FACT CHECK: Recession is culprit in high US debt Cecil Whig
WASHINGTON (AP) - It's the loud and clear consensus of Republicans in Congress and on the presidential campaign trail: Runaway government spending is the problem, not taxes.
But the math isn't so simple.
The number at the heart of the battle cry of the Republicans and their tea party allies - that federal spending has risen to an alarming 25 percent of the economy - is skewed by recession dynamics.
In recessions, federal spending always goes up and tax revenues go down. And the economy contracts in recessions, shrinking the gross domestic product, which is the total output of goods and services and the broadest measure of the economy's health.
Republicans are calling for sweeping spending cuts and want to hold the line on taxes, even as the U.S. struggles through one of its slowest recoveries since the Great Depression. The jobless rate has been stuck for months at more than 9 percent. With the economy slowing again, the odds of a new recession seem to be increasing.
Raise the Debt Ceiling... What IS The Problem?
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the debt exchange - News
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Galantas Completes Share for Debt Exchange free trading on the TSX Venture Exchange. Galantas Gold Corporation Issued and Outstanding Shares following the shares for debt exchange total 190100055. |
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GM Says 2009 US Auto Sales May Fall to 27-Year Low Bondholders have formed a committee to discuss an equity- for-debt exchange as GM works to reduce unsecured public debt by at least two thirds, GM chops 2009 vehicle sales outlook GM lowers auto sales outlook, sees risks GM Chopping Costs to Boost Cash Until Demand Revives |
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Ashton Woods Announces Private Debt Exchange Offer and Consent ... - PR Newswire (press release) Ashton Woods Announces Private Debt Exchange Offer and Consent 13 /PRNewswire/ -- Ashton Woods USA LLC ("Ashton Woods") today announced the commencement of an offer to exchange any and all of its 9.5% Senior |
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FDIC may let banks borrow on the cheap for longer The program allows banks to sell their debt backed with the full faith and credit of the United States in exchange for a fee to FDIC. |
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Canada Lithium Corp. Settles Debt and Grant Options - SYS-CON Media Canada Lithium Corp. Settles Debt and Grant Options the debt settlement and the grant of options is subject to regulatory approval, including satisfaction of the requirements of the TSX Venture Exchange. |
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