May 16, 2012 |
WASHINGTON - Government leaders past and present gathered in Washington Tuesday to do what they do best about the nation's deficit: talk. At an annual "fiscal summit" in a capital city that seems almost comically unable to function, much less take action to trim benefit programs and defense spending or raise taxes to close a crippling budget gap, a crowd of the converted listened to Washington elite: Treasury Secretary Timothy Geithner, former President...
July 28, 2011 |
THE WRANGLING in Washington over raising the nation's debt ceiling was getting heated. The president supported the increase. Certain members of Congress were resisting the change. It was the 1980s. Then the 1990s. And here we are again. Every few years, it seems, the question of raising the federal borrowing level becomes an issue. But this time, the divide seems even more extreme. The possibility that the current $14.3 trillion debt ceiling won't be increased - and the country won't be able to pay all its bills come next week - seems even more possible.
May 3, 2011 |
WASHINGTON - It's all but impossible to glean from the political rhetoric, but government borrowing will grow by trillions of dollars over the next decade if the budget backed by House Republicans translates into law. And by a few trillion more if President Obama gets his way. Call it the unpleasant truth behind a political struggle over raising the debt limit that is expected to intensify as lawmakers return Monday from a two-week break....
October 7, 2008
DOES $700 BILLION sound like a lot of money? How about $9 trillion, America's current national debt? You already owe $32,000 to the federal government - every American does. If you're an average Philadelphian, it would take almost the entirety of your income to pay off your share of the national debt before taxes. Philadelphia's share of the federal debt is more than $48 billion, which is before baby boomers start to retire and Congress writes a $700 billion check to attempt to fix Wall Street.
August 22, 2008 |
The poster art for I.O.U.S.A. - one scary, scary horror flick, by the way - shows the White House with a "For Sale - Foreclosure" sign propped on the lawn. In fact, as director Patrick Creadon lays out the chilling facts of America's economic crisis in his salient documentary, it becomes clear that the fiscal philosophy of the current administration, combined with a costly war and an off-the-map trade deficit, have put us - and our children, and our children's children - in dire straits.
July 14, 2005 |
Dr. Phil: "Today we're talking with VIPs who say they did their best to stop politicians from bloating the budget, slashing taxes, and abusing our children with IOUs. It's one of 2009's hottest topics now that we're getting hammered by high interest rates and we're $10 trillion in hock to everybody from Beijing to Bahrain. Hey, Ross Perot, you warned us about this disaster, right?" Perot: "Yep, Phil. I talked turkey when I ran for president in 1992 - and 20 million patriots voted for me!
February 20, 2005 |
George W. Bush may be about to have a David Stockman experience. Stockman was Ronald Reagan's first budget director, a self-described radical ideologue who came to his post at the Office of Management and Budget convinced he could help the Gipper tame the ravenous beast they believed the federal government to be. Five and a half years later, an older, wiser Stockman penned a memoir about his time at OMB. He had come to realize that...
July 15, 2004 |
"There comes a time in every massacre," said former Rep. Sam Steiger (R., Ariz.), "when all you can do is shoot your horse and hunker down behind it. " Well, it's time for opponents of huge deficits to get off our high horse and admit that we are being massacred. To paper over his reckless tax cuts and binge spending, George Bush is piling up debt that will one day shock and awe our kids. The President and his party pals are adding almost $2 billion a day - $2 trillion per four-year term - to the national debt.
February 3, 2004 |
In his new budget, President Bush makes cutting this year's record deficit of $521 billion in half in five years a top priority. All he needs to do now is come up with a realistic plan on how to do it. The deficit-reduction path that Bush outlined in his 402-page budget contains, according to independent analysts, questionable assumptions and large omissions that could greatly increase rather than shrink the huge federal deficit, which is...