Should we cut government spending after the 700 Billion Dollar Wall Street Bailout? (Congress, cost)

[Refugee56]

After Congress Approves the 700 Billion Dollar Bailout of Wall Street do you expect there will be a movement to cut federal spending to make up for the huge outlay? Will we have to, or does deficits really not matter all that much anyway?

What will be the final cost of the 700 Billion outlay in the end?

Nothing in the long run because the prices of homes will go up and the government will sell the bad mortgage bonds bonds at a profit?

Or over a trillion $ because government incompetence will mess up the implementation of the program and it will destroy our economy further.
(plus the borrowing and interest costs of all this new debt)

[Siberia]

The tab before the latest $700 billion was $900 billion, thus now we are at $1.6 trillion.

And nobody cares to be honest, as 8 years ago the deficit was $6 trillion, last year it was $10.3 trillion, and today it is over $12 trillion. Thus it was doubled in 8 years...and yet the media, and American public, simply ignores it and instead wants to see pictures of hollywood babies in the New York Times...

The reason nobody cares is they think it doesn't matter...but it does. Look for interest rates to rise quickly, and look for taxes to raise substantially over the next 5-10 years. The mechanics of the debts will require it...transferring private losses to taxpayer "trust funds" does not eliminate anything, it only hides it temporarily but at some point it will have to be addressed through increased tax rates and higher borrowing interest rates for everyone, including the US government...

[WillysB]

Should we cut government spending after the 700 Billion Dollar Wall Street Bailout?

YES ! And we should start with Congress.

Congress... 535 reasons to support term limits. NEVER vote for an incumbent.