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the one-word reason congress’s debt deal should worry us


well, we just kicked the can down the road again, to quote president-elect barack obama, who developed into an expert can kicker during his eight years in the white house.the bipartisan budget agreement reached last week by congressional leaders is nothing if not a huge evasion of responsibility. neither party will make the unpopular choices necessary to pay for an aging society and essential government. ever-larger budget deficits have become their means of making policy and practicing politics.under the agreement, the federal debt will grow by $1.7 trillion or so over the next decade, estimates the nonpartisan committee for a responsible federal budget. (the spending figures announced by congressional leaders are smaller because they mostly cover only two years. but it strains credulity






australia has $1 trillion foreign debt. should we be worried?


when you consider how many people worry about the federal government's debt, it's surprising how rarely we hear about the nation's much bigger foreign debt. when it reached $1 trillion more than a year ago, no one noticed.that's equivalent to 60 per cent of the nation's annual income (gross domestic product), whereas the federal net public debt is headed for less than a third of that – about $320 billion – by june.syria: what it means for australiavideo duration01:34previous slidenext slidevideo duration01:50tax measures won't help debt woestax measures won't help debt woestreasurer scott morrison says australians are coping well with debt, but that is 'no reason for complacency'. (vision courtesy abc news 24)syria: what it means for australiavideo duration01:34video duratio...






federal debt-limit deadline moved up to mid-march, adding urgency to another con


congress has until mid-march to raise the debt ceiling. (j. scott applewhite/ap)the congressional budget office said wednesday that the federal borrowing limit will need to be raised by mid-march, sooner than expected, adding urgency to yet another onerous task confronting congress.lawmakers are already facing a government shutdown deadline feb. 8 and are struggling to cut a deal on immigration before work permits for young immigrants brought to the united states illegally as children begin to expire in early march.the timelines for all these must-do tasks are beginning to converge, raising the possibility of one enormous deal in coming weeks wrapping all the issues up. for now, though, solutions look remote.the debt limit, which is set by law, is the maximum amount of debt the treasury de






federal government will be unable to pay all bills sooner than expected, due to


congress has until mid-march to raise the debt ceiling. (j. scott applewhite/ap)the u.s. government’s cash reserves are expected to run out faster than expected, the congressional budget office said wednesday, a result of lost revenue from last year’s tax cut law.if the debt ceiling isn’t raised by the first half of march, cbo said, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”the white house and gop leaders in congress have repeatedly punted decisions on how to deal with the debt ceiling. this is in sharp contrast to the approach republicans took during the obama administration, when the gop insisted on deep spending cuts in exchange for any vote to raise the debt ce...






federal government will be unable to pay all bills sooner than expected, due to


congress has until mid-march to raise the debt ceiling. (j. scott applewhite/ap)the u.s. government’s cash reserves are expected to run out faster than expected, the congressional budget office said wednesday, a result of lost revenue from last year’s tax cut law.if the debt ceiling isn’t raised by the first half of march, cbo said, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”the white house and gop leaders in congress have repeatedly punted decisions on how to deal with the debt ceiling. this is in sharp contrast to the approach republicans took during the obama administration, when the gop insisted on deep spending cuts in exchange for any vote to raise the debt ce...






mcconnell says dems didn't get a good deal on debt ceiling


senate majority leader mitch mcconnell said democrats were too hasty in celebrating the shock spending deal they made with president donald trump last week, saying it is not as good as they believe.“the deal is not quite as good as my counterpart thought it was,” the senator from kentucky told the new york times' 'the new washington' podcast, explaining that the battle for the debt limit increase will be delayed well beyond the initially agreed december deadline.last week, trump overruled republicans in congress and struck a deal with senior congressional democrats to raise the debt ceiling just as long as to ensure the government runs until december.republicans initially wanted an 18-month debt limit extension in a bid to avoid politically costly negotiations in the wake of the loo...






trump's debt deal with dems stuns gop, as congress moves toward vote


president trump has stunned republican lawmakers with his abrupt decision to strike a deal with democrats for a short-term increase in the debt ceiling tied to hurricane harvey relief money, though congress nevertheless is moving quickly toward a vote that could come by the end of the week.the president made the deal during a white house meeting wednesday with the top congressional leaders of both parties.house speaker paul ryan, r-wis., and senate majority leader mitch mcconnell, r-ky., had wanted a longer-term increase in the debt ceiling that would also cover hurricane relief funding. instead, trump sided with house minority leader nancy pelosi, d-calif., and senate minority leader chuck schumer, d-n.y., in agreeing to a three-month deal that would both fund the government and raise th.






trump's debt deal with dems stuns gop, as congress moves toward vote


president trump has stunned republican lawmakers with his abrupt decision to strike a deal with democrats for a short-term increase in the debt ceiling tied to hurricane harvey relief money, though congress nevertheless is moving quickly toward a vote that could come by the end of the week.the president made the deal during a white house meeting wednesday with the top congressional leaders of both parties.house speaker paul ryan, r-wis., and senate majority leader mitch mcconnell, r-ky., had wanted a longer-term increase in the debt ceiling that would also cover hurricane relief funding. instead, trump sided with house minority leader nancy pelosi, d-calif., and senate minority leader chuck schumer, d-n.y., in agreeing to a three-month deal that would both fund the government and raise th.






'dems' didn't get a good deal' says mcconnell, promising no debt ceiling fight u


senate majority leader mitch mcconnell said democrats were too hasty to celebrate the shock spending deal they made with president donald trump last week, saying it is not as good as they believe to be.“the deal is not quite as good as my counterpart thought it was,” the senator from kentucky told the new york times' 'the new washington' podcast, explaining that the battle for the debt limit increase will be delayed well beyond the initially agreed december deadline.last week, trump overruled republicans in congress and struck a deal with senior congressional democrats to raise the debt ceiling just as long as to ensure the government runs until december.republicans initially wanted an 18-month debt limit extension in a bid to avoid politically costly negotiations in the wake of the...






air india: new owners of air india won't have to worry about the airline's debt


new delhi: the new owners of air india following divestment may not have to worry about its gargantuan debt as the government has decided to move much of this into a special purpose vehicle (spv) before selling the carrier, senior aviation ministry officials said. the committee on air india's divestment led by finance minister arun jaitley took this decision at a meeting on august 30, they said. "the committee decided to transfer all debt and assets of air india to an spv that will be managed by the government the airline will be sold only with aircraft debt on its books. this will make the airline a much more lucrative proposition," said one of the officials. air india has a total debt of rs 52,000 crore and about rs 33,000 crore is on account of working capital lo...






u.s. debt is a huge problem that congress will find hard to fix


a friend once commented about her downsizing company, "you know things are bad at work when people start stabbing each other in the front." as the u.s. deficit has grown, the tone around the debt ceiling has gotten increasingly acerbic. there have been calls to let the u.s. default on its debt, which would undermine the u.s.' position as the global reserve currency. the intransigence of the political atmosphere today is best represented by the tea party republicans for whom fiscal discipline is paramount. the recent agreement on the debt ceiling debate that kicked the can to december created the political absurdity of members of congress voting against $15 billion in hurricane relief. but the debt ceiling debate itself is political farce masked as drama. congress approv...






trump, schumer agree to pursue plan to repeal the debt ceiling


president trump's decision to back democrats' plans for raising the debt ceiling and permanently removing congress's debt ceiling requirement is frustrating republicans, and especially conservatives. (jenny starrs/the washington post)president trump and senate minority leader charles e. schumer (d-n.y.) have agreed to pursue a deal that would permanently remove the requirement that congress repeatedly raise the debt ceiling, three people familiar with the decision said.trump and schumer discussed the idea wednesday during an oval office meeting. the two, along with house minority leader nancy pelosi (d–calif.), agreed to work together over the next several months to try to finalize a plan, which would need to be approved by congress.one of the people familiar described it as a “gent...






don't worry about h1b visa issue for now: sushma swaraj


new delhi: external affairs minister sushma swaraj on thursday said there was no reason to worry about the curbs on h1b visas or the job security of indian it professionals working in the us for the time being as the indian government is in talks with the us regarding this. "currently there are four bills in the us congress about curbs on h1b visas. we are engaged (in a dialogue) with the us at very high level regarding this... we are making all efforts (through diplomatic channels) to ensure these bills are not passed," sushma said in the rajya sabha. "so there is no reason to worry about it as of now," she added. the minister pointed out that even before donald trump became president, there had been a "flip-flop" in the h1b visa policy by the us. "in 1990 when h1b visas were first...






mnuchin calls for congress to raise federal debt limit


the u.s. treasury secretary on thursday encouraged congress in a letter to raise the federal debt ceiling, which has been suspended since 2015, as soon as possible to prevent a u.s. default.reuters reported that secretary steven mnuchin wrote a letter to speaker paul ryan and called paying back the u.s.’s outstanding debt “is a critical commitment.” he said “extraordinary measures” will have to be taken to avoid default.it is not uncommon for congress to use the debt ceiling as a bargaining chip with the sitting administration. but republicans control the house. some of these republicans may challenge president trump on the debt ceiling like they are with his obamacare replacement.treasury secretary mnuchin on economic growth, tax policyin one standoff in august 2011, the standar...






united states - how to deal with the credit card debt from family member that ha


first, when a debt collector says, "it's to your advantage to give me money now", i'd take that with a grain of salt. my ex-wife declared bankruptcy and when debt collectors couldn't find her, they somehow the debt collectors tracked me down and told me that i should tell her that it would be to her advantage to pay off this debt before the bankruptcy went through. that was total nonsense of course. the whole point of bankruptcy is to not have to pay the debt. why would you pay it just before it was wiped off the books? (now that i think of it, i'm surprised that they didn't tell me that i should pay her debts.)as others have noted, this would be controlled by state law. but in general, when someone dies any debts are payed from the assets of the estate, and then whatever is left go...






what's the debt limit and why is congress about to raise it again?


a pedestrian walks past the u.s. treasury building in washington on a rainy day.(photo: j. david ake, ap) 2 connectlinkedinemailmorewashington — while congress has been focused on creating a new health care law and confirming president trump's cabinet nominees, lawmakers have paid scant attention to a looming thursday deadline to raise the government's debt limit so that it can pay its bills and avoid a potentially devastating economic crisis.the u.s. treasury department's power to borrow money will expire on march 16 unless congress acts quickly to raise the debt ceiling. although the treasury won't run out of cash to pay creditors until sometime this fall, any delay in raising the debt limit could risk the government's credit rating and cost taxpayers billions o...






paul ryan: a short-term debt ceiling hike is ‘disgraceful.’ trump: let’s do it.


president trump sided with democrats on sept. 6, to reach a deal to extend the debt limit for three months and fund hurricane relief measures for hurricane harvey. (reuters) this post and its headline have been corrected to clarify that republicans and trump were at odds over raising the debt ceiling by december, not about whether to include harvey aid in with a vote on the debt ceiling. president trump doesn't care about his relationship with hill republicans.exhibit, like z, of this is a very public debate about how congress should prioritize its massively hectic — and massively consequential — september of deadlines. lawmakers have to figure out how to raise the debt ceiling, and fund the government, and put an $8 billion down payment on aid for the damage hurricane harvey left i...






the united states just hit $20 trillion in debt. republicans have a plan to make


the sun rises over the capitol building in washington on nov. 1, 2011. (andrew harrer/bloomberg news)the united states' debt topped $20 trillion for the first time ever in september. if some republican senators get their wish, it will grow even more.senate republicans have tentatively agreed to a budget deal that would allow them to pass a $1.5 trillion tax cut. the catch is they aren't proposing spending cuts or tax increases elsewhere to pay for it. that means the nation's debt could increase by $1.5 trillion or more over the next decade.“it's an astronomical amount, given how bad our current debt is,” said maya macguineas, head of the committee for a responsible federal budget, a nonpartisan watchdog group that's trying to reduce the debt.the deal is even more remarkable, gi...






the united states just hit $20 trillion in debt. republicans have a plan to make


the sun rises over the capitol building in washington on nov. 1, 2011. (andrew harrer/bloomberg news)the united states' debt topped $20 trillion for the first time ever in september. if some republican senators get their wish, it will grow even more.senate republicans have tentatively agreed to a budget deal that would allow them to pass a $1.5 trillion tax cut. the catch is they aren't proposing spending cuts or tax increases elsewhere to pay for it. that means the nation's debt could increase by $1.5 trillion or more over the next decade.“it's an astronomical amount, given how bad our current debt is,” said maya macguineas, head of the committee for a responsible federal budget, a nonpartisan watchdog group that's trying to reduce the debt.the deal is even more remarkable, gi...






united states - why is greece's debt considered a problem but not us debt, which


it's going to be difficult to really choose a "best answer" here since to some extent the factors involved, and especially which ones are "most important" is going to be a matter of opinion. and this is because economics is not a settled science in the way that physics or chemistry are, such that there are "correct answers."that said, while it has already been noted that many people do consider the us debt to be a big problem, and relative population and relative gdp do certainly matter. the one i'd emphasize above all has mostly just been mentioned as an "also" reason.and that is ... the denomination of the debt. the us can print dollars. greece cannot print euro. you don't have to think this through very hard to see that this means the us can always pay its debt in dollars, wh...






united states - why is greece's debt considered a problem but not us debt, which


it's going to be difficult to really choose a "best answer" here since to some extent the factors involved, and especially which ones are "most important" is going to be a matter of opinion. and this is because economics is not a settled science in the way that physics or chemistry are, such that there are "correct answers."that said, while it has already been noted that many people do consider the us debt to be a big problem, and relative population and relative gdp do certainly matter. the one i'd emphasize above all has mostly just been mentioned as an "also" reason.and that is ... the denomination of the debt. the us can print dollars. greece cannot print euro. you don't have to think this through very hard to see that this means the us can always pay it's debt in dollars, ...






gorsuch shows writing style in unanimous opinion about debt collectors


justice neil m. gorsuch got a cushy assignment for his first supreme court opinion — a unanimous ruling affirming a lower court — and used it to showcase both his writing style and much-touted devotion to a textual interpretation of the laws congress passes.“disruptive dinnertime calls, downright deceit, and more besides drew congress’s eye to the debt collection industry,” gorsuch began in an 11-page opinion that said federal law targeting annoying and abusive debt collectors does not cover companies that buy debt and try to collect it.[rulings offer glimpse of what kind of justice gorsuch could be]“everyone agrees that the term embraces the repo man — someone hired by a creditor to collect an outstanding debt. but what if you purchase a debt and then try to collect it for y...






trump’s tax cuts are rocketing us into the debt ceiling


the financial doomsday clock is ticking, and, thanks to the massive tax cuts passed by congress in december, the ticks just sped up. unless congress gets its act together, the federal government will default on its debt in a few short weeks. this event would set off a constitutional crisis and a global financial crisis. and it would be not some inevitable catastrophe but wholly man-made, created by an inept white house and a congress too distracted, disorganized or greedy to act in the nation’s best interest.for the past century, congress has imposed a statutory limit on how much the united states can borrow. in theory, this limit is supposed to impose fiscal discipline upon spendthrift politicians.in practice, it does no such thing.the debt ceiling doesn’t actually restrict how much c...






trump’s tax cuts are rocketing us into the debt ceiling


the financial doomsday clock is ticking, and, thanks to the massive tax cuts passed by congress in december, the ticks just sped up. unless congress gets its act together, the federal government will default on its debt in a few short weeks. this event would set off a constitutional crisis and a global financial crisis. and it would be not some inevitable catastrophe but wholly man-made, created by an inept white house and a congress too distracted, disorganized or greedy to act in the nation’s best interest.for the past century, congress has imposed a statutory limit on how much the united states can borrow. in theory, this limit is supposed to impose fiscal discipline upon spendthrift politicians.in practice, it does no such thing.the debt ceiling doesn’t actually restrict how much c...






editorial blasts trump for giving democrats 'exactly what they want' on debt cei


the wall street journal’s editorial board on wednesday wrote a blistering critique of president trump’s decision to overrule congressional republicans and his own treasury secretary to cut a deal with democrats to raise the federal debt ceiling “for a mere three months.”the editorial, titled ‘the pelosi-schumer-trump congress,’ blasted trump for giving democrats “exactly what they want, which is to set up an even steeper fiscal cliff on debt and spending in december when republicans hope to be focusing on tax reform.”trump sided with the democratic leaders — “chuck and nancy,” as he amiably referred later to senate minority leader chuck schumer and house minority leader nancy pelosi — as they pushed for the three-month deal, brushing aside the urgings of gop leaders...






mcconnell says ‘zero chance’ congress will fail to raise debt ceiling


senate majority leader mitch mcconnell (r- ky.) (alex brandon/ap)senate majority leader mitch mcconnell (r-ky.) said monday that there was “zero chance, no chance” congress would fail to raise the debt ceiling by late september, although he offered no clues about how he hoped to persuade lawmakers to back such a measure.mcconnell spoke during a public event in kentucky with treasury secretary steven mnuchin, who minutes before had implored congress to focus immediately on raising the debt ceiling when members return to washington after labor day. mnuchin said the debt ceiling must be increased to ensure that the u.s. government can pay its bills.“there is zero chance — no chance — we will not raise the debt ceiling," mcconnell responded.the federal government spends more money ...






mcconnell says there is ‘zero chance’ congress will fail to raise debt ceiling


senate majority leader mitch mcconnell (r- ky.) (alex brandon/ap)senate majority leader mitch mcconnell (r-ky.) said monday that there was “zero chance — no chance” congress would fail to raise the debt ceiling by late september, although he offered no clues about how he hoped to persuade lawmakers to back such a measure.mcconnell spoke during a public event in kentucky with treasury secretary steven mnuchin, who minutes before had implored congress to focus immediately on raising the debt ceiling when members return to washington after labor day. mnuchin said the debt ceiling must be increased to ensure the u.s. government can pay its bills.“there is zero chance — no chance — we will not raise the debt ceiling,” mcconnell responded.the federal government spends more money t...






mcconnell says there is ‘zero chance’ congress will fail to raise debt ceiling


senate majority leader mitch mcconnell (r- ky.) (alex brandon/ap)senate majority leader mitch mcconnell (r-ky.) said monday that there was “zero chance — no chance” congress would fail to raise the debt ceiling by late september, although he offered no clues about how he hoped to persuade lawmakers to back such a measure.mcconnell spoke during a public event in kentucky with treasury secretary steven mnuchin, who minutes before had implored congress to focus immediately on raising the debt ceiling when members return to washington after labor day. mnuchin said the debt ceiling must be increased to ensure the u.s. government can pay its bills.“there is zero chance — no chance — we will not raise the debt ceiling,” mcconnell responded.the federal government spends more money t...






paul: ‘if i’m responsible for drawing attention to the debt, so be it’


video channels |top newspopularsuper bowl ads 2018(u.s. senate) live politics paul: ‘if i’m responsible for drawing attention to the debt, so be it’ sen. rand paul (r-ky.) on feb. 8 spoke on the senate floor against a bipartisan budget deal and delayed a vote on the measure. related links read more up next in politics 2:55 paul: ‘if i’m responsible for drawing attention to the debt, so be it’ 3:26 house passes bipartisan budget deal 2:06 senate votes to end government shutdown 2:30 did hillary clinton collude with the russians to get ‘dirt’ on trump to feed it to the fbi? 3:42 how the fisa process actually works 2:06 congress votes to reopen the government 2:02 from black power fists to boycotts: a history of olympics protests 3:20 what you need to know about evangelicals i...






it’s not too late for the senate to avoid fiscal disaster


republicans want to pass the biggest rewrite of the federal tax code since 1986. they could do so the right way, taking care to simplify the code without harming the country’s already stretched finances. or they could hypocritically balloon the debt to pay for tax cuts, nullifying the benefits of the rewrite by plunging the country into dangerous fiscal territory. a plan before the senate, possibly to be voted on this week, would do tax reform the wrong way. any republican who ever breathed a word of concern about the debt when democrats were in charge has no excuse to support this plan. they should reject the budget outline. the reason is simple: the senate budget plan would allow lawmakers to add a whopping $1.5 trillion to the debt over a decade in order to cut taxes. backers of the...






trump agrees to raise debt ceiling in exchange for harvey relief


president trump struck a rare deal with the democrats to raise the debt ceiling and fund the government in exchange for $8 billion harvey aid, congressional leaders claimed wednesday. senate minority leader chuck schumer (d-ny) and house minority leader nancy pelosi (d-calif.) said the deal will let the government borrow and pay its bills through dec. 15.187 photos view gallery hurricane harvey lashes texas as it makes landfall the agreement avoids what could’ve been a national catastrophe as congress juggles a packed legislative agenda this fall. the u.s. would have defaulted on its debt had the ceiling not been raised, an unprecedented event that would’ve tarnished the nation’s credit rating.disgraced pastor jim bakker calls hurricane harvey 'judgment' ...






why does the debt ceiling exist?


by kim soffen, darla cameron and kevin uhrmacherby kim soffen, darla cameron and kevin uhrmacherseptember 7 at 5:57 pmpresident trump and democratic leadership have agreed to work on a deal that would eliminate the need for congress to continually raise the country’s debt ceiling — a cap on how much money the united states is allowed to borrow to pay its bills.the agreement was made in a sept. 7 meeting with trump, sen. minority leader charles e. schumer (d-n.y.) and house minority leader nancy pelosi (d-calif.). republican leadership was not present and has indicated opposition to the idea. (meanwhile, the senate voted to raise the debt ceiling until december, sending it to the house.)but why do we have a debt ceiling, and why has it stuck around despite the political fight that ensue...






hill gop conservatives not backing trump plan to tie harvey money to debt ceilin


treasury secretary steve mnuchin’s weekend call for congress to tie its upcoming vote on increasing the federal debt limit to approving billions for hurricane harvey relief is getting support from congressional democrats but apparent little backing from republicans."the president and i believe the (debt ceiling) should be tied to the harvey funding,” mnuchin told “fox news sunday.” “with harvey, it's moved the situation up earlier. ... and without raising the debt limit, i'm not comfortable that we would get the money that we need this month to texas to rebuild." members of congress left for the august recess knowing that the vote on raising the debt ceiling would be a high priority upon returning since the federal government has technically already reached its borrowing li...






mnuchin frets having harvey money, wants congress to raise debt limit asap


treasury secretary steve mnuchin said sunday that his and president trump’s “first priority” is to ensure texas gets hurricane harvey relief money, which means congress upon its return tuesday should connect appropriating the funds to increasing the federal debt.congress had largely been expected since the deadly storm hit southeast texas on aug. 25 to pass a spending bill free of amendments, add-ons or other legislation to avoid the kind of political wrangling that for months delayed emergency funding for 2012’s superstorm sandy.members of congress were then expected to resolve the debt ceiling issue. however, the realization that recovery efforts could cost as much as $190 billion has resulted in white house concerns about having enough ready cash."the president and i believe th...






reason to worry over basirhat violence: amartya sen


kolkata: nobel laureate amartya sen on monday said there is a "reason to worry" over the communal violence that has engulfed pockets in basirhat sub-division of west bengal's north 24 parganas district. "why is it happening? is it because someone is inciting it? there is reason to worry over this," sen told a television channel here when asked about it. the celebrated economist is in the city to attend the screening of a documentary on him by director suman ghosh. violence erupted between two communities at baduria on july 3 night over a facebook post by a youth. while he was soon arrested, violence broke out with mobs attacking shops and houses, torching vehicles, including those of police, and putting up road blockades. several police personnel sustained injuries as the violence to ...






american entertainment that gets ruined in translation


2"... baby one more time" was a lot more innocent in the original swedishlet's drop the act. you read the title for the entry and now, deep down, you want to listen to the song six or seven times. it's totally fine. i wrote this a few weeks ago, and i'm probably still listening to it right now.speaking of, do you know what other pretense we should drop? that this song is about "a 's feelings after a break-up with her boyfriend." this song is all about ing and so probably wound up serving as a soundtrack to more teen pregnancies than the "psst" of someone opening a wine cooler or the "clunk" of someone dropping a driver's seat back.the people who wrote the song, however, might disagree with that ertion. see, "... baby one more time" was actually written by a group of swedish composers under