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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (41482)	11/23/2010 4:44:51 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 103300

JL has drunk the koolaid.... The President SIGNS ALL SPENDING into law (and then carries it out). Without which there is no spending, unless his non-signing 'pocket veto' is OVER-RIDDEN by two thirds majority... and when the heck did that ever happen last??????? :-) By the way --- (for Reagan) --- Congress approved LESS SPENDING then the President PROPOSED in his budget requests (although only slightly less...) and control of Congress was split between GOP and Dems for at least six of those eight years. :-)

To: jlallen who wrote (41482)	11/23/2010 5:44:53 PM
From: tonto	Respond to of 103300

--- "Deficit" vs. "Debt"--- "Suppose you want to spend more money this month than your income. This situation is called a "budget deficit". So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy. Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations. federalbudget.com