The White House is now reporting that the debt day is approaching faster than expected. August 2nd was the cut-off date for negotiating a deal, but now Congress must agree to a deficit-reduction deal by July 22 to avoid hitting the limit. Meanwhile, Republicans and Democrats are deadlocked in opposing positions.
Included in one version is a constitutional amendment to balance the budget with hard spending caps and a two-thirds super-majority vote for any tax increases. Another option would drop the spending caps and stick to a straight majority rule for tax increases.
As the date fast approaches, government officials stand in a position to make some hard choices. As of August 3rd, the Treasury will owe $23 billion in Social Security benefits checks. Another $90 billion in government debt will be maturing August 4 and more than $30 billion in interest payments come due August 15. No wonder Timothy Geithner is positioning himself to resign. No one in politics wants to be there when the well runs dry.
(Photo from the Washington Post)
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CLARENCE SWINNEY says:
2% Rip Off Tax Cut
2% own 50% all Financial Wealth–Take 30% all individual Income-includes these incomes from 1M to 4000M.
Top 9 million Incomes–4000-3000-2000-1000-500-100-50-10-1
Po folks need help. Send donation in Gold Coins to meAmerica is least taxed as % of GDP in rich nations except for three
Turkey-Peru-Mexico
Corporations pay less in taxes as % of GDP than any Rich nation except Iceland.
Americans paid less in 2010 in individual taxes as % of GDP than anytime since 1950s. Po folks.
America was ranked high on Equality in 1980. Today third from bottom.The Trend Line for America is straight to the Fall of Rome-Spain-Holland-England . Over extension Worldwide with Military excursions and Debt.
Since 1980 three so called Conservative Presidents especially Reagan and Bush II directed us toward that Decline of Empire
HOW?
Took 600B Budget to 3600B (less wjc itsy bitsy)
Took 1000B of Debt to 10,000B
Took 240B surplus to 1400B Deficit
Took 218,000 net new job creation per month to 99,000.
Took Equality if Wealth-Income to Ultra Rich and Inequality
Took us into 10 foreign conflicts. Yes! 10.
In 1980, top 1% owned 20% Financial Wealth-43% in 2009
In 2009 Middle Class 120,000,000 workers owned 7% of Financial Wealth. That 1% will kill America to get that 7%.
olduglymeanhonest political historian lifeaholics of america
author-Lifaholic-Best Seller in haw river nc population 200 and growing fast since receipt of huge shipment of Viagra.
comments welcome cswinney2@triad.rr.com facts numbers
not opinions or achmed kill.
GOD SAVE AMERICA
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Why is it that all we ever hear is that if we do not raise the debt ceiling the government will not be able to make Social Security payments? Are American workers still having FICA taxes withheld? I know that they are taking the money from my checks… Now I know that SSI is a Ponzi Scheme that should have been closed down years ago, but for Democrats to admit that SSI is being paid for by loans and the news papers – as well as Republicans – not calling them to the mat over it is to me incredible! Really, no mention of the unfunded obligations not getting funded, the only mention is SSI, which is funded!!! Is it possible that the Republicans of the ‘30’, and today’s Libertarians were/are correct? Why am I the only one asking this question????