Word: trillion
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...trillion dollar budget proposed for fiscal year 2007, beginning this October, is no different. But it's a particularly risky document for the Bush administration. First, it contains some significant entitlement cuts in an election year. Some $65 billion in entitlement savings are proposed, with about $35 billion coming out of the popular Medicare program. In 1996, Bill Clinton clobbered Congressional Republicans for their proposals to "cut" Medicare, and Congressional Democrats, who managed to kill Bush's Social Security plan last year, are sure to try to do the same this year. Republicans are especially worried about states with...
...result of the acquisition binge: HSBC's asset base exploded, from $472 billion in 1997 to nearly $1.5 trillion by mid-2005. The bank has a global footprint matched only by that of Citigroup, which has slightly larger assets than HSBC. HSBC has also become a very, very different bank. In 1997 nearly half its revenues came from emerging markets; today less than 20% does, according to Morgan Stanley...
...federal debt has risen from $5.7 trillion when Bush took office to more than $8 trillion today. According to the U.S. Comptroller General, there is already some $40 trillion in unfunded liabilities--promised payments that current revenue streams won't be able to cover--in the Medicare and Social Security systems. Of that, $8 trillion comes from Bush's prescription-drug plan alone--a figure that is equal to all the national debt that has been accumulating since the time of George Washington...
...business people at a moving-van lot in northern Virginia last week, "the best way to solve the deficit is to grow the economy--not run up your taxes." But the reality is that with the help of his tax cuts, Bush has already piled on more than a trillion dollars to the national debt...
...shale gas, coal-bed methane," says Peter Dea, CEO of Western Gas Resources, a Denver-based gas producer. Longer term, more supplies are on the way. The U.S. Interior Department last week opened for exploration 389,000 acres of Alaskan tundra and shoreline, which officials estimate may contain 3.5 trillion cu. ft. of natural gas. Yet that's a pittance compared with the 22.3 trillion cu. ft. that the U.S. consumed in 2004. And two projects to transport gas from Alaska's North Slope and Canadian territories are in the works. One proposal entails building a $20 billion pipeline...