USATODAY.com News - Top Stories: "Taxpayers owe more than a half-million dollars per household for financial promises made by government, mostly to cover the cost ...
This is how we are killing the future for our children. We who don't vote, and we who do vote for these incumbents who demonstrate pay nothing but lip service to the well being of our children's future while passing legislation to destroy it for them. -- David R. Remer, PoliWatch.Org.
CNN: Politics: "The House early Thursday passed a $2.8 trillion budget blueprint."
Another year older and deeper in debt. Will our children ever forgive us. -- David R. Remer, PoliWatch.Org.
Reuters: Top News: "WASHINGTON (Reuters) - The U.S. House of Representatives on Thursday narrowly passed a fiscal 2007 wartime budget that would continue a string of large deficits and trigger an increase in government borrowing authority.
That should bring our national debt to 8.8 Trillion Dollars. Do I hear 9 Trillion, 10 Trillion, 11 Trillion? 5 short years ago we were at 5.65 Trillion and going down. Then Bush got elected. -- David R. Remer, PoliWatch.Org.
Washington Post: Today's Highlights: "FEMA's temporary housing program misspent $1B in funds according to after-action studies and Department of Homeland Security reports."
What's a billion here, a billion there, another up there, another down here? Over a little time one realizes it only takes 1000 of them to equal a TRILLION DOLLARS. We are already on track for over 11 Trillion in national debt by 2009, double the amount left by Clinton in 2000. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "The U.S. trade gap narrowed in February, the government reported Wednesday, as the latest reading came in much smaller than forecasts."
Don't let this caption fool you, the trade gap was $65.7 billion. And one month does not a trendline make. in one month, Americans sent 65.7 billion dollars overseas enriching foreign nations and corporations and funding jobs for foreigners overseas. And this was a better than expected month. -- David R. Remer, PoliWatch.Org.
AP Politics: "WASHINGTON - With no fanfare, President Bush signed a bill Monday pushing the ceiling on the national debt to nearly $9 trillion."
CNN: Politics: "Read full story for latest details."
When I warned a couple years ago, that Republicans would take us to 10 Trillion national debt, they called me rediculous. When I warned prior to the 2004 Presidential election, that Bush and this Congress would take us to 11 Trillion national debt before Bush left office, conservatives bashed me as a Bush hater. What will they say to me now as I read the figures from the CBO and OMB and tell you all that our national debt will be closer to 12 Trillion by the time Bush leaves office. Almost double the debt when Bush came into office, the writing is on the wall. The only hope of halting this march toward bankrupting our childrens future earnings, is if voters remove incumbents in November who supported this rise in debt in sufficient numbers to cause the rest of Congress to VETO the President's budget busting proposals, and exercise self-restraint. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "Read full story for latest details."
It is a sad day for America's children who will have to shoulder this debt and interest payments on it throughout their entire work lives. -- David R. Remer, PoliWatch.Org.
AP Politics: "WASHINGTON - Senate Republicans cast symbolic campaign-season votes Wednesday to increase spending for border and port security - one day before a likely vote to increase the national debt by an additional $781 billion, to $9 trillion."
This is the most egregious violation possible of the Republican promise to not pass our generation's problems on to the next generation. These incumbents in Washington D.C. are completely out of control when it comes to spending our tax dollars and wrecking our children's future earnings. Common Cause and Vote Out Incumbents for Democracy are trying to do their part to bring disappointed Americans back to the ballot box in November to vote these lying hypocrites out of office. Join them, support them, and help take this government back to the people by killing political careers that foster this kind of dereliction of duty in government. -- David R. Remer, PoliWatch.Org.
Christian Science Monitor: All Stories: "At $8.3 trillion, it breaks the legal limit, fueling a fiscal debate in Congress."
Of course it is not sustainable. If this were 1950 with our economic growth ahead of us, it might be. But, America is facing globalization and mushrooming competitors like China, India, and Malaysia. Our economic growth spurt is behind us, and our children and their children will be shouldering the interest payments on this debt their entire worklives. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "The U.S. current account deficit widened more than expected in the fourth quarter to a record $224.9 billion as the goods trade gap ballooned, pushing the current account gap to a record $804.9 billion in 2005, government data showed on Tuesday."
In household terms this means America is buying from others far more than it is selling to others. One day we will have a house full of broken down furnishings and no cash to buy groceries, using the home based analogy. America has been digging this 'deeper in debt' hole for itself for most of the last decade and the pace at which we are digging it just keeps increasing. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "Read full story for latest details."
Perhaps he may become a chairman worthy of his economics degree afterall. Only an idiot like an incumbent Congressperson or the President would act as they have, without care for the deficits and debt. -- David R. Remer, PoliWatch.Org.
ABC News: Politics: "Senate's Scaled-Back Version of President Bush's Budget Faces Uncertain Floor Debate"
Gone are the highly contentious Bush tax cuts, also gone are popular program spending cuts like to Medicare. Despite these absences, the budget process has no clear path for passage. Given the GOP's ownership of the record setting deficits and debt growth, it is not surprising the Congress feels a bit paralyzed when it comes to yet another budget package. How does one get their pork in there now knowing it may cost you your reelection? But, failing to get the pork in, may also cost one a reelection. This is just another fine pickle the Congress has gotten themselves into. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "The U.S. trade deficit grew to record levels in January, according to a government report Thursday that put the gap between the nation's imports and exports above economists' forecast."
Christian Science Monitor: All Stories: "Congress is considering another $20 billion in aid to hurricane-impacted zones."
CNN Money: Economy: "Read full story for latest details."
The GOP campaigned on eliminating waste, fraud and abuse. Once in power however, they have surpassed Democrats in safeguarding, nuturing and prospering from waste, fraud and abuse. It seems the entire GOP talks the good talk, but, walks the other direction. -- David R. Remer, PoliWatch.Org.
CNN: Politics: "FBI Director Robert Mueller and other officials have refused to disclose the anticipated cost of the Sentinel program, which won't be fully in place until 2009. But the FBI has set aside $97 million for it this year and is asking for an additional $100 million in the government spending year that begins October 1."
ABC News: Politics: "President Asks Taxpayers for Another $65 Billion for Iraq and Afghanistan"
As enormous as this sum is, it pales in comparison to the near 2.5 Trillion Bush has added to the national debt. His Medicare Rx Drug plan is adding 1.2 Trillion to our national debt, alone. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "Read full story for latest details."
Of course, how can Bush double the Clinton national debt to 11 Trillion Dollars if Congress won't lift the debt ceiling? -- David R. Remer, PoliWatch.Org.
USATODAY.com News - Top Stories: "The U.S. trade deficit soared to an all-time high of $725.8 billion in 2005, pushed upward by record imports of oil, food, cars ..."
ABC News: Politics: "Senate Proposal Would Create $140 Billion Fund for Victims"
Ummm... Yeah !!!! That's nothing new about this administration or Congress. Getting taxpayers to fund corporation's profits is the the favorite pasttime in Washington. Moving corporate jobs overseas takes some cash, you know! -- David R. Remer, PoliWatch.Org.
ABC News: Politics: "Bush Sends GOP Allies in Congress a Budget Filled With Political Land Mines, Difficult Choices"
It's a budget that clearly plans on another invasion. It is a budget that cuts spending for the needy in America while trying to make tax cuts for the wealthiest permanent, doesn't appear to be too swift in an election year. Then, there is the cuts in education at a time when the President himself is saying we must renew our committment to math and science education in our schools. Yep, a whole lot of bad news for Republican incumbents in an election year. The November elections should prove to be memorable if Vote Out Incumbents for Democracy continues to grow. -- David R. Remer, PoliWatch.Org.
CNN: Politics: " President Bush sent Congress a $2.77 trillion spending plan Monday that would bolster the nation's war against terrorism but squeeze many other government programs in an effort to deal with an exploding budget deficit projected to hit an all-time high this year."
In the movie, Crimson Tide, there is a line I will paraphrase, "You don't put on a condom unless you are ready to copulate". It seems an apropos' line in light of the administration's intent to vastly grow the military and its spending, contradicting Rumsfeld's previous plan for a smaller, more tactical, lean and mean surgical stike military. The World Cop is preparing to become a whole lot bigger, and Americans at home are going to have to prepare to start cutting back in a serious way. Could it be the President is looking to set a record for the number of war fronts ever fought by commander in the history of the world? The American people have the four more years they asked for. -- David R. Remer, PoliWatch.Org.
ABC News: Politics: "Some Numbers Behind President's American Competitive Intitiative"
Another 15% of a trillion dollars to add toward our coming 11 trillion dollar national debt. And he insists on making the tax cuts for the wealthiest Americans permanent. Is there any doubt math is a Bush weakness. -- David R. Remer, PoliWatch.Org.
Reuters: Top News: "WASHINGTON (Reuters) - The United States will build new long-range weapons in a hedge against potential rivals like China, the major power best-placed to challenge U.S. supremacy, the Pentagon said in a new strategic blueprint on Friday."
As a new cold war and arms race is begun. Our national debt could become a losing factor for the U.S. in winning this war, just as Russia's economy became its foe in the previous cold war. -- David R. Remer, PoliWatch.Org.
ABC News: Politics: "Bush Administration's Requests for $120B More for Iraq, Afghanistan Wars Pushes Total to $440B"
Given the 400+ budget deficit already chalked up for this year, the spending on Iraq is beginning to look obscene. Total cost of Iraq war now appears to be on track to cost in the neighborhood of 1.5 to 2 trillion dollars. Not to worry, our kids will be paying it off, not us. -- David R. Remer, PoliWatch.Org.
CNN: Politics: "President Bush urged Congress on Thursday to give new life to a research and development tax credit for business to better compete with China, Indian and other rising global economies."
He never seems to run out of ways to transfer working people's hard earned tax dollars to the wealthy corporations, does he? Deficits be damned. -- David R. Remer, PoliWatch.Org.
Reuters: Top News: "WASHINGTON (Reuters) - The White House is expected to ask the U.S. Congress for about $70 billion in new emergency funds for the Iraq and Afghanistan wars and $18 billion for the hurricane-battered Gulf Coast, congressional aides said on Thursday. "
Let's see, that should put the deficit this year in the 450 to 500 billion dollar ballpark. Way to go Republicans, you make Democrats appear to be the fiscal conservatives. This is precisely why my predictions of an 11 Trillion dollar national debt is on the mark. Tax cuts and spending equal debt. What part of this equation do Republicans not get? -- David R. Remer, PoliWatch.Org.
CNN: Politics: "Read full story for latest details."
You can ask for it. But, the tax cuts for the wealthy won't allow it. And growing the already enormous deficit in an election year won't cut it either. -- David R. Remer, PoliWatch.Org.
CNN Money: Economy: "Read full story for latest details."
Two things wrong here. First is what is being cut. Second, is the tax cuts far exceed the spending cuts increasing the deficit. They just don't get it do they do they? Twice as much is not equal to half as much. -- David R. Remer, PoliWatch.Org.
CNN: Politics: "The government expects to borrow a record $188 billion in the January-March quarter, even more than it anticipated three months ago, the Treasury Department announced Monday.
The total will surpass the old mark of $146 billion set in the first quarter of 2004, a year in which the federal budget deficit hit an all-time high in dollar terms of $413 billion."
As I have been saying, by the time Bush leaves office, tax payers will be saddled with an 11 Trillion dollar national debt. Double the amount when he took office. This is Reaganomics all over again. Shore up the current economy and cut current taxes by raising future wage earners tax hikes and pushing the government into an ever more dependent position on foreign investors. Does anyone really believe foreign investors aren't going to take advantage of this leverage over the US government at some point? I call it selling out my daughter's and America's future. -- David R. Remer, PoliWatch.Org.
CNN: Politics: "The U.S. budget deficit will hit $337 billion this year, the Congressional Budget Office said Thursday, according to a source familiar with the forecast.
The forecast does not include a potential $80 billion to $100 billion in additional funds the Bush administration might request to finance the wars in Iraq and Afghanistan, or more money that likely will be needed this year for Gulf Coast hurricane rebuilding."
Reuters: Top News: "WASHINGTON (Reuters) - Congress will receive a "quite austere" budget proposal next month that tightens the grip on spending, Treasury Secretary John Snow pledged on Wednesday, adding that constraining the budget deficit will be a major priority this year."
InstaPundit.Com: "PORKBUSTERS UPDATE: The Wall Street Journal (free link) reports:
When President Bush reveals his budget request in two weeks, he likely will repeat a boast from recent speeches: "We've now cut the rate of growth in nonsecurity discretionary spending each year since I've been in office."
But such spending -- for everything from air-traffic control to education and prisons -- amounts to one-sixth of a $2.5 trillion budget. And it is the only piece that isn't ballooning.
What are mounting are the political untouchables: defense and the so-called mandatory entitlement programs of Medicare, Medicaid and Social Security. The bottom line? Total spending this year and for fiscal 2007, which starts Oct. 1, is heading in the same direction it has since the start of the Bush administration: up.
Conservatives are fuming because this is occurring when Republicans control both the White House and Congress. "The White House always says it's [due to] defense and homeland security...but even without defense and homeland security it's record spending," says Brian Riedl, budget analyst at the conservative Heritage Foundation. "The brakes are off everywhere."
Meanwhile, Howard Kurtz offers part of the explanation:
I've always wondered why busy lawmakers make so much time for lobbyists, at least when they're not playing golf or being comped at Signatures, and gradually I realized: They envision themselves, a few years down the road, in the same role. After all, half the former members of Congress--half!--are now earning many times their Hill salaries by trying to persuade their ex-colleagues to fund a Bridge to Nowhere or some equivalent measure.
That's only part of the problem, but it's a significant part.
"
Christian Science Monitor: All Stories: "Rising longevity, healthcare costs, and federal obligations will force a reckoning in the US, experts say."
Christian Science Monitor: All Stories: "To trim $40 billion from the federal budget, senators hiked student loan rates and Medicaid premiums."
CBS News: "The Pentagon is in the early stages of drafting a wartime request for up to $100 billion more for Iraq and Afghanistan, lawmakers say, a figure that would push spending related to the wars toward a staggering half-trillion dollars."
Christian Science Monitor: All Stories: "Proposed spending cuts to help pay for Gulf Coast rebuilding are causing major tensions within the GOP."
Toronto Star: World: "WASHINGTON - The U.S. administration is spending about $7 billion a month to wage the war on terror and costs could total $570 billion (U.S.) by the end of 2010, assuming troops are gradually brought home, a congressional report estimates. "
AP Politics: "WASHINGTON - Congress approved legislation Friday to temporarily keep the federal government functioning after failing, for the 9th straight year, to pass annual spending bills before the start of the new fiscal year."
CNN: World: "NASA Administrator Michael Griffin rolled out NASA's plan for the future Monday, including new details about the spaceship intended to replace the shuttle and a timeline for returning astronauts to the moon in 2018."
Christian Science Monitor: All Stories: "Can foreign investors be trusted to keep helping to maintain the United States economy?"
CNN Money: Economy: "Read full story for latest details."
ABC News: Politics: "Senate Balks at Implementing Bush Budget Cuts; Appropriations Increases Budgets by 2 Pct"
CNN: Politics: "Read full story for latest details."
Christian Science Monitor: All Stories: "Expenses might total $600 billion by 2010, according to the Congressional Budget Office."
ABC News: Politics: "Senate Panel Approves Defense Bill That Boosts Spending for Wars in Iraq, Afghanistan"
ABC News: Politics: "Bush Gets $82 Billion Measure for Wartime Military Operations, Other Programs"
The NY Times - The House and Senate broke a lengthy impasse over federal spending Thursday night, narrowly adopting a $2.56 trillion federal budget for 2006 that aims to trim the growth of Medicaid by $10 billion over five years, add $106 billion in tax cuts and clear the way for oil drilling in an Alaskan wildlife refuge.
World Press Review: Breaking News: "The Globe And Mail, Centrist daily of Toronto, Canada"
Reuters: Top News: "WASHINGTON (Reuters) - U.S. Senate and House Republicans on Thursday reached a deal on a $2.6 trillion budget plan for next year that would wring savings from some health care programs for the poor while leaving room for additional tax cuts, Senate Budget Committee Chairman Judd Gregg said."
ABC News: Politics: "Congressional Republicans Reach Tentative Budget Deal With Tax Cuts, Medicaid Savings"
American Prospect: "Forget the Social Security"
American Prospect: "Forget the Social Security "crisis." The number above is the crisis you should worry about."
Washington Post: Today's Highlights: "President Bush plans to unveil on Monday a budget that eliminates dozens of politically sensitive domestic programs, while proposes significant increases for the military and international spending, according to administration documents."
Reuters: Top News: "WASHINGTON (Reuters) - The White House estimated on Tuesday that the U.S. budget deficit for 2005, including an extra $80 billion for Iraq and Afghanistan operations, will total $427 billion."
Christian Science Monitor: All Stories: "Congress will try to wrap up spending bills and raise the national debt limit to more than $8 trillion."
ABC News: Politics: "Treasury Department Uses Accounting Procedures to Avoid Hitting $7.4 Trillion Debt Limit"
NATIONAL DEBT AWARENESS CENTER
Updated 1 December 2003
The National Debt is $6.9 Trillion!
Check it yourself at the U. S. Treasury Department web site, it changes daily.
The interest expense on the National Debt is the third largest expense in the federal budget. Only Defense and income redistribution are higher.
Last year (FY03 just ended) the U. S. Government spent $318 Billion of your money on interest payments* to the holders of the National Debt. Compare that to NASA at $14 Billion, Education at $32 Billion, and Department of Transportation at $51 Billion.
Delusional on the Deficit
By Ernest F. Hollings
Thursday, June 19, 2003; Page A27
That's a win for Mitch Daniels. The goal of the departed Office of Management and Budget director was to keep any news that could hurt President Bush's reelection prospects off the front page, and The Post willingly aided and abetted him. In fact, when Daniels left two weeks ago to run for governor of Indiana, he told The Post that the government is "fiscally in fine shape." Good grief! During his 29-month tenure, he turned a so-called $5.6 trillion, 10-year budget surplus into a $4 trillion deficit -- a mere $10 trillion downswing in just two years. If this is good fiscal policy, thank heavens Daniels is gone.
[Click on Title for full story...]
Thanks to Koz for this chart and info:
$455 billion projected for this year, $475 billion for next. And those numbers exclude the $4 billion/month expense of the Iraq and Afghanistan conflicts.
So the numbers should really say $503 billion for this year, and $523 billion for the next. And Republicans are somehow better stewards of the taxpayer's money?Note that Clinton took office in 1992 and acted as a control on Congress. In 2000, Republicans take over the whole shebang and watch the numbers from there. A picture can be worth 100 texts on economics.
Who is paying the interest on the 6.5 TRILLION dollar US National Debt? YOU ARE!
Ready for this? The US government's fiscal year ends in September. That is 4 months away. At the end of May, wage earners in a family of three already owe UNCLE SAM $1848.98 for interest charges only on the national debt. That is not what you owe to pay for the war, or fighting terrorism or medicare or social security or anything else the government chooses to spend money on this year. That is the amount you owe already this year to date for just interest charges on the US Debt. Think you are getting a tax cut? Wait till after the 2004 elections, regardless of who is in office one of 3 things will have to happen.
1 Taxes will have to go up or
2 we will have to cancel the Social Security and Medicare/Medicaid programs, or
3 the US will go bankrupt. Bankrupt? Yes, investors, many, many foreign investors will start pulling their money out of the US (selling their bonds and) and the US government will have to pay them, just like a run on the bank when news hits that the bank is out of money. Everyone rushes to get their money out as quick as possible before the till is empty. For more info: [UWSA]
David Remer, May 30, 2003
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