Word: debt
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...hangovers from the 1992 Perot campaign, and states’ right-ers agitated by the mere idea of a National Tea Party Convention. Some want to form a third party, and others want to infiltrate the Grand Old Party. They are united by a dislike of President Obama, the debt, future tax increases, and the bank bailout, but currently little else...
...realizing your capacities and going after your dreams, you are not just helping yourself but repaying a debt to this institutuion,” she says. Several of Wilf’s former professors affirm that their former pupil has lived up to the expectations of the University she admires...
...Capitol, on a floor where J. Edgar Hoover once housed the FBI's fingerprint files, the CBO has for decades been regarded as the unbiased scorekeeper in the capital's never-ending budget battles, which alone gets to judge whether legislation will add to or lighten the national debt. A bumper sticker posted on a billboard in the hallway gives you an idea of what passes for humor in a place as wonky as this: "I Brake for Unfunded Mandates." See TIME's Person of the Year 2009: Federal Reserve Chairman Ben Bernanke...
...latest dose of reality from Elmendorf's CBO: a forecast that the federal deficit will reach $1.35 trillion this year - $4,400 for every American. All that red ink means the overall debt will rise to $8.8 trillion by the end of 2010, or about 60% of gross domestic product - the highest level of public debt since 1952. "There's a fundamental disconnect between the level of benefits that people want the government to provide, particularly for older Americans, and the amount of resources that people want to send to Washington to pay for those benefits," Elmendorf says. "To make...
...European economies aren't as big as the U.S., so the debt involved isn't as much, but when levels get too high and financing them just isn't possible anymore, the entire thing will come falling down," says Eric Grémont, co-founder of the Paris-based Politico-Economic Observatory of Capitalistic Structures. To avoid this, he and Touati both say that states must freeze their spending at current levels to speed up a return to economic growth. But when that happens, they add, governments must also start slashing budgets, reducing expensive state services and cutting jobs...