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NEWS
June 8, 2011
Your editorial "GOP plays chicken" (June 5) shows a lamentable lack of familiarity with the concept of "playing chicken. " It takes two to engage in this pastime. Your editorial should have been titled "Democrats and GOP play chicken," because that is what is happening. The two groups have opposite aims: Democrats want to continue the spending spree, and Republicans want to curb it. The Democrats have not put forth a budget for two years, and they have spent trillions of dollars that the country does not have.
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NEWS
By John Fritze, The Baltimore Sun | March 4, 2014
President Barack Obama proposed a $3.9 trillion federal budget on Tuesday that calls for spending billions more on infrastructure, raising taxes on the wealthy and closing the gap between rich and poor that he has vowed to make a focus of his second term. The budget - drafted with this fall's congressional elections on the horizon - includes a host of policies likely to appeal to Democratic voters, such as expanding early childhood education, raising tobacco taxes and boosting a tax credit for the poor.
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NEWS
September 14, 1992
George Wallace used to say there wasn't a dime's worth of difference between the two major political parties. Well, this election changes that calculation a mite. According to experts at the Committee for a Responsible Budget, a watchdog group that specializes in castor oil rather than milk and honey, there is about a trillion-dollar difference between George Bush and Bill .. Clinton.Neither candidate for president has offered a credible program to stop the catastrophic increase in the national debt -- despite the economic pamphlets they are hawking to the electorate.
NEWS
By Cal Thomas | January 4, 2014
In his State of the Union address on Jan. 8, 1964, President Lyndon Johnson declared a "war on poverty. " Today, with roughly the same number of people below the poverty level as in 1964 and with many addicted to government "benefits," robbing them of a work ethic, it is clear that the poor have mostly lost the war. In 1964, the poverty rate was about 19 percent. Census data from 2010 indicates that 15.1 percent are in poverty within a much larger population. The lack of government programs did not cause poverty, and spending vast sums of money has not eliminated it. A policy analysis by the Cato Institutefound that federal and state anti-poverty programs have cost $15 trillion over the last five decades but have had little effect on the number of people living in poverty.
NEWS
By Stephen E. Nordlinger and Stephen E. Nordlinger,Washington Bureau of The Sun Richard H. P. Sia of The Sun's Washington Bureau contributed to this article | January 30, 1992
WASHINGTON -- President Bush sent Congress a $1.52 trillion election-year budget yesterday showing a ballooning deficit that may reach nearly $400 billion this year -- a record -- and could easily match that total in fiscal 1993.The package indicates that the administration taking office next January will face the prospect of steep spending cuts and tax increases to narrow the deficit, or a continued high level of federal borrowing that will cause interest rates to rise and block a firm economic recovery.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | April 3, 2005
Neville Sinclair has dabbled in the stock market for about 20 years. But when it comes to his retirement savings, where he has socked an increasing amount of money recently, the 50-year-old Baltimore resident sticks with mutual funds. "Mutual funds manage your money," he said before meeting with a TD Waterhouse adviser to roll money over into an Individual Retirement Account. "You're going to worry anyway, but this way I don't have to worry so much." Investors like Sinclair are helping fuel a boom in the mutual fund industry, which has attracted unprecedented amounts of investment despite being battered by scandal and market turbulence.
NEWS
By Julie Hirschfeld Davis and Julie Hirschfeld Davis,SUN NATIONAL STAFF | May 23, 2003
WASHINGTON - President Bush and Republican congressional leaders are basking in the victory of having secured a large new tax cut, but their exuberance today will be tinged by one awkward moment. Before lawmakers can leave Washington for a weeklong holiday break, members of Congress must do something no lawmaker ever wants to be asked to do: approve the largest-ever increase in the government's debt limit, a boost of $984 billion. The Senate is set today to raise the debt limit to a record $7.4 trillion.
NEWS
By Judith Forman and Judith Forman,SUN STAFF | September 25, 1998
Ten trillion dollars is a lot of money.It's about equal to the combined gross national products of the United States, France and the United Kingdom.It's 15 times the total assets ($648 billion) of the world's largest bank (Bank of Tokyo-Mitsubishi Ltd.). It's 60 times the 1996 total revenue of General Motors Corp. ($168 billion).And it's in the process of changing hands through inheritance -- from America's senior citizens to their baby boomer children -- in the largest intergenerational transfer of wealth in history.
NEWS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 17, 1997
It has come to seem as common as a light bulb, but neither its inventors nor the events surrounding its creation are much remembered:On March 21, 1924, a shoe salesman named Edward G. Leffler and met with two stockbrokers Hatherly Foster Jr. and Charles H. Learoyd in downtown Boston to sign some some papers. And thus was born the first mutual fund. There were imitators within a few months, and the offspring include names known to almost every household with a few thousand dollars to invest Fidelity Investments, the Vanguard Group and T. Rowe Price Associates Inc.Seventy-three years since its invention, the mutual fund has revolutionized the way people manage their money.
NEWS
June 9, 2011
Letter writer David Gosey makes the statement, "During the administration of President George W. Bush, the national debt increased from $5.7 trillion in January, 2001 to $10.7 trillion by December, 2008" and then questions why is it that now "Republicans get religion" on the subject ("Raising debt ceiling has long bipartisan history," June 7). By Mr. Gosey's own numbers, during the Bush years the debt rose $5 trillion in eight years. Under Obama, the debt has grown $4 trillion in three years.
NEWS
By John Fritze and Lisa Mascaro, The Baltimore Sun | December 10, 2013
Congressional negotiators announced a $1.01 trillion budget agreement on Tuesday that would avoid another government shutdown but deliver an additional round of cuts to federal employees in Maryland. The two-year deal would replace $63 billion in across-the-board spending cuts known as sequestration with more targeted budget changes, including higher retirement contributions for newly hired federal workers and an increase in airline ticket fees. In a rare moment of bipartisanship, President Barack Obama and House Republican leaders expressed support for the plan, noting that it would end a cycle of budget brinkmanship that has gripped Washington for three years and that led to a 16-day government shutdown in early October.
FEATURES
By Jill Rosen and The Baltimore Sun | January 9, 2013
Fiscal cliff is so last year. In 2013, it's all about the trillion-dollar coin. And there's at least one news outlet campaigning for the dream coin to feature Michael Phelps. If you haven't been paying attention, the idea of a trillion dollar coin -- apparently like a silver dollar but A LOT heavier -- is gaining some degree of traction in Washington as lawmakers kick around ways to fix the ginormous national debt. A legal loophole would allow the U.S. Treasury to make huge-value coins.
NEWS
Robert L. Ehrlich Jr | December 9, 2012
Every kid knows that falling off a cliff is never good, but what about a "fiscal cliff" - how would that feel? Americans may indeed find out, if Congress is unable to pass a budget plan prior to Jan. 1. So, what's at stake if such an event occurs? Plenty. First, some background. Members of both political parties have spent beyond the nation's means for many years. This economic fact of life is a bit more embarrassing for Republicans, since most GOPers at least try to talk a good game of fiscal sense.
NEWS
By John Fritze and Andrea K. Walker, The Baltimore Sun | February 13, 2012
Labor unions that represent government workers — and some Maryland Democrats — criticized the budget President Barack Obama unveiled Monday for cutting $27 billion in federal employee pensions while offering what they called a modest, half-percent raise. The $3.8 trillion spending plan for 2013 would trim $4 trillion from the national debt over a decade through a combination of tax increases on the wealthy and spending cuts. Many of those reductions would affect Maryland, including funding for Chesapeake Bay cleanup, teaching hospitals such as Johns Hopkins and research grants awarded by the Bethesda-based National Institutes of Health.
NEWS
June 9, 2011
Letter writer David Gosey makes the statement, "During the administration of President George W. Bush, the national debt increased from $5.7 trillion in January, 2001 to $10.7 trillion by December, 2008" and then questions why is it that now "Republicans get religion" on the subject ("Raising debt ceiling has long bipartisan history," June 7). By Mr. Gosey's own numbers, during the Bush years the debt rose $5 trillion in eight years. Under Obama, the debt has grown $4 trillion in three years.
NEWS
By Charlie Cooper | June 9, 2011
The United States wastes about $3,000 per person annually in health care spending - nearly $1 trillion a year. That's bad enough. Even more disturbing is who gets that trillion. The fact is, we cannot understand politics in the U.S. by watching mainstream media or following the arguments of Democrats and Republicans. That's because neither side is honestly addressing the main problem. In the U. S., according to Rick Kronick, a political scientist at the University of California at San Diego, "health care costs [are]
NEWS
October 27, 2007
How do you get a sense of $2.4 trillion? That's how much the Congressional Budget Office says the wars in Iraq and Afghanistan could cost over the next 10 years. It's an awful lot of money. But not, in principle, impossible to imagine. Consider some comparisons: Hurricane rainfall, gallons per day 2.4 trillion Passenger miles flown in 2006 2.4 trillion Gallons of water used in Florida every year 2.4 trillion Estimated barrels of oil in the world before drilling began 2.4 trillion Annual flow of Indus River, in cubic feet 2.4 trillion (That's three times as much, by the way, as that of the Tigris and Euphrates combined.
BUSINESS
December 3, 1993
Personal income and spending riseA gradually improving job market helped boost personal incomes in October, and Americans were helping the economy by spending that money.Personal income rose 0.6 percent, the third increase in a row, to a seasonally adjusted annual rate of $5.47 trillion, the Commerce Department said yesterday. At the same time, consumer spending advanced for the seventh consecutive month, rising 0.8 percent, to a $4.47 trillion annual rate.
NEWS
June 8, 2011
Your editorial "GOP plays chicken" (June 5) shows a lamentable lack of familiarity with the concept of "playing chicken. " It takes two to engage in this pastime. Your editorial should have been titled "Democrats and GOP play chicken," because that is what is happening. The two groups have opposite aims: Democrats want to continue the spending spree, and Republicans want to curb it. The Democrats have not put forth a budget for two years, and they have spent trillions of dollars that the country does not have.
NEWS
April 8, 2011
The possibility of a government shutdown has Washington and the left-wing mainstream media in high dudgeon. Maybe they are hoping for a repeat of 1995, when President Clinton refused to sign a budget, shut down the government and got away with it by blaming it all on the GOP. But who's to blame for this mess now? Last year, Democrats controlled both houses of Congress plus the presidency. By law, they were required to pass a budget. They didn't. Why? Were they afraid of being punished by the voters?
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