NEWS: Bush Asks Congress for Additional $40B for Katrina Recovery

Congressional officials say the Bush administration is asking for an additional $40 billion in spending on relief and recovery efforts for Hurricane Katrina. A $10.5 billion aid package was just approved last week, but the total cost will likely soar even higher with one estimate as high as $150 billion.



This is surely the costliest natural disaster to ever hit the U.S. by far. The total spending between local, state, and federal governments plus all the private, corporate, and international donations will be absolutely staggering.

[edit on 9/6/2005 by djohnsto77]

It's amazing what bad poll numbers and press will get this man to do.

This is ridiculously high and unwarranted. It would be much more economical to keep New Orleans underwater and with the assistance it already has. This is so stupid. How much of a GDP per annum does New Orleans generate? Nothing. It makes noe since to propose another $40 billion and worse $150 billion to a city that will never make up for 1/8 the cost. I think they need to scrap it, leave it, and hand the original $10.5 billion out to the residence so they may start life elsewhere.

I think the Houston Ship Channel could use that money more in order to create more refineries to cut down on the cost of gasoline.

[edit on 6-9-2005 by Thomas Crowne]

Just like Iraq, the money will go to contracts that will no doubt be awarded to companies mainly owned and operated by friends of the current administration.

That's just the reality we all live in and we are absolutely helpless to do anything about it.

Peace

Clear case of when in doubt do something.
Even if what you do shows how incompetent you really are.

Originally posted by FrostyHow much of a GDP per annum does New Orleans generate? Nothing.

Just under $50 billion per annum according to this excel sheet:
12-10-04 per capita ranking.pdf

The Port of New Orleans is very important, plus this isn't just for NO, all those other areas in Mississippi and Alabama were destroyed as well.

Originally posted by grover
It's amazing what bad poll numbers and press will get this man to do.

Yeah, thats exactly why taxpayers will pay forever with the combined price tag of iraq/katrina, media are scum.

Originally posted by Frosty
This is ridiculously high and unwarranted. It would be much more economical to keep New Orleans underwater and with the assistance it already has. [censored]. How much of a GDP per annum does New Orleans generate? Nothing. It makes noe since to propose another $40 billion and worse $150 billion to a city that will never make up for 1/8 the cost. I think they need to scrap it, leave it, and hand the original $10.5 billion out to the residence so they may start life elsewhere.

I think the Houston Ship Channel could use that money more in order to create more refineries to cut down on the cost of gasoline.

I hope you realize how callous your statement is! Allow me to point out the money is not only for New Orleans it is for all three states affected by the storm. What about those that live ouside of NO? You want to chop off all funds to all three states, now that is real nice of you then you say give NO 10 Billion and let them start over, get real.

Ace gave you the GDP for NO; I think that speaks a lot for the city and port which obviously you are not aware handles at least 25% of all imports and exports for the whole US.

[edit on 9/6/2005 by shots]

I didn't know that document shredders cost that much these days.

Originally posted by Frosty
This is ridiculously high and unwarranted. It would be much more economical to keep New Orleans underwater and with the assistance it already has.

To those who see only gains and losses, who have no poetry in their souls, who misunderstood the Niciean creed to read...in the name of the dollar, the cent and the all mighty profit...all I can say is that you are a poor soul indeed. New Orleans had more soul, more character and more spirit, more poetry, art and whimsey than you ever will have and any society that discounts the value of such things and the need, the spiritual need for them is a more impoverished society than any truly poor one, and one that is ultimately doomed because it has nothing to inspire the soul and allow it room to grow, to play and to create. Society is not just an agragate of businesses, it is a community of people, and in the long run, that is where the true value of any society lies.

One of the things to be concern about is how the money will be allocated, occurs bureaucracy have its way of doing things.

The reconstruction of NO will be costly and some big companies will benefit from it obviously as usual.

Now I will like to know how American tax payer will be able to afford all these plus the war in Iraq.

I guess more cuts on state programs and our already weakened infrastructure will suffer onces more.

Originally posted by Frosty
This is ridiculously high and unwarranted. It would be much more economical to keep New Orleans underwater and with the assistance it already has. [censored]. How much of a GDP per annum does New Orleans generate? Nothing. It makes noe since to propose another $40 billion and worse $150 billion to a city that will never make up for 1/8 the cost. I think they need to scrap it, leave it, and hand the original $10.5 billion out to the residence so they may start life elsewhere.

I think the Houston Ship Channel could use that money more in order to create more refineries to cut down on the cost of gasoline.

Sickening but a typical mentality for some people in this country. The scary thing is that I'm sure there are many in power of this nation who share these similar disgusting viewpoints.

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I'm not worried about my federal tax dollars being spent on my fellow Americans in need and the rebuilding of New Orleans (with proper funding of the levees this time around thanks!), but I'm very curious about how our government is going to go about getting the money to pay off all of this horrendous debt they have created. Obviously, I know it's going to come from the American people but there are going to have to be some serious changes in our federal budget.

Oh...and don't forget about the ever so unpopular war in Iraq which we continue to spend billions and billions of our tax dollars on everyday...

So does this mean we're going to be keeping those tax cuts?

Originally posted by Flinx
Also, how is this going to effect the Iraq Occupation?

That's what I'm wondering.
I was going to start a thread on whether Katrina will result in the end of the Iraq war.
It's going to be hard to get approval for another $60-$80 billion for Iraq when so much is needed within the US.
Without funding approval the war in Iraq can't continue at the same level.

You are right Ace of Base, my husband think that defense department will be the one to get cut, and also the various contracts to companies.

He is concern about how much it will affect people like him that benefit from these contracts he is not alone most of the people he works with are all concern with the result of cuts.

Now how can we support Iraq over our own nations need and how much our soldiers will become vulnerable to cuts on their safety and the war.

I guess the best think is to cut the troops station in Iraq specially the national guard.

$200+ billion for Iraq, $100+ billion for Afghanistan, $50+ billion for the Gulf Coast. Let's see if we can spend a trillion in one year!

I love how Bush spends money like he does. I mean, what the heck, we'll just print more!

I often wonder just where all the money comes from.. 20 Bil here 10.5 Bil there and 40 bil where ever. Where does all the cash come from?

Dallas

Originally posted by Dallas
I often wonder just where all the money comes from.. 20 Bil here 10.5 Bil there and 40 bil where ever. Where does all the cash come from?

1) Taxes

2) Issuing U.S. Treasury Bonds sold at auction

O.K., so what does it mean.. is it money out of the treasury or perhap's make-believe funds from the printing press or am I completely wrong on both thoughts?
Or something else?
Dallas