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July 30, 2007


So even though an increase in the debt ceiling was in the Budget Resolution, it still has to be voted on by Congress. This could be done separately or as part of another bill, I believe.

So we are literally living on borrowed time? I know nada, zilch about economics/government finance but this is truly terrifying. Does Paul Krugman know about this? thank you for tracking and hounding this, Mimikatz. Tough important stuff you have here...

One of the best things about Bush administration is its ability to clearly demonstrate how much power a government possesses.With physical limitations,which protected privacy,crumbling it is about time to re-thing governmental role in present society.
From personal experience,it some time seems that in some areas citizens in third world countries enjoy more freedom than us.These governments simply lack resources and technical ability to limit personal space of their citizens.
Should not we constitutionally put a limit on public expenditure and government's ability to borrow to limit the ability of a President to do any harm even if he
succumbs to the temptation of tyranny?

what is the point in a debt limit if it is always being raised? the whole thing just makes everyone look like fools, which is basically how i view politicians anyway.

I think it is a wonderful opportunity to include necessary legislation. If you remember the Iraq Funding Capitulation Act included minimum wage increases without the extensive Business giveaway. I think a limitation on Iraq spending (in order to limit the debt expansion), perhaps some suitable trimming of OVP funding dependent on passing security audits etc. Also saving some money in medicare by supporting funding of pre-medicare preventive care for all adults etc.

will anything really scramble the gop coalition? they don't appear to disagree, and they know they are going to lose their upcoming elections due to their support of some very unpopular things the believe in with all their hearts.
no, there is no indication that these people listen to their constituents. there are numerous that have taken out loans from jack ab off, and no congress person has been indicted yet.
sorry, watch the recess appointments end the government as we thought we knew it

Emptywheel @ Top: "The Dems need to play their full funding hand and play it well, and that includes not rolling over prematurely on raising the debt limit."

Yes. I would like the Dems to force a debate on this, just so we can see them over and over repeating:

"When this President took office, the debt limit was 5.2 trillion and the budget was balanced. How is it that he's added another 3.8 *trillion* in debt, and wants us to raise the limit even further? WTF? Whatever happened to the fiscal responsibilty Republicans claim to favor? Without a plan to begin reducing the debt, I don't see how we can responsibly approve anothter debt increase. Think of the children!"

Hey, I hope someone here posts on Specter's cryptic threat today---saying that the WH has 18 years to clarify Gonzalez's testimony. Apparently some new information is going to be revealed tomorrow.
Any ideas?

Federal spending levels,broadly speaking, depends on a nation's choice of economic system,degree of centralization,degree of preference for equality,current position of actual GDP relative to potential GDP and GDP itself.
The best way to set limits on federal spending is to tie it to GDP.An alternative option is to follow a technique called zero-based budgeting and than inflate the figure to the extent of annual(estimated)inflation for next five year,then repeat the process.A allowance can be created for situations such as weak demand in the economy.

I think this will be a damn good time to roll back the tax breaks on the top one percent. Perhaps we should pass some retroactive taxes on big industry. They didn't mind retroactive tax breaks when we were running surplus. Surely they won't mind picking up the tab now.

Just joking about the retroactive taxes, but it's time to get the richest of the rich paying their due, and big oil needs to give up a big 'ol slice. That's all there is to it.

What we have is a system of funny money. Alan Greenspan more than any Fed Chairman was a serial bubble blower. I am skeptical that the Dems will make the Cheney and the Repubs pay a price for raising the debt limit as they will succumb to the beltway gasbags talk about being "responsible".

No one will ever take a look at what do we spend the trillions on and do we really need to. Like do we need all those billions in the black budget to data mine and spy on Americans on our soil? Do we need to spend billions on B2 bombers and cruise missiles and more carrier battle groups? Do we need to subsidize Exxon and ADM? Do we want to allow the majority of the Fortune 500 to not pay any taxes? Does the top 1% of wealthy Americans need more financial breaks?

Instead on a bipartisan basis the DC elites will happily pass on to our kids a $59 trillion debt that increases exponentially each year! Its time that the debt limit is not increased and Congress make real choices on where to spend.

WTF? Whatever happened to the fiscal responsibilty Republicans claim to favor?

Dick Cheney: “Reagan proved deficits don’t matter,” he [Cheney] said. “We won the midterms. This is our due.”

As an outsider can anyone tell me how the USA can exceed it,s debt ceiling as it is doing right now (usa government,s own website shows debt at 8.967 trillion and climbing, isn,t this illegal?

Also the real figure is already over 9 trillion as the money guru,s hide borrowing from the pension fund already in progress (which has to be paid back immediately the debt ceiling is increased) which explains the big "jump" in debt of approx 200 billion immediately after the debt ceiling is raised.....

who is trying to kid who?



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