Medicare pay cuts among tough choices for bipartisan debt panel American Medical News
Few observers of Congress think a new bipartisan panel will achieve its goal of approving a federal deficit reduction plan of at least $1.2 trillion during the next decade and preventing automatic cuts to Medicare, defense and other areas. Either way, hundreds of billions in cuts to federal health care programs are on the table.The Joint Select Committee on Deficit Reduction was created as part of a deal reached in early August to allow an increase in the nation's debt ceiling of at least $2.1 trillion, enough for the Treasury Dept. to cover its federal spending obligations until at least the beginning of 2013.
The legislation includes more than $900 billion in cuts during the next decade and instructs the select committee to find $1.5 trillion in additional deficit reductions. If the panel cannot agree on a large enough plan that can pass Congress, the deal would cut Medicare, defense spending and many other areas of the federal budget -- with certain exceptions -- by as much as $1.2 trillion, a figure that would be lowered by any smaller reductions to which lawmakers do agree. In either scenario, President Obama would be able to increase the national debt ceiling by an amount corresponding to the total size of the cuts.
Waste And Abuse: The Refuse Of The Federal Spending Binge (Part 1 of ...
improvements needed in Federal contract auditing, to Medicare contracts, to, as I mentioned, Arlington National Cemetery. We have questioned nobid ...
In Debt Up To Our Eyeballs
The entire financial system of the western world is designed to be a debt spiral. The total amount of money and and the total amount of debt are supposed to continually expand. Today, we are in debt up to our eyeballs and it seems like nearly everyone is talking about "deleveraging" and reducing government debt. But in a world where the entire financial system is based on debt, is there any way for massive deleveraging to take place without plunging us all into a horrific worldwide depression? The governments of the western world have had a lot of fun spending money as if there was no tomorrow, but now tomorrow has arrived and all of that debt is rapidly catching up with us. Politicians in Europe and in the United States are running around trying to come up with a "plan", but there is no "plan" that is going to fix the current debt-based system. Over the next few years we are going to reap what we have sown.
For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped a trillion dollars.
Sadly, most Americans simply have no idea how much money a trillion dollars is.
Perhaps an illustration or two would help.
If on the day when Jesus was born you began spending one million dollars every single day, you still would not have spent one trillion dollars by now.
That is how large a trillion dollars is.
If you went out today and started spending one dollar every single second, it would take you over 31,000 years to spend one trillion dollars.
...accounting compensation contract debt plan procedure - News
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Updated US Statement of Additional Information - Sydney Morning Herald Updated US Statement of Additional Information The Funds do not plan to use futures and options contracts in this way. The risk of a futures position may still be large as traditionally measured due to |
