Bangkoktraveler Posted July 31, 2008 Report Share Posted July 31, 2008 If you scoured the hundreds of pages of the Housing bill signed today by Pres. Bush, youâ??d find that buried deep in its bowels â?? in the hope few would notice â?? is this: SEC. 3083. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT. Subsection ( of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $10,615,000,000,000. Itâ??s a provision that allows the U.S. Government to keep on spending money it doesnâ??t have and has to borrow. It raises the legal ceiling on the national debt to more than $10.6 trillion. And itâ??s the sixth time the debt limit has had to be raised on President Bushâ??s watch. On the day President Bush took office, the National Debt stood at $5.7 trillion. That's with a "T." Seven and a half years later, it has soared to over $9.5 trillion, a 66 percent increase of more than $3.8 trillion. And it could not have risen so high so quickly unless Congress had approved increases in the debt limit along the way â?? which it did and which President Bush always signed into law â?? quietly - without fanfare or ceremony. Itâ??s an issue President Bush never talks about â?? understandable for a politician who regards himself as a defender of fiscal discipline. Asked this morning if President Bush were self-conscious or even embarrassed about signing another increase in the debt limit, White House press secretary Dana Perino defended some of the deficit spending. â??The President makes no apologies for the money he spends to protect this country from terrorists who want to attack us.â? she said. â??Nor does he make apologies for the economic stimulus package.â? But thereâ??s plenty of spending in the national debt that has nothing to do with the war on terrorism or the $168 billion economy stimulus package enacted in February. And thereâ??s plenty more deficit spending on the way. On Monday, the White House announced that the federal deficit for the fiscal year beginning October 1st would hit $482 billion â?? the biggest in U.S. history. The deficit for the current year will be less than originally projected â?? but at $389 billion, itâ??ll be the second largest ever. Even so, the administration is quick to point out that the deficit this year amounts to only 2.7 percent of the whole economy â?? the gross domestic product. The Office of Management and Budget says thatâ??s only â??slightly above the 40-year historical average of 2.4 percent. Next yearâ??s deficit will jump to 3.3 percent of the GDP. And even though interest rates are low, taxpayers are shelling out $232 billion this year alone - just to pay the interest on the national debt. If interest rates rise along with the national debt, the amount of interest payments will go up as well. Itâ??s just one of the things the next President of the United States will inherit from George Bush. Link Link to comment Share on other sites More sharing options...
Old Hippie Posted August 1, 2008 Report Share Posted August 1, 2008 This is all just leftist commie pinko propaganda...the debt is fine, and Clinton got a BJ in the office! So stop being a whiner, and complaining about America, if you don't love it here, leave! There ARE NO PROBLEMS HERE! Link to comment Share on other sites More sharing options...
rchapstick Posted August 1, 2008 Report Share Posted August 1, 2008 Nonsense OH ... there are tons of problems! Darkies running for national office. Non-Christians and their crazy "separation of church and state" talk. Gay marriage !!!! (gasp!) Did I mention the darkies? Flag burning. Abortion and contraception! Lets kill anyone who doesn't value the sanctity of human life at conception. Impoverished oil companies ... let's give em some more tax breaks! Impoverished private equity fund managers ... imagine actually having to live with regular tax rates! Terrorists are EVERYWHERE!!!! (I think my gardener is a closet Jihadist. He says he is a Mexican, but you never know with these dark skinned types). Rap music! I could go on and on and on ... Just be thankful we have an administration that has kept their eyes on the real issues, and hasn't concerned themselves with these peripheral issues Link to comment Share on other sites More sharing options...
Flashermac Posted August 1, 2008 Report Share Posted August 1, 2008 If there is a national debt, presumably the government owes it to itself. So why doesn't the government simply forgive the debt and clear it off the books? See ... I can think like GWB too. Link to comment Share on other sites More sharing options...
rchapstick Posted August 1, 2008 Report Share Posted August 1, 2008 Sadly, Frash, the bonds are mostly owned by the Chinese. Maybe would could tell them we've become a 3rd world country and we can't possibly pay? Link to comment Share on other sites More sharing options...
Flashermac Posted August 1, 2008 Report Share Posted August 1, 2008 Trade them military secrets the way Slick Willy did? Swap them San Francisco for them? Chinatown anyway ... Link to comment Share on other sites More sharing options...
rchapstick Posted August 1, 2008 Report Share Posted August 1, 2008 Excellent idea!!! A few container-loads of high tech hammers and toilet seats, and we're square! Link to comment Share on other sites More sharing options...
Old Hippie Posted August 1, 2008 Report Share Posted August 1, 2008 Trade them military secrets the way Slick Willy did? Swap them San Francisco for them? Chinatown anyway ... If we give them Chinatown, where will all the illegal Mexicans work? Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted August 1, 2008 Author Report Share Posted August 1, 2008 Hard to believe Clinton had a surplus in the budget during his years. Bush with his tax increases. Yes, tax increases - the Federal government grew in size under his reign and the cost to run the government is more then what any other president' budget has been! Then when we look at the national debt, I just shake my head at what has been done. Link to comment Share on other sites More sharing options...
Old Hippie Posted August 1, 2008 Report Share Posted August 1, 2008 Wrong you commie pinko leftist (did I leave any insults out?) ONLY the democrats grow government, increase spending and taxes! A republican would NEVER do that! Link to comment Share on other sites More sharing options...
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