US government long-term promises top $46 trillion

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-01T220504Z_01_N01470114_RTRIDST_0_CONGRESS-DEBT.XML

WASHINGTON, March 1 (Reuters) - As lawmakers prepare to raise the $8.18 trillion U.S. borrowing limit, a congressional agency on Wednesday warned that when promised government health and retirement benefits are taken into account the long-term obligations top $46 trillion.

David Walker, who heads the U.S. Government Accountability Office, told a House subcommittee that number represents present value of long-term promises made for Social Security retirement as well as Medicare health programs for the elderly and other government promised benefits including those for veterans.

"Given these and other factors, a fundamental re-examination of major spending programs, tax policies and government priorities will be important and necessary to put us on a prudent and sustainable fiscal path," Walker said in testimony to a House Government Reform subcommittee.

<snip>

He said spending cuts alone, a path favored by President George W. Bush and his Republican allies in Congress, will not address the country's long-term fiscal imbalance.

The U.S. Treasury is already bumping up against a $8.18 trillion credit limit and has asked Congress to quickly raise the ceiling so the government can borrow more money and pay its bills.

...more...

[SpiralHawk]

1. "I have the solution - more tax cuts for the wealthy" - koMMander AWOL

"and lets all the Have Mores come together in cutting programs for the homeless, hungry, sick, and poor working families I know we can sell it" - George Silver Spoon Bush

[jimshoes]

2. He could always sell the Louisiana Purchase

back to France. He'd lose a lot of his red states though. :sarcasm:

[mom cat]

4. Na. Let's just sell the White House.

Oops. Already sold.

[54anickel]

3. FORTY-SIX TRILLION BUCK-A-ROOS!!!!!

I know the answer, lets go get them-thar som-of-a-beeches that got the gall to clean other peoples toilets and pick up dog-shit for cash-a-mundo and ain't payin' no taxes. Damned free-loaders. They ain't parta da base and thar all tryin' to hoard in on them tax-breaks!!!!


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2140049

[FormerRepublican]

5. Bush - the bankrupter of America. What a moron. But I'm sure...

...his rich pals love him for letting them off the hook with the IRS.

[OneBlueSky]

6. face it . . . the US government is bankrupt . . .

we're borrowing money from China to pay the interest on the national debt . . . and that's pretty much the definition of bankruptcy . . . I have no idea where this is all heading, but we're going to be in for some extremely hard times before it's corrected -- if it even can be . . .

[Nomen Tuum]

7. Republicans don't care about anything in the long term

What do you expect when 90% of Congressional Republicans believe Jesus is going to rapture them in a week or 2?

[truthisfreedom]

8. compare and contrast to the Bill Clinton days!

someone show me the long-term promises from Bill's days!