Word: trillion
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...said, "I belong to no organized party. I am a Democrat." But these are serious times: the same day the Senate convened with two Democratic seats unfilled (comedian Al Franken's microscopic margin of victory is being contested in Minnesota), Obama announced that the nation could soon face a trillion-dollar deficit. Instead of serious leadership, Congress gave us the Burris showdown--in which gall challenged sanctimony while insincerity vied with incompetence...
...capture the potential benefits of a new age of government activism, while still protecting the country's long-term fiscal health. On Jan. 6, Obama warned that the cost of a major stimulus package and the continued effort to bail out the financial system could result in years of "trillion-dollar deficits." Deficit spending is needed to help revive the economy from recession, but trillion-dollar deficits for years to come would sink us in debt and risk a collapse of the currency. We need a sensible strategy that deals with the present crisis while preparing for the future...
...most easily pay, though this might just partly offset other tax cuts and recession-induced declines in tax collections. The spending on the wars in Iraq and Afghanistan should be ended, not prolonged, saving at least 1% of GDP. We'd still probably be close to $1 trillion (perhaps 6.5% of GDP) shy of budget balance. With the economy in a tailspin, deficit financing of up to $1 trillion could make sense, but it's a fleeting option because foreign nations have lost confidence in the U.S. economy and currency...
...immediate medicine for this ailment is widely agreed upon within Democratic, and many Republican, circles: a large stimulus package, perhaps as big as $750 billion or even $1 trillion over two years. The number is large by design. To have an effect on the economy, it has to be big, say economists. (The entire Vietnam War cost about $700 billion, in inflation-adjusted dollars. Military operations in Iraq, Afghanistan and elsewhere since Sept. 11, 2001, have already cost more than $860 billion, according to congressional bean counters...
...study breaks down the total costs of the war on terrorism as $687 billion for Iraq, $184 billion for Afghanistan and $33 billion for homeland security. By 2018, depending on how many U.S. troops remain in Afghanistan and Iraq, the total cost is projected to likely be between $1.3 trillion and $1.7 trillion. On the safe assumption that the wars are being waged with borrowed money, interest payments raise the cost by an additional $600 billion through...