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Thread: White House Ignores Interest Payments in Claiming to Control Debt

  1. #1
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    Default White House Ignores Interest Payments in Claiming to Control Debt

    http://www.foxnews.com/politics/2011...l-debt-claim/#

    http://tinyurl.com/4obcafc

    By Judson Berger
    Published February 16, 2011 FoxNews

    The Obama administration's statement that the government will not be adding to the debt by the middle of the decade clashes hard against the facts, Republicans say, leaving officials straining to justify the budget claim they've pushed repeatedly over the past few days.

    As it turns out, the administration is not counting interest payments. That means the budget team plans to have enough money to pay for ordinary spending programs by the middle of the decade. But it won't have the money to pay off those pesky -- rather, gargantuan -- interest payments. So it will have to borrow some more, in turn increasing the debt and increasing the size of future interest payments year after year.

    - more -

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    Senior Member dnf777's Avatar
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    Quote Originally Posted by Eric Johnson View Post
    http://www.foxnews.com/politics/2011...l-debt-claim/#

    http://tinyurl.com/4obcafc

    By Judson Berger
    Published February 16, 2011 FoxNews

    The Obama administration's statement that the government will not be adding to the debt by the middle of the decade clashes hard against the facts, Republicans say, leaving officials straining to justify the budget claim they've pushed repeatedly over the past few days.

    As it turns out, the administration is not counting interest payments. That means the budget team plans to have enough money to pay for ordinary spending programs by the middle of the decade. But it won't have the money to pay off those pesky -- rather, gargantuan -- interest payments. So it will have to borrow some more, in turn increasing the debt and increasing the size of future interest payments year after year.

    - more -
    Didn't you hear? Congress called Debt Consolidators Inc...they're getting one lower monthly payment, and getting rid of all those pesky debt collectors!

    So far the only good thing about spending control is that it is now at least the talk of the town. Yet to see any real ACTION to back that talk, but at least its a step in the right direction.

    I mean, congress was all busy patting itself on the back today as there was bipartisan support to scrap funding for a redundant F-35 engine over the next several years. Total spending cut? 400 million. Hey, that's great, but we're 1.6 Trillion in the hole for just this upcoming year! Gotta do better'nat!

    That 400 million reduced our annual deficit by a whopping 0.25%. If we could find 400 more similar cuts, then we'd be slick.
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

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    Senior Member huntinman's Avatar
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    Nice thread Eric...posted the same story a few hours ago... great minds...
    Bill Davis

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    Quote Originally Posted by dnf777 View Post
    So far the only good thing about spending control is that it is now at least the talk of the town. Yet to see any real ACTION to back that talk, but at least its a step in the right direction.
    For once you say something I partially agree with - it goes beyond that. It's the talk in most state & local governments also. How it's dealt with will tell a lot. Our local government has given it lip service while discussing raises of 9 1/2% for the exempt employees. I hope they are stupid enough to do that as I will have a great time in the LTTE section of our local newspaper.

    At the state level here we have a D gov & D majorities in both House & Senate trying to undo the damage they wrought with no tax increases, as that ability was taken away in the last election. It is comical, to say the least.

    Bitching about something & doing something about it are 2 different critters as the pol's are about to find out. The R's will be very careful, which they should not be, of doing something that can be used against them in the next election. Remember they must get it through a Senate that has 53 D's & a POTUS who are hostile partisans.
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