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The Library => The SGA => Topic started by: Tarheel on March 17, 2011, 02:12:51 PM

Title: House Cuts Spending $6 billion...US debt jumps $72 billion the same day
Post by: Tarheel on March 17, 2011, 02:12:51 PM

This caught my eye on Drudge this afternoon.  This amount of 'budget-cutting' and spending is absolutely unacceptable!  Such as it is, I am holding my Congressman's feet to the fire on this issue and I hope all of you will too.

From CNS news, all emphasis is my own:

Quote

U.S. Debt Jumped $72 Billion Same Day U.S. House Voted to Cut Spending $6 Billion
Wednesday, March 16, 2011
By Terence P. Jeffrey
...
The national debt jumped by $72 billion on Tuesday even as the Republican-led U.S. House of Representatives passed a continuing resolution to fund the government for just three weeks that will cut $6 billion from government spending.

If Congress were to cut $6 billion every three weeks for the next 36 weeks, it would manage to save between now and late November as much money as the Treasury added to the nation’s net debt during just the business hours of Tuesday, March 15.

http://cnsnews.com/news/article/debt-jumped-72-billion-same-day-house-vo

Title: Re: House Cuts Spending $6 billion...US debt jumps $72 billion the same day
Post by: AUTiger1 on March 17, 2011, 03:51:14 PM

And yet our Treasury Sec is asking for more debt.

Quote

http://www.reuters.com/article/2011/03/16/us-usa-treasury-geithner-debt-idUSTRE72F7WQ20110316 (http://www.reuters.com/article/2011/03/16/us-usa-treasury-geithner-debt-idUSTRE72F7WQ20110316)

Geithner says Congress must raise debt limit

Credit: Reuters/Joshua Roberts

WASHINGTON | Wed Mar 16, 2011 3:26pm EDT

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that there was no alternative except for Congress to raise the debt ceiling so that the government can keep borrowing.

"Congress has to do it. There's no alternative," he said in response to questions at a House of Representatives appropriations subcommittee.

He repeated a warning that it would be have "catastrophic" consequences for the economy if the debt ceiling was not raised and the country defaulted on its debt obligations.

(Reporting by Glenn Somerville; Editing by Chizu Nomiyama)

Title: Re: House Cuts Spending $6 billion...US debt jumps $72 billion the same day
Post by: Tarheel on March 17, 2011, 04:47:00 PM

Quote from: AUTiger1 on March 17, 2011, 03:51:14 PM

And yet our Treasury Sec is asking for more debt.

More of that irrational Keynesian logic...thanks for posting this one...I'm really not surprised.