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Monthly federal expenditures topped $1 trillion in February, says the U.S. Treasury Department. A majority of this money was disbursed to meet the government’s escalating debt obligations.
In its Daily Treasury Statement closing out February, the Treasury Department reported that the government had spent $1.009944 trillion (rounded to the nearest million) during the month.
Originally posted by surrealist
I think with interest rates being so low, the US pays frankly a relatively small amount on its 14 trillion dollar debt at around 350 billion dollars per annum. I have to ask what would happen if interest rates went up a few or more percentage points.
Give me a freaking break. So I'm supposed to believe what you say out of all the people? Your avatar image is insane for f**** sake. Damn. Sorry. I have a friend has a small business and he's taxed into the ground. He does business with some larger companies and they're similarly being taxed to the stone age. Businesses are being taxed too much and that's why they're all running off to other countries. The US cannot afford to raise its taxes on companies. They're already too high.
Originally posted by Magnum007
Maybe if large corporations paid their taxes instead of getting breaks instead of making people like you and me pay taxes, then there probably wouldn't be a national debt...
We have the same problem here in Canada...
Originally posted by MrXYZ
reply to post by Vitchilo
And this makes it abundantly clear why cutting stuff like teacher salaries is ridiculous...and why the GOP suggestions are therefore beyond laughable. All the things they want to cut represent such a tiny portion of the spending, it's like a drop on a hot stone.
If you want to cut spending in a meaningful way, you have to cut spending at departments that spend the most...or stop handing out tax refunds to the largest US (!!!) companies.
- GE made $10.3bil and got a tax REFUND of $1.1bil.
- Exxon paid ZERO.
- Chevron paid ZERO.
- JPMorgan ZERO.
- Goldmann Sachs paid $14mil (lol)...while their CEO got a reported $100mil as a bonus.
Also, the US plans to spend $1-1.5 TRILLION in defence for 2011 alone...which is MORE than before. How about some defence spending cuts? Oh, I forgot, the people who could push through cuts...the politicians...can't do that because it would upset their weapon industry lobbyist friends, which would jeopardize their reelection.
Teachers' salaries are a laughably small amount compared to any of the above!! Yet Fox amongst others go on with their stupid "everyone has to cut down" message while only focusing on those departments that are spending so little, cutting would be almost pointless. What's 10% of 0.0001 of the budget?