Bush requests to raise National Debt Limit to $9 TRILLION DOLLARS!!!

[swirlundergrounder]

Bill Near Senate Vote to Raise Debt Limit

Staff and agencies
15 March, 2006


WASHINGTON - The government could borrow an additional $781 billion, raising the federal debt to almost $9 trillion, to finance its addiction to budget deficits, under a bill nearing a Senate vote.

If successful, that would break through President Bush ‘s requested cap on the amount of money available for spending bills.

Also, it comes as Republicans try to convince their supporters that they are getting serious about restraining spending.

The debt limit bill is the fourth such measure required since Bush took office five years ago. If approved, the latest version would mean that the debt had grown over that span from about $6 trillion to $9 trillion — about $30,000 for every man, woman and child in the United States.

The chairman of the Senate Finance Committee , Sen. Ch, , ), R-Iowa, said Bush‘s tax cuts account for just 30 percent of the debt limit increases required during his presidency. Revenue losses from a recession and new spending to combat terrorism and for the war in Iraq are also responsible, he said.

On the budget, the blueprint is a nonbinding measure proposing tax and spending guidelines for the next five years. GOP-sponsored spending increases approved Wednesday include $1 billion for port security, $900 million for grants to local law enforcement agencies, $2 billion for immigration enforcement and $1.3 billion for community development block grants.

The incre, , ), R-Mo., would turn into a cut of about $4 billion.

For example, Sen. Rick S, , ), R-Pa., who won a 60-38 vote to restore a $1.3 billion cut proposed by Bush to the community development block grants program.

All told, Republicans have endorsed about $11 billion in additional spending for selected accounts.

The underlying Senate budget plan is notable chiefly for dropping Bush‘s proposed cuts to Medicare and for abandoning his efforts to expand health savings accounts or pass legislation to make permanent his 2001 tax cut bill.

Unlike last year, when Congress passed a bill trimming $39 billion from the deficit through curbs to Medicaid, Medicare and student loan subsidies, Senate GOP leaders have abandoned plans to pass another round of cuts to mandatory programs whose budgets go up each year as if on autopilot.

But Gregg‘s measure reignites last year‘s battle over allowing oil drilling in an Alaskan wildlife refuge because it would let Senate leaders bring a drilling measure to the floor under rules blocking a filibuster by opponents.

The GOP blueprint was not assured of passage on Thursday.

Already, four Republicans — Mike DeWine and George Voinovich of Ohio, Norm Coleman of Minnesota and Lincoln Chafee of Rhode Island — have declared their opposition. Two more GOP defections would sink the budget, assuming every Democrat and Vermont Sen. Jim Jeffords, an independent, vote against it.








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[V. Barbarino]

the line item veto must be passed, so we don't have bridges to islands in alaska where 600 people live for 250 million bucks.....

[coach]

Originally Posted by Mr

the line item veto must be passed, so we don't have bridges to islands in alaska where 600 people live for 250 million bucks.....

Actually, I think it would be better if we just passed a law to disallow the attaching of unrelated riders to bills.

[obby]

Originally Posted by ....otnisaJ

Bill Near Senate Vote to Raise Debt Limit

Staff and agencies
15 March, 2006


WASHINGTON - The government could borrow an additional $781 billion, raising the federal debt to almost $9 trillion, to finance its addiction to budget deficits, under a bill nearing a Senate vote.

If successful, that would break through President Bush ‘s requested cap on the amount of money available for spending bills.

Also, it comes as Republicans try to convince their supporters that they are getting serious about restraining spending.

The debt limit bill is the fourth such measure required since Bush took office five years ago. If approved, the latest version would mean that the debt had grown over that span from about $6 trillion to $9 trillion — about $30,000 for every man, woman and child in the United States.

The chairman of the Senate Finance Committee , Sen. Ch, , ), R-Iowa, said Bush‘s tax cuts account for just 30 percent of the debt limit increases required during his presidency. Revenue losses from a recession and new spending to combat terrorism and for the war in Iraq are also responsible, he said.

On the budget, the blueprint is a nonbinding measure proposing tax and spending guidelines for the next five years. GOP-sponsored spending increases approved Wednesday include $1 billion for port security, $900 million for grants to local law enforcement agencies, $2 billion for immigration enforcement and $1.3 billion for community development block grants.

The incre, , ), R-Mo., would turn into a cut of about $4 billion.

For example, Sen. Rick S, , ), R-Pa., who won a 60-38 vote to restore a $1.3 billion cut proposed by Bush to the community development block grants program.

All told, Republicans have endorsed about $11 billion in additional spending for selected accounts.

The underlying Senate budget plan is notable chiefly for dropping Bush‘s proposed cuts to Medicare and for abandoning his efforts to expand health savings accounts or pass legislation to make permanent his 2001 tax cut bill.

Unlike last year, when Congress passed a bill trimming $39 billion from the deficit through curbs to Medicaid, Medicare and student loan subsidies, Senate GOP leaders have abandoned plans to pass another round of cuts to mandatory programs whose budgets go up each year as if on autopilot.

But Gregg‘s measure reignites last year‘s battle over allowing oil drilling in an Alaskan wildlife refuge because it would let Senate leaders bring a drilling measure to the floor under rules blocking a filibuster by opponents.

The GOP blueprint was not assured of passage on Thursday.

Already, four Republicans — Mike DeWine and George Voinovich of Ohio, Norm Coleman of Minnesota and Lincoln Chafee of Rhode Island — have declared their opposition. Two more GOP defections would sink the budget, assuming every Democrat and Vermont Sen. Jim Jeffords, an independent, vote against it.








.

It’s the limit congress voted to extend……………

Hence,,,,,make tax cut permanent…..tax cuts produce more tax revenue than any tax increase EVER WILL. Less taxes, people spend more,,,,,,get taxed on what they’re buying, hence, more tax revenue to the gubmn’t….

Tax increase forces people to STOP spending because the gubmn’t keep extorting more of their money, hence less revenue to the gubmn’t.

[slamminshaun]

SOTU said it best. Tax cuts create more tax revenue.

[saintjohn]

I know this is a serious topic and everything, but . . .



$9 TRILLION DOLLARS!

[swirlundergrounder]

Originally Posted by saintjohn

I know this is a serious topic and everything, but . . .



$9 TRILLION DOLLARS!

LOL no no no..



$Nine Thousand Billion Dollars.....!!! :P

or..



$Nine Thousandths of a Quadrillion!

or



.009 of a Quintillion!!

or



.0009 of a Sextillion

or


.00009 of a Septillion

or



.000009 of a Octillion

or


.0000009 of a Nonillion

or



.00000009 of a Decillion which is 9 x 10(33)
:P

HOW DO YOU LIKE MY QUASI FUTURISTIC MATHEMATHICS MR POWERS??????

[obby]

Yeah I would like to cash this check. Can I get singles please?



Gold Rush on me!!!!!!

[coach]

Originally Posted by Slammin'

SOTU said it best. Tax cuts create more tax revenue.

How far down does this "logic" extend? If we cut taxes to 0, would we make infinite income?

[slamminshaun]

Originally Posted by coach

[quote author=Slammin' Shaun link=board=6;threadid=26111;start=0#msg304431 date=1142554064]
SOTU said it best. Tax cuts create more tax revenue.

How far down does this "logic" extend? If we cut taxes to 0, would we make infinite income?
[/quote]

No, silly....there is a methodical way in which you cut taxes to increase total tax revenues overall.