress could take action to reduce the risk of default and substantial payments our grandchildren will inherit, Congress continues to encourage reckless spending and unaccountable taxpayer-funded programs," he said. "Rather than making the hard choices now, we are forcing Americans into an even tougher situation in the future because of this rising debt."

Read more at: http://www.azcentral.com/story/news/politics/arizona/2017/09/14/20-trillion-national-debt-gop-dismay-grow-washington/663834001/
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Offline Night Hides Not

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Re: 20 trillion: The national debt, GOP dismay grow in Washington
« Reply #1 on: September 14, 2017, 04:44:07 pm »
Pubbies have no moral authority on fiscal matters. Ted Cruz tried, and look what happened to him.
You can avoid reality, but you cannot avoid the consequences of avoiding reality.

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Offline Sanguine

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Re: 20 trillion: The national debt, GOP dismay grow in Washington
« Reply #2 on: September 14, 2017, 06:24:39 pm »
Quote
Ever wonder how much money there is in the world?...

For purists, who believe money refers only to currencies such as bank notes, coins, and money deposited in savings or checking accounts, the total is somewhere around $80.9 trillion.

...

As for money owed by every single person and country in the world, the grand total is $199 trillion, with some 29% of it borrowed since the 2008 financial crisis.

The U.S. is responsible for nearly one-third of that global debt, while Europe follows at 26% and Japan at 20%. China, for all the criticism about its debt-fueled economic growth, owes 6% of the total...


http://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18