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8 trillion not enough debt for GOP

H

hipsterdufus

While Cheney asks Americans to save more, (thanks bud) Treasury Secretary John Snow wants congress to raise the debt ceiling over its current limit of 8.18 trillion.

WASHINGTON (Reuters) - A nasty budget fight is brewing in Congress as Senate Democrats and some conservative Republicans said on Friday that they will not support efforts this month to increase U.S. borrowing authority, a move needed to avoid a government default.

Democrats, who hope to gain control of the House and Senate in this year's congressional elections, are looking for a debate on the credit limit to highlight the nation's mounting debt at a time when President George W. Bush also is pushing to make his tax cuts permanent.

In a speech on the Senate floor, Senate Minority Leader Harry Reid put all 55 Senate Republicans on notice that they "are going to have to belly up to the bar and vote to increase the debt," saying it was Republican budgets that have created the massive deficit spending requiring more federal borrowing.

"Democrats are not going to vote to increase this debt," Reid said.

Without an increase in U.S. borrowing authority, the federal government could face default. That would mean Washington would not be able to continue writing checks for a variety of activities, from meeting federal workers' payrolls to paying some retiree benefits. Federal parks could close, aid for the poor could be withheld and the space shuttle likely would be docked.

Last April, without any support from Democrats, the Senate and House of Representatives approved a fiscal 2006 budget plan that envisioned the need for increasing U.S. borrowing authority by $781 billion.

More recently, Treasury Secretary John Snow urged Congress to increase the statutory debt limit, as his agency was bumping up against the $8.18 trillion limit.
http://news.yahoo.com/s/nm/congress_debt_dc

The Outstanding Public Debt as of 09 Mar 2006 at 04:42:46 PM MST is:
The estimated population of the United States is 298,729,135
so each citizen's share of this debt is $27,719.98.
The National Debt has continued to increase an average of
$2.17 billion per day since September 30, 2005!

http://www.brillig.com/debt_clock/
 

scottyz

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Gotta love that fiscally conservative, pro small Government GOP...
 

Simon W. Moon

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Already?

Again!?!?!
 

alphamale

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scottyz said:
Gotta love that fiscally conservative, pro small Government GOP...
The government debt is outrageous, but quit the Born-again small-government crap. Dems have been big government since at least Roosevelt.
 

scottyz

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alphamale said:
The government debt is outrageous, but quit the Born-again small-government crap. Dems have been big government since at least Roosevelt.
Born again? I've have never liked big Government.
 
H

hipsterdufus

alphamale said:
The government debt is outrageous, but quit the Born-again small-government crap. Dems have been big government since at least Roosevelt.
I don't disagree. Clinton did cut the size of the government, and Clinton did balance the federal budget with the cooperation of a Republican controlled House.

Our current debt is higher than all previous administrations combined. And that's taking into account the value in today's dollars for each administration.
 
F

FallingPianos

if the alternative to raising the national debt is the government going into default, then it needs to be done.

but taxes also need to be raised, and spending needs to be cut.
 

scottyz

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hipsterdufus said:
I don't disagree. Clinton did cut the size of the government, and Clinton did balance the federal budget with the cooperation of a Republican controlled House.

Our current debt is higher than all previous administrations combined. And that's taking into account the value in today's dollars for each administration.
I always saw Clinton as a Rockefeller Republican.
 
H

hipsterdufus

scottyz said:
I always saw Clinton as a Rockefeller Republican.
I never really thought about it, but that's an excellent analogy. The Republicans that I admire most, tend to be of a similar mold. The question for them now is "Is there room in the Republican Party for moderates?"

Historically Rockefeller Republicans were moderate or liberal on domestic and social policies. The typically favored New Deal programs, welfare, and civil rights--usually promising to run them more efficiently than the Democrats. They were strong supporters of big business. In fiscal policy they favored balanced budgets and relatively high tax levels to keep the budget balanced. They sought long-term economic growth through entrepreneurships, not tax cuts. In state politics, they were strong supporters of state colleges and universities, low tuition, and large research budgets. The favored infrastructure improvements, such as highway projects.
The term "Rockefeller Republican" today sounds somewhat dated, and such Republicans are probably more apt to call themselves "moderate Republicans." The recent usage of the term South Park Republicans is a term that could describe some Rockefeller Republicans.

The "Rockefeller Republican" label is sometimes applied to such modern-day politicians as Senators Olympia Snowe and Susan Collins of Maine. Another is Senator Lincoln Chafee of Rhode Island, a liberal in both cultural and international respects, but generally "pro-business" in terms of economic policy. The departure of U.S Sen. Jim Jeffords from the Republican party in 2001 dramatized the still-existing tension between the "Rockefeller wing" of the party and what is today its generally more influential socially conservative wing.
http://en.wikipedia.org/wiki/Rockefeller_Republican
 

Stinger

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scottyz said:
Gotta love that fiscally conservative, pro small Government GOP...
Do you support their current budget proposals which do cut spending?
 

stsburns

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Hoot

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alphamale said:
The government debt is outrageous, but quit the Born-again small-government crap. Dems have been big government since at least Roosevelt.
Perhaps so, but the Dems expected us to pay the bills. You don't give massive tax cuts to millionaires and then spend our nation into debt.

I'm reading Bruce Bartlett's book, "Imposter" right now. He's a conservative and worked for Bush helping him craft his tax cuts.

Even Bartlett, a die hard republican is disgusted. What does that tell you?
 
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