The combination of high levels of debt and higher interest rates has pushed the annualized interest cost of government debt past $1 trillion, an analysis from Bloomberg showed Tuesday.
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Tag Archives: budget deficit
U.S. Budget Deficit Balloons To $1.7Trillion
The U.S. budget deficit increased 23 percent to $1.7 trillion, an increase of $320 billion, in the year after the Biden administration pushed through the Inflation Reduction Act which it claimed would close the government’s funding gap.
The deficit adds to the U.S. debt total, which the government said earlier this week had reached $33.6 trillion. That is more than $250,000 per household and more than $99,000 per person in the U.S.
Read More: Breitbart
UK GOVERNMENT HAVE GIVEN UP TRYING TO CUT BENEFITS
In the UK the Work and Pensions Secretary, Iain Duncan Smith, has admitted that the government have given up trying to cut benefits spending. Since coming to power the UK government have sought to cut Britain’s budget deficit, and one of the main parts of this plan was to bring welfare spending under control.
However, Ian Duncan Smith has now said that they have given up trying to do this, instead they will focus on managing benefit increases. Duncan Smith also admitted that, “all those on benefits will still see cash increases in every year of this Parliament”.
A government minister told the press that there will need to be a more radical solution to welfare dependence in the UK.
The government have faced stiff opposition in their attempts to rein in public spending. The Department of Budget Responsibility have projected that the total government spending on benefits will be the equivalent of around £1,000 per family by 2015-16.
Obama did not ‘underperform’: we saw the real man – Telegraph Blogs
By Thomas Pascoe Economics Last updated: October 4th, 2012
Barack Obama was dreadful in the first presidential debate. He seemed confused and hesitant; his thoughts were incoherent.
There seems to be confusion among the Left as to how this could have happened. How could such a celebrated orator underperform? The answer is simple: Obama did not underperform.
Mr Obama is in the midst of an election campaign he is attempting to win without policies. He claims he will cut debt despite having ruled out reductions to the most significant area of spending, welfare entitlements. He wants to avoid war in the Middle East, which is commendable, but not, in itself, a policy. He is against a “war on women”, he is against the Boy Scouts of America banning gays. This isn’t anywhere close to being a prospectus for governing the world’s most important country through a period of crisis – it’s a manifesto for election to a student union.
The argument has always been that we should not expect Mr Obama to share his innermost thoughts with us. The man, so we are told, is such an intellectual giant that we would not understand him if he did.
That is one explanation. The other is that Mr Obama’s intellectual development froze around the time he first encountered socialism. He is exceptionally good at reading out from a teleprompter, be that on the campaign trail or when addressing an audience of 12-year-olds. When he is left to articulate complex thoughts of his own, he fails.
The fact is that Mr Obama has a talented, cynical team around him who have been succesful in constructing a narrative in which Mr Romney is a comic villan who wants to ruin the poor and open windows on aeroplanes. Stripped of these people, he has no memorable policies and very few discernible convictions. The emptiness we saw on Wednesday was the real thing.
via Obama did not ‘underperform’: we saw the real man – Telegraph Blogs.
A Crucial Week for America in Washington
This week has seen the President recall the Senate to Washington early from the Independence Day week break. Democrats and Republicans urgently need to reach a deal on deficit reduction, with politicians from both sides of the debate calling the next few days crucial for the future of America.
The Government has reached the borrowing ceiling, and if the ceiling is to be lifted Congress must agree to raise the limit, beyond the current level of $14.3 trillion.
Presently talks have reached stalemate with both sides unable to agree: the Democrats insist that with spending cuts taxes must also increase; however Republicans refuse to vote for a deal which includes tax rises and point to the the expensive entitlement programs as the problem. If a deal is not reached by August 2nd there is real prospect that America could default on debt repayments. The rating agencies, which determine the creditworthiness of nations have already warned that failure to reach a speedy deal will result in the American rating being cut.
The stakes are indeed high in Washington this week, as Senate Republican leader Mitch McConnel said, ”if democrats agree to change their ways- so we don’t end up with the kind of situation here that we’re witnessing in Greece. And make no mistake that is exactly where we’re headed if we don’t do something significant now.”
President Obama has even made the choice to discuss Medicare as a possible place for spending cuts, only if the republicans talk tax increases.
The importance of this week for America and the world as a whole cannot be mistaken. This is a week Americans needs to pray for the wisdom of it’s leaders, a mistake will cost the nation dear….
Remember who is creating the spiritual atmosphere over the capital this week? Preaching from the US Capitol grounds to our government officials – a foreign god – The Dalai Lama!
Support Prophet TV as we run an intercessory mission trip into Washington DC, so God can raise a standard to protect this nation.