Rational Nation USA

The U.S. government is set to borrow nearly $1 trillion this year, an 84 percent jump from last year Some highlights: Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It's the highest amount of borrowing in six years , and a big jump from the $519 billion the federal government borrowed last year. Treasury mainly attributed the increase to the “fiscal outlook.” The Congressional Budget Office was more blunt. In a report this week, the CBO said tax receipts are going to be lower because of the new tax law . SKIP What's particularly jarring is this is the first time borrowing has jumped this much (as a share of GDP) in a non-recession time since Ronald Reagan was president, says Ernie Tedeschi, a former senior adviser to the U.S. Treasury who is now head of fiscal analysis at Evercore ISI. Under Reagan, borrowing spiked because of a buildup in the military , something Trump is ad...

by: Les Carpenter Rational Nation USA Liberty -vs- Tyranny Republican -vs- Democrat claims as to which party is responsible for the nation's deficits and national debt is ongoing. With neither side giving an inch or taking responsibility. As such We the People continue to be the beneficiary of bad fiscal management and government. The reality is this, both are responsible and until such time as we hold our elected officials feet to the fire not much is going to change. Our biggest problem is that we have become addicted to "big brother" government, expecting Leviathan to solve our problems for us and take care of us without considering the expense and who is ultimately footing the bill. An interesting and spot on article from 2010 . Not much has changed really.

by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism Liberty -vs- Tyranny From the Los Angeles Times ... The White House signaled Wednesday that President Obama could accept a short-term deal to raise the debt ceiling, but only if it appeared lawmakers were close to an agreement on a significant deficit reduction plan. Finding solutions to major problems may be a possibility after all. That is if the ideologically pure "accept no compromise" republicans determine to be objective and reasonable. Were it not for the "Gang of Six", with Coburn leading the way, I would hold out little hope that objective reasoning might prevail. The President has signaled he is willing to consider a short term agreement to raising the debt ceiling if lawmakers were closing in on an agreement to significantly reduce the deficit. As this site has readily maintained finding a solution so the nation doesn't default on its obligations should be priorit...