vicman Posted November 2 Report Share Posted November 2 U.S. Faces Record Borrowing Requirement Tue Nov 2, 7:23 AM ET White House - AP By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON - The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department (news - web sites) announced Monday. The department projected net borrowing needs of $100 billion for the current October-December quarter, less than the $122 billion it had earlier estimated would be needed to meet the government's obligations. Treasury said it is currently projecting net borrowing of $147 billion in the January-March quarter of next year, which would top the previous record net borrowing amount for a single quarter of $146 billion set in the January-March quarter of this year. In the recently completed July-September quarter, Treasury borrowed a net $89 billion and ended the quarter with a cash balance of $36 billion. For the current quarter, Treasury is projecting to end the three-month period with a cash balance of $25 billion. With the huge borrowing needs, the government is only $25 million below the national debt ceiling of $7.384 trillion. It has been using accounting maneuvers with the debt held in the government's trust funds to keep from going over the limit. The Republican-controlled Congress is planning to return for a special session later this month to raise the debt ceiling and finish work on a budget. Republicans put off action on raising the debt ceiling because they did not want to have to vote on the issue before the election. Democrats blame the record deficits on Bush's decision to push through massive tax cuts that Democrats say mostly benefited the wealthy. The deficit for the budget year that ended on Sept. 30 hit a record $413 billion in dollar terms, up from the previous record of $377 billion set in 2003. The government through the 2001 budget year recorded a string of four surpluses, something that had not occurred for seven decades. While President Bush (news - web sites) took office with a projection that the 10-year surplus would hit $5.6 trillion, a recession, spending on homeland security and the war on terror and Bush's tax cuts wiped out the surpluses. The administration and congressional Republicans say the most important measure of the deficit is that the 2004 shortfall was an estimated 3.6 percent of the total economy. That is well below the worst-ever 6 percent figure set in 1983 under President Reagan. Quote Link to comment Share on other sites More sharing options...
obby Posted November 2 Report Share Posted November 2 147 billion in a 10 trillion dollar/year economy is not the crazy amount you try to imply it is. Maybe this will be a great time to pull out from under the rug all the depts that MANY counties owe us and start collecting. Won't happen though ! Quote Link to comment Share on other sites More sharing options...
vicman Posted November 2 Author Report Share Posted November 2 the US already owes 7 trillion. maybe they will have to ask France for a loan in the next couple of years if the current administration remains in power. Quote Link to comment Share on other sites More sharing options...
obby Posted November 2 Report Share Posted November 2 France owes us their lives. They would be speaking German right now if it wasn't for us. Not a bad idea. <------- Quote Link to comment Share on other sites More sharing options...
vicman Posted November 2 Author Report Share Posted November 2 and you would be having biscuits and tea if it weren't for the French . . . although you would still be speaking English. Quote Link to comment Share on other sites More sharing options...
chris817 Posted November 2 Report Share Posted November 2 tax and spend democrats are looking a lot better then these borrow and spend republicans Quote Link to comment Share on other sites More sharing options...
obby Posted November 2 Report Share Posted November 2 and you would be having biscuits and tea if it weren't for the French . . . although you would still be speaking English.Good point !!!! So do we call it even ??? Quote Link to comment Share on other sites More sharing options...
vicman Posted November 2 Author Report Share Posted November 2 sounds good. Quote Link to comment Share on other sites More sharing options...
bigpoppanils Posted November 2 Report Share Posted November 2 France owes us their lives. They would be speaking German right now if it wasn't for us. Not a bad idea. <-------French companies employ hundreds of thousands of Americans and help our economy immensely. for example, Renault's bailout of Nissan saved tens of thousands of manufacturing jobs across the deep south in 2001. Sodexho employs 110,000 Americans alone. Quote Link to comment Share on other sites More sharing options...
obby Posted November 2 Report Share Posted November 2 French companies employ hundreds of thousands of Americans and help our economy immensely. for example, Renault's bailout of Nissan saved tens of thousands of manufacturing jobs across the deep south in 2001. Sodexho employs 110,000 Americans alone.I agree, so why do you think they would back stab us and the WORLD and hide information regarding the Oil For Food Scandal ?????? (I'm sure you know the other Countries that were involved) Quote Link to comment Share on other sites More sharing options...
vicman Posted November 3 Author Report Share Posted November 3 I agree, so why do you think they would back stab us and the WORLD and hide information regarding the Oil For Food Scandal ?????? (I'm sure you know the other Countries that were involved)and the american firms as well? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.