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Boehner Calls For Spending Cuts As Debt Limit Looms

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"We're not talking about billions here, we should be talking about cuts in trillions if we're serious about addressing America's fiscal problems," Mr Boehner said on Monday.

What was Mr Boehner saying throughout the Bust h years? :rolleyes:

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Unfortunately, I don't think Congress has the political will to cut the deficit at all going forward. The deficit will just spiral upward and upward -- maybe close to 2 trillion this year, and a few to several trillion per year in the next decade. In fact, Senator Schumer (D, NY) just proposed a big new spending program on railroad security, or something like that.

They really need to cut Federal spending by 40-50%, and I can't see elected officials doing that. Maybe if some external (unelected) emergency board (IMF?) gains control over the U.S. budget, they can take the unpopular austerity measures required: Shut down Social Security, Medicare, Medicaid, welfare, public schools, police, military, etc; confiscate 401Ks, public employee pensions, bank accounts, gold (maybe through taxes rather than direct confiscation).

Anyone dependent on the government for survival may be in for a big shock, and that could be almost all of us.

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I was quite surprised to learn that the allegedly 'worthless paper' held by the 'unfunded' US Social security fund are US treasury bonds. :o

Has anyone told the Chinese about this? :lol:

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http://blogs.reuters.com/james-pethokoukis/2011/05/10/boehner-really-isnt-asking-for-that-much-to-raise-debt-ceiling/

On its face, House Speaker John Boehner’s demand for perhaps more than $2 trillion in spending cuts may look like a dangerous escalation in the political battle over raising the federal debt ceiling by a similar amount. But the reductions would be over 10 years, they’d be in line with several budget proposals, and they would represent only a modest down payment on austerity.

A group of Wall Street executives and other business leaders listening to Boehner on Monday evening in Manhattan seemed unenthusiastic. They would almost certainly prefer to disentangle the issue of expanding the federal borrowing authority — and thus avoid even the whiff of possible default — from how best to deal with America’s long-term deficit and debt problems. After all, both parties have agreed on a budget that requires more borrowing next year. That is the White House position, too. “To hold one hostage to the other remains extremely unwise,” spokesman Jay Carney told reporters today on Air Force One as Obama flew to Texas.

But, thankfully, politics keeps pushing the two issues together. The powerful Tea Party wing of the GOP wants party leaders to get something substantial in return for enabling more Treasury borrowing. That might include some or all of congressional approval of a balanced budget requirement, a legislative cap on future federal spending, and deep budget cuts. Boehner’s speech certainly gave the impression he’s on the same page. “The cuts should be greater than the accompanying increase in debt authority the president is given,” he said.

However they aren't going to go for a balanced budget as it would immediately be obviously the made up GDP growth figures are in fact made up. No politician is going to do that until they are forced to admit it.

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Bush added 5 trillion to the US national debt with 2 unfunded wars and a $2 trillion giveaway to the richest people in the US.

The Republican party are jokes.

Edited by Timak

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Bush added 8 trillion to the US national debt with 2 unfunded wars and a $2 trillion giveaway to the richest people in the US.

The Republican party are jokes.

Yep, the Nasdaq went pop and he didnt want to admit the GDP and economy nonsense was all over the same as Gordo, the same as Dave the same as Obama, still its good to take a political side, it makes us all feel better

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Yep, the Nasdaq went pop and he didnt want to admit the GDP and economy nonsense was all over the same as Gordo, the same as Dave the same as Obama, still its good to take a political side, it makes us all feel better

exactly, they are all so narrow minded, blissfully arrogant in their own circles.

what about Merv or is he just the monkey.

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Bush added 5 trillion to the US national debt with 2 unfunded wars and a $2 trillion giveaway to the richest people in the US.

The Republican party are jokes.

Yep. The rich want to keep their moolah and force the poor to swallow the cuts.

Usual ****** from the usual idiots.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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