STAFF BLOG CAPITOL CHATTER A look at federal debt
By Don Davis
The federal debt has built up over the years because Congress and presidents of both parties tend to spend more money than the government raises in taxes and other revenues.
C... Posted on 10/16/13 at 7:59 AM
No one expected Minnesota Democratic legislators to fully agree with Democratic Gov. Mark Dayton’s budget proposal, and they were right.
Not even Dayton thought all would be rosy: “I don’t expect this to be popular because we are trying to make up a $1 billion deficit.”
It’s hard to turn on your TV or read an editorial page these days without encountering someone declaring, with an air of great seriousness, that excessive spending and the resulting budget deficit is our biggest problem.
Republicans Rick Berg, John Hoeven and Kevin Cramer should follow the lead of the Wall Street Journal’s CEO Council by supporting a grand bargain, thereby putting America first, North Dakota second — and Grover Norquist, if he’s on the list at all, a very distant third.
Given all of the intelligence in Washington, I think the lawmakers should realize they are making our economic prospects worse.
And we voted for them to serve in Congress?
Maybe we are lacking intelligence when we elect them to office.
The shutdown idled 22,000 state employees, halted road work at the height of a short construction season, suspended lottery ticket sales and some services to the vulnerable and even interrupted the flow of alcohol to some bars. The report was expected to analyze the amount saved from withheld paychecks versus revenues lost in other areas.
If the deficit-cutting supercommittee fails, Congress will face a crummy choice. Lawmakers can allow payroll tax cuts and jobless aid for millions to expire or they extend them and increase the nation's $15 trillion debt by at least $160 billion.
After a nine-day trip through Asia in which he showed command on the world stage, President Barack Obama is headed back to debt-deadlocked Washington, where he'll confront fresh reminders of the limits of his power at home.
Greece predicted today that its budget deficit will fall sharply next year, helped by a bond writedown, and insisted that no fresh austerity measures will be needed to plug a hole in this year's finances. Submitting the 2012 budget, Finance Minister Evangelos Venizelos said the deficit will shrink from an expected 9 percent of gross domestic product this year to 5.4 in 2012 year, lower than previous targets.
Derek Gatopoulos and Nicholas Paphitis
, November 18, 2011
When George W. Bush became president, he inherited a balanced budget and a budget surplus as far as the eye could see. When Obama became president, he inherited a financial disaster and budget deficits as far as the eye could see.
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