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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (29414)	10/14/2004 10:16:55 PM
From: James Calladine	Read Replies (1) \| Respond to of 173976

LET'S ALL HEAR IT FOR THE WONDERFUL FISCAL MANAGEMENT OF OUR ESTEEMED COMMANDER-IN-CHIEF...... Treasury skirts $7.4 trillion debt limit BY JAMES TOEDTMAN CHIEF ECONOMIC CORRESPONDENT October 15, 2004 WASHINGTON -- Awash in red ink, the federal government has torn up its credit card to keep the national debt under the legal $7.384 trillion ceiling. Treasury Secretary John Snow made the announcement in a letter to Congressional leaders, warning that he had stopped borrowing funds and would run out of time and gimmicks by mid-November. At that point, he wrote, "all of our previously used prudent and legal actions to avoid breaching the statutory debt limit will be exhausted." Snow also asked Congress to raise the raise the debt limit. At the moment, there is no threat to government operations. "The Treasury has more than enough funds," said Lou Crandall, chief economist for Wrightson ICAP, bond research firm based in Jersey City, N.J.. Nor do investors face any risk as long as Congress does indeed raise the debt limit next month. It would be the third hike in four years as the federal debt has risen by $1.8 trillion since 2000. In that time, federal finances have also swung from a $127 billion budget surplus to the $413 billion deficit for the 2004 fiscal year, which Snow also announced Thursday. Democrats were quick to highlight both announcements. Rep. Charles Rangel (D-N.Y.) cited the new figures as "further evidence of the Bush Administration's fiscal recklessness. While they are out promoting their relentless agenda of tax cuts for the rich, their Treasury Department is forced to admit that the burden of paying for these tax cuts will fall on the shoulders of our children and grandchildren," he said." Congress has always approached the debt ceiling warily, and House and Senate Republican leaders refused Snow's request in August to raise the limit before this year's election. The last increase -- a $934 billion hike -- was voted just 16 months ago. Snow indicated he would employ the same devices in the next month that he had then. While suspending new issues of Treasury notes and bonds, he also delayed reinvestment of maturing notes and redeemed outstanding bonds prematurely. Congress is scheduled to reconvene for a post-election session on Nov. 15, and expects to raise the debt ceiling by $690 billion. Democratic leaders said Thursday they would press for Congress to revive rules requiring that any tax cuts or new spending be matched by comparable spending cuts. Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, endorsed that measure. "Congress should at the very least use the must-pass legislation of increasing the debt ceiling as a chance to also resurrect meaningful spending caps and pay-as-you-go rules," she said. "The even more important task of developing a bi-partisan plan to reduce the deficit should be tackled as quickly as possible after the election." newsday.com

To: jlallen who wrote (29414)	10/16/2004 12:46:31 AM
From: Brumar89	Read Replies (2) \| Respond to of 173976

Kerry blames Bush for his failure to vote for UE ben extension: Wednesday night, John Kerry launched — to use President Bush's words — a "litany of complaints" against his opponent, alleging that the administration has failed in every way possible. The Massachusetts liberal was especially eloquent about what he termed the Republican Party's callous treatment of the poor. "They've wound up not even extending unemployment benefits . . ." Well, imagine that. Now, exactly why were the unemployment benefits not extended? Because a bill designed to do so just barely failed in the Senate in May. Absent was John Forbes Kerry — off busily running for president. Had he walked into the Senate last May, taken his seat and backed up his rhetoric with an actual vote, he might have made a difference. But, of course, he didn't. So the bill failed, 59-40 (it needed 60 votes to pass) — and thus an extension was dead for this year. Again, John Kerry's absence effectively killed it. Now he blames its demise on Bush. The man's arrogance is breathtaking. nypost.com