Posts Tagged ‘ government debt ’

Donald Trump’s Republican Party is now just fine with deficits

November 15, 2016
posted by

Salon
by Matthew Rozsa  

"Republicans, despite prattling on endlessly about the danger of budget deficits during the President Obama administration, are now ready to embrace unprecedented deficit spending under Donald Trump." [editor's note: The Republicans had complete control of US government spending from 2011 to present -- the idea that they've ever been against deficit spending is complete hooey - TLK] (11/15/16)

http://www.salon.com/2016/11/15/donald-trumps-republican-party-is-now-just-fine-with-deficits/  

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Roll Call: “The deficit debate has disappeared”

September 28, 2016
posted by

Ryan McMaken Ludwig von Mises Institute
by Ryan McMaken  

"The DC consensus is strongly in favor of unimpeded federal spending. Nevertheless, the Republicans have long kept up the ruse that they're in favor of balancing the budget, cutting the deficit and engaging in 'limited' government. Some have kept up the spending even while cutting taxes. This has only led to back-door tax increases. But that has changed this election. Don't worry, the Republicans haven't decided to actually start cutting the budget after years of lying about it. No, what's different this year is that the Party's presidential nominee -- and hence, much of the Party -- isn't even pretending to be in favor of any real budget cutting or budget balancing." (09/28/16)

https://mises.org/blog/roll-call-deficit-debate-has-disappeared  

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Senate splits over bill to avoid “government shutdown”

September 22, 2016
posted by

Reuters Reuters    

"A behind-the-scenes congressional battle to avoid a U.S. government shutdown broke into public view on Thursday when Republicans produced a stop-gap funding bill that Democrats immediately rejected. The federal fiscal year ends on Sept. 30 and Congress must pass a spending measure by then to keep the government open. In recent years, lawmakers have seldom been able to agree on a full federal budget and instead have relied on stop-gap measures. Senate Majority Mitch McConnell capped weeks of labored negotiations by proposing a continuing resolution that would fund government agencies from Oct. 1 through Dec. 9 at an annual rate of just over $1 trillion. The measure also includes $1.1 billion to combat the spreading Zika virus, $500 million in flood relief for states including Louisiana and funding for U.S. military operations overseas at an annual rate of $74 billion." (09/22/16)

http://www.reuters.com/article/us-usa-congress-funding-idUSKCN11S2DF  

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Donald Trump and the national debt

August 18, 2016
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"Imagine that your family was so deep in debt that your credit-card bills exceed your entire paycheck. Every week you spend more than you take in, with no respite in sight. And you still haven't figured out how you are going to fulfill your promise to send your kids to college. But in today's mail comes one of those credit-card offers with a low introductory rate. Sounds like the perfect time to borrow some more and take that Caribbean vacation you've been dreaming of, right? Paul Krugman thinks so -- and, unfortunately, so does Donald Trump." (08/17/16)

http://www.cato.org/publications/commentary/donald-trump-national-debt  

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Neither Clinton nor Trump would reduce the national debt

July 28, 2016
posted by

Peter Suderman Reason
by Peter Suderman  

"Tonight's Democratic National Convention featured a brief video starring former Obama administration economic adviser Gene Sperling. Sperling brought up a topic we haven't heard a whole lot about at this year's DNC: the federal debt. His point was that GOP presidential nominee Donald Trump would be far worse for the national debt than Hillary Clinton. By all accounts, Sperling was right: Although Trump's economic plans are frustratingly vague and difficult to pin down, every credible attempt to estimate has found that his plans would massively increase total debt. ... But here's the thing: Hillary Clinton would also let the debt rise substantially. Under her plans, according to the same CRFB analysis, debt held by the public would rise from $14 trillion to $23.9 trillion over the next decade. Gross national debt would rise from $19 trillion to more than $29 trillion." (07/27/16)

http://reason.com/blog/2016/07/27/neither-clinton-nor-trump-would-reduce-t  

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US Senate passes bailout for Puerto Rico pols

June 30, 2016
posted by

The Hill The Hill    

"The Senate late Wednesday approved legislation to address Puerto Rico's [politicians'] growing debt crisis, stepping in to help the ailing territory['s politicians] just ahead of a daunting deadline. By a vote of 68-30, senators cleared a bill that would let the island['s politicians] restructure [their] massive debt load, while establishing an outside control board to police [their] troubled finances. The bill now heads to President Obama, who has been a vocal proponent of the measure and is expected to sign it in short order." (06/29/16)

http://thehill.com/policy/finance/286026-senate-passes-puerto-rico-debt-relief-bill  

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SCOTUS: Puerto Rico pols can’t restructure debt

June 14, 2016
posted by

The Hill    

"The Supreme Court ruled Monday that Puerto Rico can't restructure the debts of its public utilities to avoid a financial crisis, closing off one of the island's last remaining options for avoiding default without help from Congress. In a 5-2 ruling, the justices said that although the government and people of Puerto Rico should not have to wait for possible congressional action to avert a financial crisis, the Constitution does not allow them to rewrite a statute that Congress enacted in 1984. While states can allow municipalities to seek such debt relief, the lower court said, Congress had not given Puerto Rico that right." (06/13/16)

http://thehill.com/regulation/court-battles/283249-supreme-court-puerto-rico-cant-restructure-debt  

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Puerto Rico’s debt, our problem

May 25, 2016
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Puerto Rico is $72 billion in the hole. Basically, Sanders wants to partially repudiate that debt: 'The billionaire hedge fund managers on Wall Street cannot get a 100 percent return on their bonds while workers, senior citizens and children are punished.' Of course our sympathies are almost entirely with the people of Puerto Rico. But it was their government that racked up the debt, and repudiating sovereign debt is a tricky and parlous thing." [editor's note: Nothing tricky about it at all. "The people of Puerto Rico" didn't sign any promissory notes. Some politicians did. Their tax victims have no obligation to bail them out - TLK] (05/25/16)

http://thisiscommonsense.com/2016/05/25/puerto-ricos-debt-our-problem/  

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Argentina returns to international credit markets

April 18, 2016
posted by

ABC News ABC News    

"Argentina on Monday returned to global bond markets for the first time in 15 years. The South American country announced a $10 billion-$15 billion bond issue. The proceeds will help pay a small group of holdout creditors who refused debt restructurings after Argentina suffered its worst economic crisis and defaulted on $100 billion of bonds in 2001." (04/18/16)

http://abcnews.go.com/International/wireStory/argentina-returns-international-credit-markets-38492671  

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The candidates have to get real about our [sic] debt

April 14, 2016
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"You might not know it from listening to the presidential candidates -- either Democratic or Republican -- but our [sic] national debt has not gone away. They have promised all sorts of tax cuts and spending increases, but the words 'deficit' or 'debt' hardly ever cross their lips." [editor's note: Who's this "we" that "our" refers to? Maybe Tanner made the mistake of co-signing a note for the politicians, but I didn't and I doubt you did - TLK] (04/14/16)

http://www.cato.org/publications/commentary/candidates-have-get-real-about-our-debt  

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The Jason Stapleton Program, 04/13/16

April 14, 2016
posted by

The Jason Stapleton Program
by  

"Sovereign debt threatens new global depression." [various formats] (04/13/16)

http://www.jasonstapleton.com/sovereign-debt-threatens-new-global-depression/  

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Beltway conservative budget plans are big spending and anti-liberty

March 21, 2016
posted by

Ron Paul Campaign For Liberty
by Ron Paul  

"According to a recent poll, 73 percent of all Americans oppose increases in federal spending. Since this anti-government spending sentiment is a major reason Republicans control the House and Senate, one would expect the Republican Congress to hold the line on, or even cut, government spending. Yet, despite the Republican leadership's rhetoric about 'fiscal responsibility,' this year's House Republican budget spends $104 billion more than the GOP's 2013 budget. Some conservatives, most notably the Heritage Foundation, have criticized the GOP budget. Heritage and the conservative House Republican Study Committee (RSC) have both prepared conservative alternatives to the official Republican budgets. Unfortunately, neither Heritage nor the RSC budgets meaningfully reduce federal spending." (03/21/16)

http://www.campaignforliberty.org/ron-paul-beltway-conservative-budget-plans-big-spending-anti-liberty  

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No debt ceiling debate in the presidential race

March 17, 2016
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Among the many issues not being debated in the presidential nomination races in both political parties is the matter of the debt ceiling, which both political parties continue to raise each time it is reached. Given that the debt ceiling is an acknowledgment that too much debt is a very bad and very dangerous thing for a government and a nation (See Greece and Puerto Rico), wouldn’t you think that this would be something that would be discussed and debated in the course of a presidential race? Well, apparently not in this one." (03/17/16)

http://fff.org/2016/03/17/no-debt-ceiling-debate-presidential-race/  

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A multiple-choice question — and all the answers are political suicide

March 4, 2016
posted by

National Review
by Kevin D Williamson  

"Over the years, many Republican political figures visiting New York have enjoyed National Review's hospitality, which generally consists of bad coffee and good questions. I have put the question more or less identically to many of them: 'Given that almost all of our spending is on popular programs (Social Security, Medicare, Medicaid, national defense) or effectively non-negotiable spending (interest on the debt), how would you balance the budget? Your choices are: Cut spending on entitlements and/or the military, pass a large tax increase, or accept deficits forever. If your answer consists of the words 'waste, fraud, and abuse' or appeals to the Growth Fairy, we will roll our eyes and make fun of you after you've left, possibly before.' Those meetings are off the record, and Jonah Goldberg is absolutely correct that such conversations serve a critical function. That being said, no confidences will be betrayed by reporting that Republican leaders' answers to this question are, generally speaking, unsatisfactory. I have not had the opportunity to put the question to Trump, though others have, and his answers have been, so far, hogwash." (03/03/16)

http://www.nationalreview.com/article/432250/budget-deficit-2016-republican-candidates-congress  

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A conversation with my neighbor “Sam”

March 3, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Mark Brandly  

"Lately, I've wondered how my neighbor, Sam, affords to buy so much stuff. He appears to have an unlimited budget. When I asked him about this, Sam asked, 'Do you think I'm spending too much?' 'That depends,' I said, 'How much money do you make?' 'I take home $100,000 a year.' That surprised me. I would guess that he's spending more than that. But I tried to be encouraging, 'That sounds like plenty of income. With a little planning, you should be able to budget your spending and be financially stable.' 'But my finances are a mess,' Sam replied. 'I spend more than I take home. Last year I had to borrow $12,000 just to cover my spending.'" (03/03/16)

https://mises.org/library/conversation-my-neighbor-sam  

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That bright, shining, responsible Congress

February 18, 2016
posted by

Paul Jacob Common Sense
by Paul Jacob  

"The latest Gallup public approval rating for our so-called 'representatives' on Capitol Hill stands at 11 percent -- two whole percentage points higher than 2013's worst-ever 9 percent measure. But what if Congress changed? What if our representatives did something dramatic? You know, to show Americans that they get it, that they'll start representing us, that they're about doing the job and not just riding the gravy train of power, high pay, lavish pensions, special exemption from Obamacare, etc.? No, I don't envision a majority of the 535 House and Senate members jumping into a phone booth and coming out with Super Solon capes. My fantasy actually has its roots in reality." (02/18/16)

http://thisiscommonsense.com/2016/02/18/that-bright-shining-responsible-congress/  

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UK: Ukrainian regime will go to court to avoid paying debt to Russian regime

February 18, 2016
posted by

GlobalPost    

"Kiev vowed on Thursday to fight Russia's demand for the full repayment of a $3-billion (2.7-billion-euro) loan it issued to Ukraine in 2013 under ousted Moscow-backed president Viktor Yanukovych. Russia on Wednesday filed a lawsuit with the High Court in London after the two sides failed to reach a private settlement over the debt. The eurobond was issued on the Irish Stock Exchange and is governed by English law. ... Kiev had been due to repay the eurobond purchased by Moscow from Kiev on December 21. But it viewed Russia's loan as private debt that fell under the restructuring terms it agreed with other commercial lenders last year." (02/18/16)

http://www.globalpost.com/article/6734698/2016/02/18/ukraine-vows-fight-russian-3-bn-debt-claim-london-court  

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America’s fiscal debt bomb caused by the welfare state

February 10, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of political power lusting is the long-term danger from the huge and rising Federal government debt." (02/10/16)

http://fff.org/explore-freedom/article/americas-fiscal-debt-bomb-caused-by-the-welfare-state/  

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$19 trillion and counting: The dangers of unlimited debt

February 4, 2016
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"The statutory limit on how much debt the federal government can accumulate is back in the news, but this time it's not because Washington is close to breaching it. That's not a present concern thanks to the year-end bipartisan spending spree that included a suspension of the debt limit until March 2017. The news is that a report from the House Financial Services Committee found that the Obama administration's Treasury Department has been repeatedly misleading the American public on the matter." (02/04/16)

http://reason.com/archives/2016/02/04/19-trillion-and-counting-the-dangers-of  

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Puerto Rico: Government seeks bond swap in proposed restructuring deal

February 2, 2016
posted by

ABC News ABC News    

"Puerto Rico's government is pushing a bond swap with creditors to help generate revenue as U.S. legislators prepare to consider creating an oversight authority to help pull the island out of a deepening economic crisis. The U.S. territory on Monday released details of a proposed restructuring deal that would help reduce a portion of its $72 billion public debt and cap debt payments at 15 percent of government revenues." (02/01/16)

http://abcnews.go.com/International/wireStory/puerto-rico-seeks-bond-swap-proposed-restructuring-deal-36649374  

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Puerto Rico dug the hole, and only she can climb her way out

January 26, 2016
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"Puerto Rico received three stark reminders of its current situation in the last few weeks, and these incidents foretell a very long road to recovery for the US commonwealth. In early January, the island territory defaulted once again on some of its debt. While it paid most of its debt, the small portion left unpaid was enough to generate more lawsuits, which will add to its operating costs for the next year, and more importantly, to its costs leading up to its next major debt payments in late spring and early summer. Meanwhile, major debt restructuring talks between the state-owned Electric Power Authority collapsed after 18 months and multiple extensions." (01/25/16)

http://blog.panampost.com/frank-worley-lopez/2016/01/25/puerto-rico-dug-the-hole-and-only-she-can-climb-her-way-out/  

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No bailout for Uncle Louie

January 21, 2016
posted by

The American Spectator
by Eric Peters  

"If your Uncle Louie can't handle his money, giving him more money is probably not a good idea. A better idea would be to help Louie learn how to handle his money. Same goes for Puerto Rico. The prospective 51st state is headed toward skid row on an epic scale: $72 billion in debt -- and an unemployment rate pushing 15 percent -- the direct result of decades of big government spending programs that continue unabated. A default appears imminent. Clearly, the government needs help. But more money is what Puerto Rico wants. Unlimited, no strings attached." (01/21/16)

http://spectator.org/articles/65257/no-bailout-uncle-louie  

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Report: US politicians’ deficit to rise to $544 billion this year

January 19, 2016
posted by

ABC News ABC News    

"A government report released Tuesday estimates that this year's budget deficit will rise to $544 billion, an increase over prior estimates that can be attributed largely to tax cuts and spending increases passed by Congress last month. The deficit and debt picture over the long-term has also worsened considerably. The estimate from the Congressional Budget Office also sees the economy growing at a slower pace this year than it predicted just a few months ago." (01/19/16)

http://abcnews.go.com/Politics/wireStory/govt-report-budget-deficit-rise-544b-year-36375945  

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Puerto Rico revises fiscal reform plan amid growing deficit

January 19, 2016
posted by

Bismarck Tribune    

"Puerto Rico is revising a fiscal and economic reform plan to reflect a jump in the island's projected deficit and steep drop in anticipated revenues, officials said Monday. The government said the deficit is now projected to grow from $14 billion to $16 billion over the next five years due to the U.S. territory's worsening economic crisis." (01/18/16)

http://bismarcktribune.com/business/puerto-rico-revises-fiscal-reform-plan-amid-growing-deficit/article_de5b31d5-44ef-5a61-a396-fca8e414ee89.html  

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Let Puerto go

January 5, 2016
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Just recently, the members of Congress, including the Republicans, agreed to another budget deal that has the federal government spending vastly more than what it brings in with taxes. The deficit between taxes and spending will mean adding larger additional amounts to the already existing mountain of U.S. government debt. The statists, especially those in the mainstream press, went gaga with exhortations of approval over the deal. If you want to see why libertarians keep emphasizing that this is a very bad and a very dangerous road to be travelling, keep watch over what happens in Puerto Rico. It's not going to be pretty, just as a similar situation in Greece has proven to be rather ugly. The real issue, though, is why Puerto Rico even belongs to the United States." (01/04/16)

http://fff.org/2016/01/04/let-puerto-go/  

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