U.S. Faces Record Borrowing Requirement

[NVMojo]

Voodoo economics-Bush style...

WASHINGTON - The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department announced Monday.



The department projected net borrowing needs of $100 billion for the current October-December quarter, less than the $122 billion it had earlier estimated would be needed to meet the government's obligations.


Treasury said it is currently projecting net borrowing of $147 billion in the January-March quarter of next year, which would top the previous record net borrowing amount for a single quarter of $146 billion set in the January-March quarter of this year.


more

http://story.news.yahoo.com/news?tmpl=story&cid=533&e=4&u=/ap/20041101/ap_on_go_pr_wh/borrowing

[UpInArms]

1. we are at or above the debt ceiling at this very moment

and Congress has not increased it.

For the Treasury to borrow at this time is completely illegal.

Here are the numbers



The estimated population of the United States is 294,687,291
so each citizen's share of this debt is $25,277.36.

The National Debt has continued to increase an average of
$1.67 billion per day since September 30, 2003

[NVMojo]

2. truly sickening, a conservative lie ...they are better with money? NOT!!

[UpInArms]

3. I despise these liars

http://www.americaheldhostile.com/ed012503.shtml

Slash and Spend Republicans

Yearning for the good old days of the "tax and spend" Democrats (the time when we didn't spend more than we took in ) seems to be the lot for all Americans. The federal surplus of $236 Billion for the year ended September 30, 2001 (the last budget day of the last budget under Bill Clinton) has turned into a projected deficit of $390 Billion for the year ending September 30, 2003. That's a difference of $626 Billion between income and outgo - a textbook illustration of the difference between fiscal responsibility and dismal failure to meet any reasonable expectation that our elected and appointed officials understand even the most basic accounting procedures.


Not since 1992, under the auspices of George Herbert Walker Bush budget, has our country witnessed such a profound lack of fiscal prudence in expenditures given the Presidential Seal. Perhaps this inability to make things add up runs in this particular family, or perhaps having received an MBA (Master of Business Administration) degree from Harvard has allowed George Jr. to believe he might be able to fudge his numbers a bit. After all, he was a "C" student.

They say a fish rots from the head down, and my nose tells me this one is past ripe. This inability to hold oneself accountable for the accounting that is done has gone a step too far. I don't know about you, but my own accounting doesn't get blamed on anyone but me. I don't get to blame the dog when it needs to go to the vet, I don't get to blame the car when it needs repair and I haven't noticed that my mechanic takes any other woes into account when it is time to settle the bill. I don't get to leave my debts behind for my child and I don't try to hand my mistakes to my neighbors.

In this world of 'accountability', it appears the only one who isn't ever held accountable is George W. Bush.

...more...

[justgamma]

4. He promised to run the government like a business.

And we all know how well he does that.

[Pale_Rider]

5. $25 million to go ... until the end of the election.

With the huge borrowing needs, the government is only $25 million below the national debt ceiling of $7.384 trillion. It has been using accounting maneuvers with the debt held in the government's trust funds to keep from going over the limit.

The Republican-controlled Congress is planning to return for a special session later this month to raise the debt ceiling and finish work on a budget.

Republicans put off action on raising the debt ceiling because they did not want to have to vote on the issue before the election. Democrats blame the record deficits on Bush's decision to push through massive tax cuts that Democrats say mostly benefited the wealthy.

:grr:

[barb162]

6. one of these days the foreigners aren't going to be financing

us and the whole house of cards will fall down. It will happen soon I think and you are going to see one hell of a depression.

[davhill]

7. Don't worry

The United States (except for a few pesky blue states) will be raptured soon leaving the rest of the world holding a bunch of worthless notes. I think Bush truly believes this.

[The Zanti Regent]

8. That's what my family believes.

They are all ecstatic that God's Man won. Of course, he's gonna bring on Armageddon so Jesus will come back.

Now Bush has a blank check to invade Syria and Iran. Well, what are YOU gonna do when the NAZIS come for you?????

[flying_blind]

15. the cause of it all

[0007]

10. May be happening sooner than you think. Depends on China

[Bandit]

9. I bet Halliburton could use more than that...better make it 200 billion

Hey the cookie jar has been smashed. The treasury has been laid bare. Halliburton is smiling broadly. A lot of Republicans are going to find themselves in uniform in Persia or Korea so I hope they enjoy it for Halliburton's sake.

[The_Casual_Observer]

11. Just fucking print more money I say!

The citizens say they don't care about deficit, the people have spoken! Print the fucking money and move on!

[gasperc]

12. God if any democrat votes for this

then whats the point

[gordianot]

13. USA = Argentina

It is coming folks. There is not enough oil in the ground of Iraq given the level of disturbance to buy our way out of this mess.

[natrat]

14. like a big teetering mess.....

[The Zanti Regent]

16. MR SOROS HELP US! TELL FOREIGNERS TO STOP BUYING TREASURY NOTES!

Please Mr Soros! Help us!