National debt increases
The following is from a link on yesterday’s post. From USA Today: http://www.usatoday.com/
“June 30, 2010
National debt soars to highest level since WWII
12:22 PM
The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.
For more detail on the report, check out this post in USA TODAY’s The Oval.
Republicans, who have been talking a lot about the debt in recent months, pounced on the report. ‘The driver of this debt is spending,’ said New Hampshire Senator Judd Gregg, the top Republican on the Senate Budget Committee. ‘Our existing debt will be worsened by the president’s new health care entitlement programs … as well as an explosion in existing health care and retirement entitlement spending as the Baby Boomers retire.’
At the end of 2008, the debt equaled about 40% of the nation’s annual economic output, according to the CBO.
The report comes as the National Commission on Fiscal Responsibility and Reform meets today. The group, created by President Obama, is expected to issue recommendations in December to curb the debt—a point Democrats raised today.
The CBO report ‘reinforces the importance of the work being done right now by the president’s fiscal commission,’ said Senator Kent Conrad, D-N.D., who chairs the Senate Budget Committee. ‘We simply cannot allow the federal debt to explode as envisioned under CBO’s projections. The economic security of the country and the quality of life for our children and grandchildren are at stake.’
(Posted by John Fritze)”
The following information is provided by me. It is not in the article:
Senator Kent Conrad [D] North Dakota—5th Term
530 Hart Senate Office Building
Washington, D.C. 20510
http://www.conrad.senate.gov/ (Website)
(202) 224-2043
FAX: (202) 224-7776
District Office: (701) 258-4648 [Bismarck]
Personnel Director—Listed as Unitarian
(up for election 2012)
In my posts dealing with the State of Illinois’ budget problems, I identified the problem as a spending problem; not a revenue problem. In this article, Republican New Hampshire Senator Judd Gregg, as well as other Republicans, identifies the huge national debt of the federal government as a spending problem.
President Barrack Hussein Obama has established a Commission to recommend ways to curb the debt. Do you believe the Commission will recommend a cut in spending, increases in taxes, or a combination of the two? Radio talk show hosts are speculating that the Commission will propose a new “value added” tax as used in Europe (basically a national sales tax that is imposed at each step of the marketing process) as well as keeping the federal income tax!
Of course, if the Republican Party gains control of the House and/or the Senate in the November midterm election, any proposal to raise taxes will probably be dead in the water. Let’s pray that the Republicans regain control of one or both of the chambers!
The following is from a link on yesterday’s post. From USA Today: http://www.usatoday.com/
“June 30, 2010
National debt soars to highest level since WWII
12:22 PM
The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.
For more detail on the report, check out this post in USA TODAY’s The Oval.
Republicans, who have been talking a lot about the debt in recent months, pounced on the report. ‘The driver of this debt is spending,’ said New Hampshire Senator Judd Gregg, the top Republican on the Senate Budget Committee. ‘Our existing debt will be worsened by the president’s new health care entitlement programs … as well as an explosion in existing health care and retirement entitlement spending as the Baby Boomers retire.’
At the end of 2008, the debt equaled about 40% of the nation’s annual economic output, according to the CBO.
The report comes as the National Commission on Fiscal Responsibility and Reform meets today. The group, created by President Obama, is expected to issue recommendations in December to curb the debt—a point Democrats raised today.
The CBO report ‘reinforces the importance of the work being done right now by the president’s fiscal commission,’ said Senator Kent Conrad, D-N.D., who chairs the Senate Budget Committee. ‘We simply cannot allow the federal debt to explode as envisioned under CBO’s projections. The economic security of the country and the quality of life for our children and grandchildren are at stake.’
(Posted by John Fritze)”
The following information is provided by me. It is not in the article:
Senator Kent Conrad [D] North Dakota—5th Term
530 Hart Senate Office Building
Washington, D.C. 20510
http://www.conrad.senate.gov/ (Website)
(202) 224-2043
FAX: (202) 224-7776
District Office: (701) 258-4648 [Bismarck]
Personnel Director—Listed as Unitarian
(up for election 2012)
In my posts dealing with the State of Illinois’ budget problems, I identified the problem as a spending problem; not a revenue problem. In this article, Republican New Hampshire Senator Judd Gregg, as well as other Republicans, identifies the huge national debt of the federal government as a spending problem.
President Barrack Hussein Obama has established a Commission to recommend ways to curb the debt. Do you believe the Commission will recommend a cut in spending, increases in taxes, or a combination of the two? Radio talk show hosts are speculating that the Commission will propose a new “value added” tax as used in Europe (basically a national sales tax that is imposed at each step of the marketing process) as well as keeping the federal income tax!
Of course, if the Republican Party gains control of the House and/or the Senate in the November midterm election, any proposal to raise taxes will probably be dead in the water. Let’s pray that the Republicans regain control of one or both of the chambers!
posted by Christian Gunslinger at 4:46 AM
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