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Deficit Spending

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NEWS
March 24, 2009
Even as the stock market responded positively yesterday to the Obama administration's plan to spend $1 trillion to purchase toxic bank assets, the Congressional Budget Office's new forecast of soaring federal deficits should be a wake-up call to Washington. The nonpartisan CBO said red ink from the current Year of the Bailout that began Oct. 1 will total a record $1.85 trillion, or 13.1 percent of gross domestic product. While that short-term number is staggering, it's not the real surprise in this report.
NEWS
October 30, 1992 | By Henry J. Holcomb, INQUIRER TRENTON BUREAU
The New Jersey General Assembly yesterday pushed the nation a step closer to its first constitutional convention since 1787. In a 44-25 vote, the assembly called for such a convention to amend the Constitution and require the federal government to stop deficit spending. The measure now goes to the state Senate, where it is sponsored by Majority Leader John H. Dorsey (R., Morris). If it is approved there, a national campaign that began in Mississippi in 1975 would be only one state shy of victory.
NEWS
October 19, 2008 | By Robert B. Reich
Both presidential candidates have been criticized for failing to name any promises or plans they're going to have to scrap because of the bailout and the failing economy. That criticism is unwarranted. The assumption that we are about to have a rerun of 1993 - when Bill Clinton, newly installed as president, was forced to jettison much of his agenda because of a surging budget deficit - may well be mistaken. At first glance, January 2009 is starting to look a lot like January 1993.
NEWS
July 26, 1988 | By JOSEPH GRACE, Daily News Staff Writer
The city's new union contracts will cost about $40 million this year and may force Mayor Goode later this year to seek emergency authorization for deficit spending to help pay for them, city Finance Director Elizabeth Reveal said. The cost of the contracts, coupled with the city's already battered budget, makes it likely that Goode will seek City Council's approval to spend money it does not have. "I think we will probably at some point have to do that," said Reveal of deficit spending.
NEWS
June 24, 1989
Philadelphia has reached the fantasy part of the budget that City Council passed last summer. Flouting its own charter, the city has started to spend millions of dollars more than it has taken in for the fiscal year that ends June 30. The checks won't bounce. The city has ways of juggling its funds to prevent that from occurring. But issuing the checks does constitute deficit spending, which the city is supposedly barred from doing except in real emergencies. The city's top lawyer defends this deficit spending in a debatable opinion declaring that the state's hardly surprising failure to send along $50 million for local courts this year has created an emergency.
NEWS
December 3, 1988 | By Joseph Grace and Jeffrey Taylor, Daily News Staff Writers
Mayor Goode and City Council leaders agreed yesterday they'll try to solve a $53 million court-funding problem by deficit spending instead of an emergency tax increase. "I would hope we could find a way not to address the issue of taxes now," Goode said. "There are only two options: Either deficit spend or increase taxes. It may well be we will decide to deficit spend. " Goode needs Council's approval to deficit spend, a maneuver by which the city declares an unforeseen emergency - such as the court-funding ruling - and borrows to cover city expenditures.
NEWS
November 23, 2010
YOUR Nov. 16 editorial says far more citizens (56 percent) worry about the economy and jobs than about the deficit (4 percent). But the economy and jobs are largely the visible manifestation of deficit spending. Just look at what deficit spending has done to the economies of Greece, Portugal, Spain and the U.K. Countries running surpluses, like China and India, have vibrant and growing economies. The economy and jobs weren't at issue when the U.S. was running a surplus. Some 37 cents of every dollar spent by the U.S. government is now dedicated for debt purposes.
NEWS
March 28, 1991 | By Christopher Mumma, Special to The Inquirer
There's a lesson that's being taught by economists now as the nation readies itself for the expected recovery: The recession has not been as bad as people expected. Thomas P. Hamer, the president of the Economists of New Jersey and an associate professor at Glassboro State College, agreed with that assessment. At the association's annual conference at Trenton State College last week, Hamer said economic data demonstrated that the "weakness" in the economy began in the second quarter of 1989, when the country's Gross National Product declined by 2 percent.
NEWS
June 20, 1992
Right after the Los Angeles riots, all manner of politicians promised fast emergency aid, followed by a sustained response to America's despairing inner cities. It seemed to be too good to be true - and it was. It has taken nearly two months for Democrats and Republicans to agree on emergency aid, and it looks unlikely that there will be action this year on any kind of comprehensive attack on urban ills. The $1 billion package that these grandstanding politicians hammered out this week could have been signed into law weeks ago, but Democrats preferred instead to curry public favor by touting a $2 billion plan that was unacceptable to President Bush.
NEWS
May 12, 1989 | By Joseph Grace, Daily News Staff Writer
Republican city controller candidate M. Joseph Rocks sued Mayor Goode and the city yesterday, alleging their handling of the city's budget has placed the "financial structure of the city in jeopardy. " Rocks, a Roxborough state senator and longtime political foe of Goode's, filed the suit in Common Pleas Court, alleging that Goode and City Council had violated the city's Home Rule Charter ban on budget deficits. Goode's 1990 budget estimates a $200 million deficit and proposes eliminating it through spending cuts in social and neighborhood programs, increased property assessments and savings from better management.
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NEWS
March 30, 2014 | By Martha Woodall, Inquirer Staff Writer
PHILADELPHIA The Philadelphia School District on Friday outlined a litany of academic, financial, and management problems that it said warrant closing the nation's first charter school for students in foster care. District staffers involved with charter-school oversight testified that Arise Academy Charter High School has been beset with problems with truancy, absenteeism, and dropouts. Throughout a six-hour hearing, they said that the school had never met state academic standards and that its 11th-grade test scores rank in the bottom 5 percent among high-poverty schools in the state.
NEWS
February 14, 2014
THE HOUSE Republican leadership did the right thing Tuesday, allowing the chamber to approve a bill that would raise the debt ceiling for one year unconditionally. The move doesn't end the fight over federal budget deficits and the growing national debt. It just allows the debate to continue without causing needless damage to the economy. Congress committed itself in December to borrow more than the current $17 trillion limit when it adopted a bipartisan budget that included more than half a trillion in deficit spending.
NEWS
April 30, 2013 | By E. J. Dionne, For The Inquirer
The policy mystery of our time is why politicians across much of the democratic world are so obsessed with deficits when their primary mission ought to be bringing down high and debilitating rates of unemployment. And since last week saw a cross-party celebration of the opening of George W. Bush's presidential library, I'd add a second mystery: Why is it that conservative Republicans who freely cut taxes while backing two wars in the Bush years started preaching fire on deficits only after a Democrat entered the White House?
NEWS
April 22, 2013
By Scott S. Powell U.S. stock prices have just reached record highs, erasing the losses since the previous 2007 peak. But the U.S. economy as measured by the labor-force participation rate, which captures the percentage of working-age people in the labor force, has just dropped to a new 34-year low of 63.3 percent. Since the Great Depression, recessions have always been followed by strong recoveries within two years of market bottoms. Not this time. Gross domestic product (GDP) growth from the market bottom in March 2009 has averaged 1.94 percent annually, the worst post-recession rebound in the last 70 years.
NEWS
May 22, 2012 | Ed Weiner
An open letter to Philadelphia Congressional Representatives Bob Brady, Chakah Fattah, and Allyson Schwartz: Important decisions are being made in Congress, giving more money to the military and taking away money from our states and communities. At the same time, Philadelphia City Council and School District are struggling with massive budget deficits. Catastrophe is right around the corner. While there is an effort to cut spending across the broad array of annual discretionary spending programs, Pentagon spending, which comprises 57 percent of the discretionary budget in the FY 2013 request, continues to absorb the lion's share of spending.
NEWS
February 12, 2012
James Case is the author of Why Can't Obama Fix the Economy? Few would deny that the U.S. economy is badly damaged or that the party with the more plausible plan for fixing it is likely to win the coming election. Yet neither has proposed a plan that realists can believe in. While Republicans advocate yet more tax cuts and deregulation, Democrats propose further stimulus and deficit spending. Both are futile. Tax cuts will fail because they reduce government revenue, thereby necessitating additional layoffs at the state and local levels among police, firefighters, teachers, and others.
NEWS
July 25, 2011 | By Charles Krauthammer
The debt ceiling looms. Confusion reigns. Schemes abound. We are deep in a hole with, as of now, only three ways out: the McConnell plan, the G6 plan, and the half-trillion plan. The McConnell essentially punts the issue until after Election Day 2012 - a good last resort if nothing else works. The G6, proposed by the bipartisan Gang of Six senators, reduces 10-year debt by roughly $4 trillion. It has some advantages, even larger flaws. The half-trillion raises the debt ceiling by that amount in return for an equal amount of spending cuts.
NEWS
July 21, 2011
The Republicans in charge of the House are showing how badly out of touch they are with the rest of America. Instead of working on a realistic plan that would allow the government to continue paying its bills, the House wants to put the nation in a fiscal straitjacket. The measure it approved Tuesday demands deep spending cuts without any new revenues. But in a transparently cynical move, politically sensitive programs such as Social Security, Medicare, and pay and benefits for soldiers and veterans were exempted.
NEWS
April 14, 2011 | By Margaret Talev, David Lightman, and Kevin G. Hall, McClatchy Newspapers
WASHINGTON - President Obama on Wednesday began a concerted effort to pull together a budget deal this year, offering up his own $4 trillion plan for taming deficits while admitting he doesn't expect Congress to accept it as is. Obama's plan, a mix of $3 in spending cuts for every $1 in tax increases to shave $4 trillion from deficit spending over the next dozen years, comes on the heels of the Republicans' proposal, which would cut $5.8 trillion...
NEWS
April 2, 2011 | By Patrick Bingham, SALESIANUM SCHOOL
How to fix the U.S. economy? Economists and experts can't seem to agree, politicians definitely don't see eye to eye, so then why should Delawareans be any different in their views of this pressing national problem? As President Obama and the newly elected Congress wrangle over the politics of how to get out of this quandry, one thing is clear: It took about 10 to 20 years to get into it and it will take us a while to get out. An expansion in credit, debt, and deregulation over a period of time were all contributing factors to the recession.
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