Democrats look for up to $1 trillion in new tax revenues this year

[ATLitigator]

[quote=gator996;6297504]Why can't republicans acknowledge that in 2011 Obama already agreed to $1.7T in spending cuts?


Republicans Conveniently Forget All the Cuts Obama's Already Made
Jonathan Cohn
November 29, 2012 | 11:49 pm

http://www.tnr.com/blog/jonathan-coh...crease-boehner


The trouble with this analysis is that it ignores history: As part of the 2011 Budget Control Act, Obama agreed to spending reductions of about $1.5 trillion over the next ten years. If you count the interest, the savings is actually $1.7 trillion.


oh WOW!!!! 1.7 T over 10 years, which means, if you can do math 170 billion a year
our deficit for each of the last 4 years was over a trillion...Big F**N deal

in addition to the simple math, the savings are calculated with congressional math...meaning they are cuts in projected growth and interest savings..

plus, it all goes away with the next bill reinstating those "cuts"

you want Clinton era tax rates...fine, I want the Clinton era budget....then we'll have a deal!

[demosthenes]

Originally Posted by DeanMeadGator

On either 60 mins or NBC news last night, the statement was made that the interest on $16 trillion is $140 million an hour.

Multiply $140 million by 24 and then multiply that figure by 365. The deficit cannot be contained [much less reduced] by additional taxes.

Is that right? 1.25 Trillion per year? Ouch...

[g8orbill]

996- until we cut spending and get rid of baseline budgeting why in the hell should we agree to higher taxes- their will be zero gain

[108]

Originally Posted by ATLitigator

it cant be implied, because I could cut spending so that we would not need any revenue...

saying we need more revenue, means we dont have enough to pay our bills now, or you anticipate spending to go up in the future....

we don't have enough to pay our bills now, nor did we when we were racking up trillions in debt

and let me know when you are responsible for cutting

[g8orbill]

108-the problem with you libs is that you do not want to cut anything

[vangator1]

I actually do think it's a lost cause. We won't be Greece, just a slide into a malaise.

[Gatoragman]

All you libs moaned about the Bush tax cuts and how they are responsible for the deficit and a lot of the debt, why didn't we repeal all the tax cuts?
You claim trillions in debt from them yet the raise will only bring in 600B or so, if they were so bad for the debt and many of you claim they have no stimulative effect on the economy anyhow why didn't we repael all of them?

[gator996]

Originally Posted by demosthenes

Is that right? 1.25 Trillion per year? Ouch...

Don't believe everything you hear...

Not sure how the $140 million an hour figure was calculated but this is actually what was paid in interest on the national debt.

If we paid $100B in the 1st 6 months of the year, I'm not sure how we would have to pay $1.2T in the last half.

But it does make for a good story...

(We pay an average rate of 2.2% on the debt not close to 10% which is what you would need to be making payments of $1.25T)



Interest on Federal Debt Hit $104B in First Half of FY2012—Despite Low Interest Rates

(CNSNews.com) - Even though the U.S. Treasury in March was paying an average interest rate of only 2.187 percent on Treasury securities, the federal government still needed to pay a record $104.413 billion in interest on its publicly held debt in the first six months of fiscal 2012, the most it has had to pay in the first half of the year in the 15-year span for which the Treasury Department has posted daily statements online.

Fiscal Year 2012 began on Oct. 1, 2011 and will end on Sept. 30, 2012.

The $104.413 billion in interest the Treasury paid to bondholders from October through March, as reported on the Daily Treasury Statement for March 30, was the most the Treasury has paid in interest on it securities (in non-inflation-adjusted terms) in the first half of a fiscal year since at least 1998.

In the first six months of fiscal 2011, the Treasury paid $101.399 billion in interest on Treasury securities held by the public, according to the Daily Treasury Statement for March 31, 2011. For the full fiscal year 2011, the Treasury ended up paying $208.693 in interest on its publicly held debt.

[gator996]

http://www.gatorcountry.com/swampgas...d.php?t=252094

[g8trjax]

Cuts over 10 years, is a politicians best friend. Placates the gullible, low info citizen.

[demosthenes]

Originally Posted by gator996

Don't believe everything you hear...

Not sure how the $140 million an hour figure was calculated but this is actually what was paid in interest on the national debt.

If we paid $100B in the 1st 6 months of the year, I'm not sure how we would have to pay $1.2T in the last half.

But it does make for a good story...

(We pay an average rate of 2.2% on the debt not close to 10% which is what you would need to be making payments of $1.25T)

That's why I had a question mark. It didn't seem right to me.

[gator996]

It looked weird