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US to use federal pension to fight debt

Changleen

Paranoid Member
Jan 9, 2004
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American finances take another kick in the nuts from GWs policies:

Linky

US President George Bush's administration has weathered a pre-election mauling by announcing emergency measures to skirt a $7.38-trillion debt limit.

Treasury Secretary John Snow said he would use pension money to keep the government running.

In a letter to US Senate majority leader Bill Frist on Thursday, Snow said he was immediately suspending payments to a federal employees' retirement scheme, the Government Securities Investment Fund (G-Fund).

The missing money would be repaid in full later, with no net effect on the fund or retirees, he promised.

The treasury secretary said he was forced to take the emergency accounting step because congress had not acted on his 2 August request for the government's legal debt limit to be raised.

Any move by congress to raise the debt limit could be politically embarrassing.
[snip]
House Democratic leader Nancy Pelosi described Snow's manoeuvre as "a shameful admission" that the administration's economic policies had failed the American people.

The overall US debt - the total accumulated financial liabilities of the country - now amounted to $7.38 trillion, she said.

"The Republican leadership knew that the debt limit would be reached this month but did not want an embarrassing vote on raising the debt ceiling until after next month's election so Republicans are now resorting to extraordinary accounting measures to avoid that vote."

In the year before Bush came to office, his predecessor Bill Clinton produced a $236-billion annual budget surplus.

In fiscal 2004, ended 30 September, Bush's team is estimated to have incurred a record annual budget deficit of $415 billion, according to the bipartisan congressional budget office.
Republicans - The Party of Small Government.

Time to raise those taxes?
 

MikeD

Leader and Demogogue of the Ridemonkey Satinists
Oct 26, 2001
11,737
1,820
chez moi
Wow. There's a huge scandal in San Diego right now (where I live) where the city gov't was using pension money the same way...and what was a one-time budget fix became habit, they became reliant on it, and doctored the books to cover up the practice. Should be fabulous on a federal scale. Our city now has no credit rating; even less than an unfavorable credit rating, they say on the radio.
 

Skookum

bikey's is cool
Jul 26, 2002
10,184
0
in a bear cave
My bestest N8 impression....

Never mind all this liberal lies, everythings great, life if great, Bush is great!

Here look at the flying squirrel.

 

MikeD

Leader and Demogogue of the Ridemonkey Satinists
Oct 26, 2001
11,737
1,820
chez moi
That squirrel looks like the victim of the Bruce Lee 'six-inch-punch.'
 

DRB

unemployed bum
Oct 24, 2002
15,242
0
Watchin' you. Writing it all down.
Rubin did that twice in 1995 and 1996 and the Republicans were looking for his head. Nickles and a representative at the time (can't remember which one) were very vocal about him doing it and even talking about impeaching him. Nickles was going on and on about how a private company that did it would face criminal charges.

If I'm not mistaken I'm pretty sure that the house approved it sometime ago but the Senate is the one that sat on it out of fear of election backlash.

Edit: Don Nickles, Republican senator from Oklahoma.

Also it has happened 2 times during the Bush adminstration already.
 

MikeD

Leader and Demogogue of the Ridemonkey Satinists
Oct 26, 2001
11,737
1,820
chez moi
Or maybe he's just a stoned slacker of a squirrel. Been watching too much Daily Show.
 

Skookum

bikey's is cool
Jul 26, 2002
10,184
0
in a bear cave
MikeD said:
Or maybe he's just a stoned slacker of a squirrel. Been watching too much Daily Show.
Definately dilated from LSD, i mean what squirrel in their right mind would actually take on Bruce Lee....
 

MikeD

Leader and Demogogue of the Ridemonkey Satinists
Oct 26, 2001
11,737
1,820
chez moi
He thought he could effectively gnaw the Grand Master if he could only get inside his reach. That's where that 6-inch punch comes in so handy. Fighting off flying squirrels.

MD
 

B_A_MTBIKER

Monkey
May 4, 2004
170
0
Where the wild things are
even if the squirrels were robots, Bruce Lee could dent metal with his punches, henceforth the squirrels would be dented. And from the looks of the guy in the picture, that robot was definitely dented. If Ahnold sent them, then they are probably terminator squirrels and it might take more than Bruce to take them out.
 

Changleen

Paranoid Member
Jan 9, 2004
14,904
2,867
Pōneke
Sarah Connor owned the terminator, and Bruce could easily take Sarah Connor, so by the laws of the playground, Bruce could easily take the Terminator.