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"Aides said they didn't know how big an increase would be contained in the legislation" --- you can bet it will never be enough for Obama and the Dems.
Those who prattle on about the national debt, annual deficit or "fiscal responsibility" have no idea whatsoever how the economy works. We have always borrowed. Much of our debt is owed through U.S. Treasury bonds. Interest on the debt is a small fraction of GNP, and the debt itself is small compared to what produce. Note that production has gone up along with debt; the ratios remain in our favor, which is why people around the world buy our bonds, despite the fact that interest rates on those bonds is now nearly zero.
The deficit, our yearly shortfall, directly resulted from two under- financed wars and the Bush tax cuts. The tax cuts are going and the wars will also soon be gone.
What the Republicans really want is to reduce the size of the federal government, especially entitlements such as Medicare and Social Security. They are holding the debt ceiling --our international financial credibility --hostage to their ideological agenda.
The deficit, our yearly shortfall, directly resulted from two under- financed wars and the Bush tax cuts. ----------------------Really? so the fact that the bush Tax cuts and the Wars were there in 2006 when the last Republican Congress had a deficit of 180 BIllion and how it's 1.5 TRILLION means nothing to you? Really people, deal with fact. Spending is up 25% since Obama took office. And his only way to deal with this is Punish those that are successful and SPEND EVEN MORE! Yep, that's what I would do if I had a deficit. I'd spend even more! Good plan there, dems!
"No budget no pay" is the first intelligent thing I've seen come out of Washington in years! 'Bout time!
I see this as a hopeful sign, that tea partiers recognize that their foolhardy ways the last time around caused our credit downgrade. They might be gaining a degree of comprehension as to how the world economy works. If this trend continues, the party's approval rating could edge above the current 12%.
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