Ponce
20th September 2013, 09:31 AM
The Government wants to cut federal aid by 39 billions by 2020.....but.....how many more people of aid will we have by then? and how many less people will there be working by then?.....will there even be a country as we know it?
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A study by the Congressional Budget Office released on Tuesday shows that the US government could default by October if lawmakers fail to increase the $16.7 trillion borrowing cap.
The Treasury Department's assessment that it'll run out of borrowing authority and have just $50 billion cash on hand in mid-October "sounds plausible," said CBO Director Doug Elmendorf.
Treasury Secretary Jacob Lew also warned on Tuesday that Congress needs to act to increase the debt limit by mid-October.
"Efforts to either defund or delay the Affordable Care Act are unacceptable," Lew told the Economic Club of Washington. "That is not a path towards something that can ultimately be signed into law."
The report is one of a series by the agency and other budget watchdogs warning that spiraling long-term debt threatens to reduce private investment, raise interest rates, and limit Washington's ability to respond to a financial crisis.
The US government has about $16.7 trillion in debt which continues to rise because the government spends more money than it brings in.
The government spends more than $3.5 trillion a year on a variety of things, including Social Security benefits, road projects, the military and foreign aid.
In 2011, Standard & Poor’s downgraded the US credit rating after President Obama and Congress failed to resolve the long-term debt crisis.
http://www.presstv.ir/detail/2013/09/18/324578/us-studt-debt-problems/
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A study by the Congressional Budget Office released on Tuesday shows that the US government could default by October if lawmakers fail to increase the $16.7 trillion borrowing cap.
The Treasury Department's assessment that it'll run out of borrowing authority and have just $50 billion cash on hand in mid-October "sounds plausible," said CBO Director Doug Elmendorf.
Treasury Secretary Jacob Lew also warned on Tuesday that Congress needs to act to increase the debt limit by mid-October.
"Efforts to either defund or delay the Affordable Care Act are unacceptable," Lew told the Economic Club of Washington. "That is not a path towards something that can ultimately be signed into law."
The report is one of a series by the agency and other budget watchdogs warning that spiraling long-term debt threatens to reduce private investment, raise interest rates, and limit Washington's ability to respond to a financial crisis.
The US government has about $16.7 trillion in debt which continues to rise because the government spends more money than it brings in.
The government spends more than $3.5 trillion a year on a variety of things, including Social Security benefits, road projects, the military and foreign aid.
In 2011, Standard & Poor’s downgraded the US credit rating after President Obama and Congress failed to resolve the long-term debt crisis.
http://www.presstv.ir/detail/2013/09/18/324578/us-studt-debt-problems/