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Debt Day | Richard Burr (http://burrforsenate.org/content/debt-day - broken link)
Debt Day (http://burrforsenate.org/content/debt-day - broken link)
May 13th, 2010
Starting today, the government has run out of revenue and is now relying entirely on borrowed money for the rest of the fiscal year. According to Congressional Budget Office (CBO) projections (http://http//cbo.gov/ftpdocs/112xx/doc11280/03-24-apb.pdf - broken link), American tax dollars only cover 61% of our nation’s expenditures for this fiscal year, which began last August. So as of midday today, the government will have spent all anticipated tax revenue and will begin to spend borrowed money.
We simply cannot afford the federal government's pattern of reckless spending. Congress must start making the difficult decisions necessary to reign in Washington’s spending habits, and I will continue to support legislation to make this happen.
Let privately owned central banks control the quantity of money and this is what you get which is turning everyone into debt slaves. The levels of debt are much higher than whats being reported too like everything else. Pie in the sky optimisim from the media untill everyone looses confidence in our money and the casino stock "markets". Scary times we live in. You know it's bad when the four biggest banks have no trading losses from the previous quarter.
Time for federal pay-cuts. Start at the top on Capitol Hill and work down. Hiring freeze for all non-military, non-natonal defense/security related offices and agencies. Cut Michelle Obama's assistants down to three, period. Cut out all Obama' paid Czars, he can build a cabinet and work with it or do without.
No More Earmarks, period. No expansion of entitlement programs, time to wean off those who have never paid into the system at all. Repeal Obamacare as it is underfunded as it is currently passed.
Repeal Obamacare as it is underfunded as it is currently passed.
I doubt you said that about medicare expansion of 2003, which wasn't funded at all.
Breaking News: The debt has been rising rapidly since the 1980s because the feds have been running out of revenue well before the end of the year. Oh, and not paying or asking for lower taxes is NOT the way ensure revenue supply. Sure, government could cut spending, but I have never gotten a decent, practical, response on what? And the impact of it.
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