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FLASH: Treasury Borrows Record $361 Billion for 2nd Quarter...

Discussion in 'Political Zone' started by JBond, Apr 28, 2009.

  1. JBond

    JBond Well-Known Member

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    FLASH: Treasury Borrows Record $361 Billion for 2nd Quarter...


    WASHINGTON – The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period.

    It's the third straight quarter the government's borrowing needs have set records for those periods.

    Treasury also estimated it will need to borrow $515 billion in the July-September quarter, down slightly from the $530 billion borrowed during the year-ago period. The all-time high of $569 billion was set in the October-December period.

    The huge borrowing needs reflect the soaring costs of the $700 billion financial rescue program and the recession, which is nearing a record as the longest in the post World War II period.

    The slump has cut sharply into tax revenue and boosted government spending for benefit programs such as unemployment insurance and food stamps.

    The administration is projecting the federal deficit for the entire budget year ending Sept. 30, will total a record $1.75 trillion. A deficit at that level would nearly quadruple the previous record of $454.8 billion set last year.

    To cover the government's heavy borrowing needs, Congress in February boosted the limit for the national debt to $12.1 trillion as part of the legislation that enacted President Barack Obama's $787 billion economic stimulus program. The national debt now stands at $11.1 trillion.

    The government released its estimate of borrowing needs for the quarter before a news conference Wednesday when officials are scheduled provide exact details of how much debt the government plans to sell next week and in what maturity levels as part of Treasury's regular quarterly debt auctions.

    The $361 billion estimate for borrowing this quarter compared with borrowing needs of just $13 billion in the year-ago period. Normally the government's borrowing needs shrink sharply in the April-June quarter because of all the tax revenue being collected.

    The government announced in February that it was bringing back the seven-year note and doubling the number of 30-year bond auctions it would hold each year to help finance the surging borrowing needs.
  2. Doomsday101

    Doomsday101 Well-Known Member

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    Come on it is just tax payer money and all part of the Wealth re-distribution plan, those who work hard get less and those who don't get what others earn.
  3. Kangaroo

    Kangaroo Active Member

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    Yep saw that coming a mile away and it all started with the stupid TARP :bang2::bang2::bang2:
  4. JBond

    JBond Well-Known Member

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  5. Dallas

    Dallas Old bulletproof tiger

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    To all of my liberal friends here. Are you happy w/ this constant borrowing going on and the huge amount of more debt we are going into?


    Can you do the math?


    Your childrens childrens children will still be paying for this.


    Legit question. Is this kind of enormous borrowing good for our country?


    /discuss
  6. ShiningStar

    ShiningStar Well-Known Member

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    If you dont comprehend what you are doing, if you dont understand the ramifications of what you are doing, and if you truly truly dont care, how is it a bad thing?

    The money that is only being thrown around is money to a means to an end. If it doesnt become your problem after a certain amount of time do you really really care?

    How can we asks questions if the first and foremost question is never settled, do politicians really care later down the road if it is not in their goals to be there when the bill needs to be paid?
  7. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    Earlier this month, the British announced that they would be raising the tax rate on private citizens who earn more then 150 pounds, I believe 250K in US dollars, to 50%. Same basic scheme as President Obama proposes. Tax the higher income brackets and re-distribute to the poor. In England, the PM is Gordon Brown and the party in power is the Labour Party. We keep saying this could never happen here in the U.S. but let me just remind everybody that in 2004, Tony Blair, then PM of England, made a speech to the English Parliament that basically stated there was no need for double digit increases in taxation. In 2005, he caped tax increase proposals that would significantly add to the existing tax rates in order to stem proposed budget increases. In 2007, Tony Blair resigned as PM and leader of his party. This was blamed on the fact that he supported the Iraq War but in truth, his party was in favor of wealth redistribution and Blair was preventing that from happening.

    Is this really what you want? It can happen.
  8. JBond

    JBond Well-Known Member

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    Lets go back to the good old days of Jimmy Carter. The top marginal rate was around 74%. Those stupid evil rich people must pay. They are only successful because they cheated, lied and stole their way there. We must destroy them.
  9. Dallas

    Dallas Old bulletproof tiger

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    Obama Administration

    [IMG]

    "We will break you."
  10. JBond

    JBond Well-Known Member

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  11. Doomsday101

    Doomsday101 Well-Known Member

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    We can eliminate the wealthy in this country under this plan and then who pays for all those who choose to sit on their butts? :laugh2:
  12. MetalHead

    MetalHead Benched

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    I don't know,let me ask my kids..what an irresponsible post.
  13. ShiningStar

    ShiningStar Well-Known Member

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    im sorry you took it that way, but i was trying to say our politicians just dont care anymore.
  14. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

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    I think ShiningStar was being sarcastic.:)
  15. ShiningStar

    ShiningStar Well-Known Member

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    Thank you SC
  16. MetalHead

    MetalHead Benched

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    No harm no foul...and you are right about the politicians.
    Never before have I seen such a display of arrogance and contempt for the people.
    That act as if we were stupid.Look at the Specter example of self serving and complete lack of principles.
    That was shameful and I don't see how ANY elected official regardless of party affiliation will have respect for him.

    Is that what this country has become?
  17. ShiningStar

    ShiningStar Well-Known Member

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    I think its been a long time coming, but yes, the question is, can we wake the country up to see it?
  18. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

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    Sarcasm on message boards is a funny thing. Sometimes, other posters miss sarcasm that I find very obvious. Other times, I miss sarcasm that other posters find obvious.
  19. ShiningStar

    ShiningStar Well-Known Member

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    now this helps me understand why my friend said i lost my sarcasm. I forget how to get it across now a days and just assume everyone knows what i mean.

    Thank you for pointing that out SC. Like i said, all the brain power, lost the looks. :laugh2:

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