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JoyinMudville

Massive Budget Busting GOP Spending Spree Spooks Fiscal Hawks

57 posts in this topic

I have little sympathy for these self-proclaimed deficit hawks. If they were really concerned about the deficit they would have voted against the budget busting Wealthy Donor Relief Act of 2017.

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Congressional leaders are nearing agreement on the costliest spending accord in years, and much of it could wind up on the credit card.

For fiscal hawks, it’s salt in the wound. Capitol Hill sources say there is scant evidence that negotiators are attempting to cover the costs of this year’s deal, unlike those in the recent past.

GOP leaders recently floated a proposal to Democrats that would raise Congress’ stiff budget caps by roughly $300 billion over two years — more than the three previous budget deals combined.

“It’s a lot of money,” Sen. Bob Corker (R-Tenn.) told POLITICO this week. “I’m obviously concerned about what I'm seeing preliminarily.”

Deficit hawks like Corker say they’re spooked by the ever-growing price tag of the agreement that's being shaped. But across Capitol Hill, there’s been hardly any public pressure within the GOP to pay for the whole thing, with much more interest in the boost it will bring to the Pentagon.

https://www.politico.com/story/2018/02/02/spending-deal-deficit-hawks-congress-384968

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Democrats should bet delighted with all this spending. Neither party are interested in bringing down the massive national debt. And our children wanted Bernie Sanders for president. What does that tell us about our children's values when it comes to spending like drunken sailors? 

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15 minutes ago, flyboy56 said:

Democrats should bet delighted with all this spending. Neither party are interested in bringing down the massive national debt. And our children wanted Bernie Sanders for president. What does that tell us about our children's values when it comes to spending like drunken sailors? 

Actually, under Clinton we began paying down the publicly held debt. You'll also recall, no doubt, that Obama worked with Congress to institute spending caps which the GOP congress is now blowing a hole through.

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Sen. Corker is really concerned about raising spending by $300 billion but seemed completely unconcerned about leveraging about $150 billion per year for tax cuts. Is the $200 billion extra deficit or $300 billion the part where he gets spooked? Apparently $150 billion isn't enough.

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52 minutes ago, bmorepunk said:

Sen. Corker is really concerned about raising spending by $300 billion but seemed completely unconcerned about leveraging about $150 billion per year for tax cuts. Is the $200 billion extra deficit or $300 billion the part where he gets spooked? Apparently $150 billion isn't enough.

I guess a lot of these guys figure they'll be dead before the government starts defaulting on social security and medicare payments. 

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The next time a dem is the white house we’ll be Dealing with the financial fall out and the Republicans will scream that we don’t have the money to invest in getting the economy back on track or securing Social Security

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I haven't seen a fiscally responsible democrat or republican in my lifetime.  The only one that might qualify would be Bill Clinton.  And that's only because after two years a wave of republicans refused to give him any spending and he was fortunate enough to be president during the upswing of the dot net bubble.  But he did actually run a surplus for a couple of years, and I give him credit for that.  Other than that, despite campaign promises, no president has ever championed serious spending cuts.  They have simply increased the debt.  Next time a president runs a surplus instead of a deficit and begins lowering the debt, call me.  I won't sit around waiting for the phone to ring.  The debt has skyrocketed under the last two, and the current one is threatening to outdo them.  They should all be considered traitors to the American people instead of being revered the way they are by their party sycophants.  

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20 hours ago, flyboy56 said:

spending like drunken sailors?

A friend of mine used to be a drunken sailor.  He says they have him and his fellow squids beat!

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13 hours ago, cprenegade said:

They should all be considered traitors to the American people instead of being revered the way they are by their party sycophants.  

Amen. 

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15 hours ago, FatBoy said:

I guess a lot of these guys figure they'll be dead before the government starts defaulting on social security and medicare payments. 

That is the mindset of the worst generation.  

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22 hours ago, JoyinMudville said:

Actually, under Clinton we began paying down the publicly held debt. You'll also recall, no doubt, that Obama worked with Congress to institute spending caps which the GOP congress is now blowing a hole through.

Actually it was the Republican Congress that proposed paying down the debt.  Clinton signed off on it.

Edited by Boobie

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23 minutes ago, Boobie said:

Actually it was the Republican Congress that proposed paying down the debt.  Clinton signed off on it.

Except at the present time neither the cons in congress (who have become the face of the GOP) nor Donny (the king of debt) have proposed paying down anything.  

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23 hours ago, flyboy56 said:

Democrats should bet delighted with all this spending. Neither party are interested in bringing down the massive national debt. And our children wanted Bernie Sanders for president. What does that tell us about our children's values when it comes to spending like drunken sailors? 

And we got Trump......now he wants to borrow money big time to further his dreams.  How many bankruptcies did he have?

 

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17 minutes ago, Patapeake said:

And we got Trump......now he wants to borrow money big time to further his dreams.  How many bankruptcies did he have?

 

It isn't like that hasn't happened before. 

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1 hour ago, overtaxed said:

It isn't like that hasn't happened before. 

So....its OK to do it again.  Got it.....

 

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Deficit hawks like Corker.....

The guy that said he wouldn't vote for the tax bill if it added even one penny to the deficit and then voted for it anyway. 

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Media needs to be much smarter than that. GOP only cares about fiscal responsibility when there's a Democratic president and they feel they can use the issue for political leverage.

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3 hours ago, Boobie said:

Actually it was the Republican Congress that proposed paying down the debt.  Clinton signed off on it.

complete and utter bs

The Republicans in congress wanted to squander the surplus on tax cuts. Its a matter of public record.

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On 2/3/2018 at 3:10 PM, JoyinMudville said:

complete and utter bs

The Republicans in congress wanted to squander the surplus on tax cuts. Its a matter of public record.

baloney, Clinton wanted to blow it on entitlements

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14 minutes ago, Boobie said:

baloney, Clinton wanted to blow it on entitlements

You're lying again...

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The $70 billion surplus the Government posted last year and the estimated $99 billion it is running this year are completely accounted for by revenues that are technically earmarked for the retirement system but that in practice go into a pot with all other tax receipts.

The non-Social Security surplus next year will be tiny in the context of a $1.9 trillion budget -- about $5 billion -- but it will grow rapidly, and will total more than $1 trillion over the next 10 years, according to the White House projections.

In the long run, the projections foresee a considerably more far-reaching accomplishment: the elimination by 2015 of the Federal debt held by the public, which now stands at $3.6 trillion and has long hurt the economy by forcing up interest rates and requiring a big chunk of tax revenues to go for interest payments.

''We have now cut up Washington's credit card,'' Mr. Clinton said. ''Now we can pay off the debt.''

http://www.nytimes.com/1999/06/29/us/planning-for-surplus-overview-clinton-outlines-plan-for-surplus-gop-suspicious.html

 

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The budget has clearly thrown Republicans onto the defensive. Every poll shows that Americans would rather preserve Social Security and Medicare than enjoy a big new tax cut, as Republican leaders want. It is also questionable how much political support there will be for a tax cut that disproportionately benefits the wealthiest Americans. On the other hand, Republicans are right to note that both Social Security and Medicare will need additional fixes beyond the proposed infusion of surplus money.

The extra attraction of Mr. Clinton's approach is that most of the surpluses would actually go to paying down the publicly held Federal debt, a step widely supported by many Americans and endorsed last month by Alan Greenspan. As the Federal Reserve chairman also warned, the surpluses are only a projection. They may diminish if the economy turns sour or plans for spending cuts do not materialize.

http://www.nytimes.com/1999/02/03/opinion/the-new-surplus-era.html

 

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"If we maintain our fiscal discipline, using the surplus to pay down the debt and using the savings to strengthen Social Security, America will entirely pay off the national debt by 2015," Clinton told reporters on the White House lawn.
     Clinton said the budget surplus for fiscal year 1999 would be a higher-than-expected $99 billion, compared to an earlier projection of $79 billion. For fiscal 2000, which begins Oct. 1, Clinton sees the budget surplus rising to $142.5 billion from an earlier projection of $117.3 billion.
     "Improvements in the outlook since February have added $179 billion to the projected budget surplus over five years, half a trillion over 10 years, and a trillion over 15 years," Clinton said.
     In February, the White House forecast a five-year surplus of about $700 million, a 10-year surplus of about $2.41 trillion and a 15-year surplus of about $4.47 trillion.
     Budget surpluses have surpassed most projections recently as the booming U.S. economy, now in its ninth year of expansion, and big stock market gains have filled government coffers with soaring revenues.
     Clinton said the White House now expects the government to run a $5 billion surplus in fiscal 2000 excluding money from the Social Security surpluses, the first such surplus in four decades.
     "I am pleased that Republicans and Democrats in Congress have agreed to use the Social Security surpluses to reduce the national debt, but we must go forward and achieve an even stronger lockbox than (the) one proposed by Congress," Clinton said. "Social Security taxes should be saved for Social Security, period."

It's incredible, now, to look back on how sensible these policies were and to reflect on the fiscal train wreck that was the Bush administration.

http://money.cnn.com/1999/06/28/economy/clinton/

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WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

 
   

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."

"This is part of our fiscal discipline to reduce the debt with the federal surplus," said one White House official who asked not to be identified. Reducing the debt, the official said, has "real effects for real Americans." It means lower interest rates for mortgages, car loans and college loans, and leads to an increase in investment and more jobs." 

It is the third year in a row the federal government has taken in more than it spent, and has paid down the debt. The last time the U.S. government had a third consecutive year of national debt reduction was 1949, said the official.

The federal budget surplus for fiscal year 1999 was $122.7 billion, and $69.2 billion for fiscal year 1998. Those back-to-back surpluses, the first since 1957, allowed the Treasury to pay down $138 billion in national debt.

http://www.cnn.com/2000/ALLPOLITICS/stories/09/27/clinton.surplus/

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On 2/3/2018 at 2:28 PM, michiganjoe said:

The guy that said he wouldn't vote for the tax bill if it added even one penny to the deficit and then voted for it anyway. 

Well....there was the Corker kickback.  What's a conservative Republican going to do when they are throwing money at you?

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