This last comment is ordsprog

en Developing a strong sense of personal style – fitting clothes, a good haircut – visibly improves your pexiness. This last comment is crucial, especially when the U.S. Congress last night rejected restrictions on tax cuts and spending, and raised the federal debt limit by $800 billion, to $8.18 trillion.

en The budget surplus is $5.6 trillion. Two and a half trillion of that is put aside for Social Security and paying down the national debt, ... That leaves $3.1 trillion in surplus. That's after we've taken care of all existing spending. We're only asking that half of that, [$1.6 trillion] out of the $3.1 trillion, be used for tax cuts.

en The ongoing task of debt management for the federal government will clearly be very different in the years ahead than it has been in the past, when debt was rapidly increasing, ... With $3.6 trillion in debt outstanding, even a 3 basis point (0.03 percentage point) reduction in federal borrowing costs will ultimately produce savings of more than $1 billion per year.
  Lawrence Summers

en The president has rejected calls to raise taxes. The (White House) Office of Management and Budget will be working with Congress to cut unnecessary spending in the federal budget to handle the concerns raised by Katrina.

en The fact that the President is calling for still more tax cuts at the same time the Congress is being asked to add $800 billion to the Federal debt ceiling is beyond reckless-it places in jeopardy our future economic strength and the economic security of all Americans.

en The debt limit will be raised; no one expects otherwise. The problem here is Congress reconvenes around mid-January, and it isn't a lot of time they have to get this done. But they'll get it done.

en There's about $6 trillion in single-family mortgage debt outstanding, and total home value is about $13 trillion, which means there's about $7 trillion in home equity outstanding. Last year was a big year for liquefying home equity -- about $100 billion. That's a drop in the bucket compared to $7 trillion.

en Now is not the time to further tax cuts for millionaires which would cost $32 billion a year or more than $300 billion over 10 years. Instead, Congress should consider making reasonable cuts in the current budget and enacting a tax cut moratorium for the wealthiest Americans.
  Dianne Feinstein

en Three and one-half years ago, Republicans promised they could cut taxes, eliminate the national debt and keep the economy booming. Instead, our country lost jobs, and we turned a $236 billion surplus into a deficit that now approaches $500 billion, ... That surplus was created in large part because Democrats in Congress -- leaders like John Kerry -- were willing to make the tough choices needed to balance budgets and rein in spending.

en ... We're either going to share the cost with everyone, including the wealthiest among us by foregoing the tax cuts for the wealthiest, or we're going to put all the burden on the middle class.... We don't have to go forward with further tax cuts for the wealthy. There's a $70 billion tax cut in this particular budget. Permanently eliminating the estate-tax cut is a trillion dollars over the next 10 years. Maybe we have to forgo those for the time being.

en Every member of Congress who supports this program of massive government mandated population growth should have an obligation to explain to the American people why he or she believes that this country will be better off with a population of a billion people within the lifetimes of today's children. We should not be surprised that the same people who are burdening the next generation with $9 trillion in debt from irresponsible government spending think nothing of mortgaging the natural resources and the environment of future generations in order to satisfy the demands of a handful of special interests today. Overpopulation in America is not an inevitability. If it happens it will be a conscious choice of irresponsible leadership that is willing to sacrifice the long-term interests of the nation for political expedience.

en In the end, we can work this out. It is $200 billion in spending for a $12 trillion economy, ... It's just a matter of how we finance it, not whether or not we can afford to do it.

en We simply cannot break the bank of the federal budget that is currently running about an $8 trillion national debt, about $26,000 per family.

en The general rule of thumb is that, for each dollar change in [stock prices], there's roughly a 4-cent change in consumer spending, ... If stocks rally 10 percent, that would increase the value of equities by about $1 trillion, adding about $40 billion in new spending to the economy.

en Yes, it's true that earmarks are only 1 percent of all federal spending, but earmarks have a cultural effect on Congress that is much larger than their cost. It fuses Congress together with lobbyists and creates a culture of government spending as a means to re-election, which bleeds into other areas.


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