Posts Tagged ‘trillion’
White House Statement on Democrat Budget passing Senate Today, the Senate passed a budget plan that will create jobs and cut the deficit in a balanced way. Like the President's plan, the Senate budget cuts wasteful spending, makes tough choices to strengthen entitlements, and eliminates special tax breaks and loopholes for the wealthiest Americans to reduce the deficit. The President and Democrats in Congress are willing to make difficult choices so we can cut the deficit while laying the foundation for long term middle class job growth. And it is encouraging that both the Senate and House have made progress by passing budgets through regular order. We will continue to insist that any solution has balance. The House Republican budget refuses to ask for a single dime of deficit [...]
Obama and the BeanStalk - $1 Trillion Magic coin? What if the threat of a voluntary default by the United States could be erased by simply turning one tiny scrap of platinum into a coin? That's right. No debt ceiling problem. No bickering in Congress. No market jitters. The only thing needed is for the Treasury Department to mint a platinum coin with a face value of $1 trillion. Of course, this is not going to happen. Creating money out of thin air is hardly a solution. It could lead to even more concerns from those worried about inflation. Critics of the Federal Reserve's monetary easing programs would likely be apoplectic if the Treasury Department trumped Ben Bernanke's "helicopter drop" by minting a trillion more new dollars. The influential New York Times columnist Paul [...]
"Federal spending since I took office has risen at the slowest pace of any president in almost 60 years" President Obama The Facts First of all, there are a few methodological problems with Nutting’s analysis — especially the beginning and the end point. Nutting basically takes much of 2009 out of Obama’s column, saying it was the “the last of George W. Bush’s presidency.” Of course, with the recession crashing down, that’s when federal spending ramped up. The federal fiscal year starts on Oct. 1, so the 2009 fiscal year accounts for about four months of Bush’s presidency and eight of Obama’s. In theory, one could claim that the budget was already locked in when Obama took office, but that’s not really the case. Most of the appropriations bills had not [...]
We've heard these empty promises from President Obama before. Get involved at http://www.GOP.com Category: News & Politics via Empty Promises: Debt & Deficits - YouTube.
Each January, CBO prepares “baseline” budget projections spanning the next 10 years. Those projections are not a forecast of future events; rather, they are intended to provide a benchmark against which potential policy changes can be measured. Therefore, as specified in law, those projections generally incorporate the assumption that current laws are implemented. But substantial changes to tax and spending policies are slated to take effect within the next year under current law. So CBO has also prepared projections under an “alternative fiscal scenario,” in which some current or recent policies are assumed to continue in effect, even though, by law, they are scheduled to change. The decisions made by lawmakers as they confront those policy choices will have a significant [...]
(Reuters) - The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday. The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013. via Obama to ask for debt limit hike: Treasury official | Reuters.
Is this what our founders envisioned, an unregulated entity giving away taxpayer money without oversight? The most transparent White House in History is loaning money behind the backs of Americans. This is like a Bank teller giving out depositors money while the Bank is unaware. And folks scoff at Ron Paul when he says the Federal Reserve system needs to be reformed $7.77 Trillion of your money! But remember, Bernanke Says That Any Criticism Of The Federal Reserve Is Based On “Misconceptions” The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn't tell anyone which banks were in trouble so deep they required emergency loans of a [...]
How Big is a Trillion? NASA explains In the U.S., one trillion is written as the number "1" followed by 12 zeros (1,000,000,000,000). One year of clock time = (60sec/min) x (60 min/hr) x (24 hr/da) x (365.25 da) = 3.16 x 107 sec One trillion seconds of ordinary clock time = ( 1012 sec)/( 3.16 x 107 sec/yr) = 31,546 years! Six trillion seconds equals 189,276 years. Now, as an aside, along with the nearly six trillion miles in the light-year, you might be interested to know that there are nearly five trillion dollars in the current U.S. national debt. Is it any wonder that our politicians in Washington are concerned? (An interesting bit of trivia: If one were to count the national Debt at the rate of one dollar per second, he or she would have to use a mechanical counter to click off the [...]
Mary Meeker has created quite a buzz with her cover story this week in Bloomberg Businessweek. It is based on her analysis of the U.S. as if it were a corporation. Her assessment? The bottom line on USA Inc.? Cash flow and net worth are negative, profits are rare, and off-balance-sheet liabilities are enormous. The "company" has underinvested in productive capital, education, and technology--the very tools needed to compete in the global marketplace. Lenders have been patient so far, but the sky-high rates on the sovereign debt of Greece, Ireland, and Portugal suggest what might lie ahead for USA Inc. shareholders and our children. By our rough estimate, USA Inc. has a net worth of negative $44 trillion. That comes to $143,000 per capita. Negative. You can find their slide deck [...]
Two years ago today, President Obama signed the trillion-dollar “stimulus” amid promises it would keep unemployment below eight percent and create jobs “almost immediately.” Today, the Obama Administration has little to show for its trillion-dollar, taxpayer-funded “investment” except for more red ink and more out of work Americans. Here’s a by-the-numbers look at the budget-busting, job-destroying failure that is the President’s “stimulus”: U.S. Debt on February 17, 2009: $6.48 trillion U.S. Debt today: $9.5 trillion Number of jobs the “stimulus” was supposed to create: 3.5 million Private sector jobs lost since the “stimulus” was signed: 1.8 million Obama Administration’s projected unemployment rate at the two-year mark of the [...]