U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-28-2011, 08:23 AM
 
2,958 posts, read 2,397,358 times
Reputation: 584

Advertisements

In 2000 the congress passed a bill to keep surpluses off budget so they could be used to buy back part of our debt. Fiscal years 1998, 1999 and 2000 used the excess revenues to buy back about $450 billion of debt and the course was set to completely pay down the national debt by 2012.

Here's the summary of that bill:

Latest Title: Debt Reduction Reconciliation Act of 2000
Sponsor: Rep Fletcher, Ernie [KY-6] (introduced 6/8/2000) Cosponsors (24)
Related Bills: H.R.4866
Latest Major Action: 6/22/2000 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 626.
House Reports: 106-673 Part 1SUMMARY AS OF:
6/20/2000--Passed House amended. (There are 2 other summaries) Debt Reduction Reconciliation Act of 2000 - Establishes the Public Debt Reduction Payment Account in the Treasury. Requires the Secretary of the Treasury to use amounts in the Account to pay at maturity, or redeem or buy before maturity, any Government obligation held by the public and included in the public debt. Provides that any obligation which is paid, redeemed, or bought with amounts from the Account shall be canceled and retired and prohibits its reissuance.
Provides that if the Congressional Budget Office estimates an on-budget surplus for FY 2000 in a report submitted to the congressional budget committees pursuant to the Congressional Budget Act of 1974 that exceeds the amount of the surplus for such fiscal year set forth in the concurrent resolution on the budget for FY 2001 (H. Con. Res. 290, 106th Congress), then an amount equal to that excess is appropriated into the Account for FY 2000. Prohibits such appropriation from being considered as direct spending for purposes of pay-as-you-go provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Reduces the public debt limit by the amount appropriated into the Account.
Bars Account receipts and disbursements from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of : (1) the Federal budget as submitted by the President; (2) the congressional budget; or (3) the Gramm-Rudman-Hollings Act.
Requires the Secretary to report to specified congressional committees on the Account.





George W. Bush assumed this budget which was in line to completely settle the national debt by 2012 and reduced taxes, twice, on corporations and the wealthy by a trillion and a half dollars while using reconciliation to block possible Democratic filibusters.

The national debt doubled from $5.7 trillion to more than $11 trillion during his two terms.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 04-28-2011, 08:29 AM
 
25,058 posts, read 25,913,276 times
Reputation: 11728
And yet here you are blaming Bush when Obama wants to continue the same exact deficit policies of Bush. Don't cry and complain when another Democrat keeps spending record amounts of money in such a short period of time. Where were the Democrats in 2006 till 2010 about balancing the budget?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-28-2011, 09:44 AM
 
33,414 posts, read 31,374,084 times
Reputation: 19956
Quote:
Originally Posted by Melvin.George View Post

George W. Bush assumed this budget which was in line to completely settle the national debt by 2012 and reduced taxes, twice, on corporations and the wealthy by a trillion and a half dollars while using reconciliation to block possible Democratic filibusters.

The national debt doubled from $5.7 trillion to more than $11 trillion during his two terms.
first the bush era tax cuts were for EVERYBODY, not just the wealthy.

second the debt was at $10.6 trillion when bush left office, but has risen to $14.25 trillion now. the debt and the deficits accelerated after the democrats took over congress in 2007. and up until 2006 the deficits were actually going DOWN.

third bush did NOT use reconciliation, the republican in the senate did as the president has NO control over what congress does.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-28-2011, 10:53 AM
 
2,958 posts, read 2,397,358 times
Reputation: 584
Quote:
Originally Posted by rbohm View Post
first the bush era tax cuts were for EVERYBODY, not just the wealthy.

second the debt was at $10.6 trillion when bush left office, but has risen to $14.25 trillion now. the debt and the deficits accelerated after the democrats took over congress in 2007. and up until 2006 the deficits were actually going DOWN.

third bush did NOT use reconciliation, the republican in the senate did as the president has NO control over what congress does.
Yeah right...over half went to the wealthiest 1% and you're dead wrong...reconciliation was used in the 2001 cuts and again in those which were enacted in 2003. I don't blame you for being ashamed of what the Republicans did. Guess what...when Obama wanted to extend the tax cuts for those earning less than $250,000 and start the upper brackets to paying again...the Republicans held the lower tax cuts hostage until they got them continued for the uppercrust.

I used to be a Republican...voted for Richard Nixon three times. I actually voted for Ronald Reagan once. I wish I never had even heard of the party. They used to stand for small government, balanced budgets and individual rights. Now they're in the pockets of corporations and the wealthy.


READ THIS:

http://thinkprogress.org/2009/03/24/...econciliation/

Last edited by Melvin.George; 04-28-2011 at 12:21 PM..
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads

All times are GMT -6. The time now is 09:49 AM.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top