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Author Topic: U.S. to pay off debt for first time in six years  (Read 425 times)
syntaxmachine
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« on: April 29, 2013, 12:45:51 PM »

U.S. to pay off debt for first time in six years

"3:00 PM ET, 04/29/2013 - MarketWatch Pulse News Bullet

WASHINGTON (MarketWatch) - The U.S. Treasury expects to pay off $35 billion of debt in the third fiscal quarter, compared to an earlier projection, given in February, that it would have to borrow $103 billion, the government said Monday. This will be the first quarter that Treasury has paid off debt since April - June 2007. In a statement, Treasury said the changed projection related to higher receipts and lower outlays. For the fourth fiscal quarter, which begins in July, the government expects to borrow $223 billion. This assumes quarter-end cash balances of $75 billion on June 30 and $80 billion on September 30."


Progress...of a kind. Will it be transient? Who (or what) deserves credit for this monumental achievement?
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dario73
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« Reply #1 on: April 29, 2013, 01:07:19 PM »

HAHAHAHAH!!
the government expects to borrow $223 billion
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GigantorX
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« Reply #2 on: April 29, 2013, 03:51:09 PM »

So our govt. is retiring some debt and pilling on several times more.

High fives for our warriors in D.C.

God bless them.
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« Reply #3 on: April 30, 2013, 04:02:24 AM »

U.S. to pay off debt for first time in six years

"3:00 PM ET, 04/29/2013 - MarketWatch Pulse News Bullet

WASHINGTON (MarketWatch) - The U.S. Treasury expects to pay off $35 billion of debt in the third fiscal quarter, compared to an earlier projection, given in February, that it would have to borrow $103 billion, the government said Monday. This will be the first quarter that Treasury has paid off debt since April - June 2007. In a statement, Treasury said the changed projection related to higher receipts and lower outlays. For the fourth fiscal quarter, which begins in July, the government expects to borrow $223 billion. This assumes quarter-end cash balances of $75 billion on June 30 and $80 billion on September 30."


Progress...of a kind. Will it be transient? Who (or what) deserves credit for this monumental achievement?


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w
syntaxmachine
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« Reply #4 on: May 14, 2013, 04:11:26 PM »

Deficits falling faster than expected
http://money.cnn.com/2013/05/14/news/economy/deficits-falling/index.html?hpt=hp_t2

"In its updated budget outlook released Tuesday, the CBO now estimates the annual deficit for this fiscal year will be $642 billion or 4% of GDP. That's $203 billion less than the agency estimated a few months ago. The CBO attributes the improved estimate to higher-than-expected tax revenues and an increase in payments to the Treasury by mortgage giants Fannie Mae and Freddie Mac.

By 2015, the deficit will fall to its lowest point of the next decade - 2.1% of GDP. And it will remain below 3% until 2019, at which point it will start to increase again. Deficits below 3% are considered sustainable because it means budget shortfalls are not growing faster than the economy.

Similarly, the CBO now estimates the country's total debt - the sum of annual deficits accrued over decades - will fall to roughly 71% of GDP in 2018 and 2019. That's four percentage points below where it is today."

What's this about Obama's debt-laden policies destroying the United States? Roll Eyes The fear over Obama's deficits was always silly insofar as it implied these deficits were causally responsible for economic problems here and now: there is zero substantive research indicating that debt-to-GDP ratios in the range the USG currently maintains are harmful to the economy and countercyclical fiscal/monetary policy (government spending/tweaking interest rates/purchasing assets) is a widely accepted precept of macroeconomics with plenty of empirical support.

Yes, long-term structural problems remain unaddressed, yes the situation in the job market is very disconcerting and Obamacare may exacerbate it, and yes, no one is precisely sure what will happen when the Fed takes its foot off of the quantitative petal. But these issues are independent of my point about the short-term deficits of the Obama Administration.
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tonymctones
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« Reply #5 on: May 14, 2013, 04:36:38 PM »

so lets get this straight, obama jacks up the spending and then you want to give credit b/c he is cutting it back faster than expected?

if you increase something 30% and cut 10% out your still 20% higher.............
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syntaxmachine
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« Reply #6 on: May 14, 2013, 05:02:26 PM »

so lets get this straight, obama jacks up the spending and then you want to give credit b/c he is cutting it back faster than expected?

if you increase something 30% and cut 10% out your still 20% higher.............

The CBO projection indicates that, as a result of current policy outputs, debt-to-GDP will be lower than it was under Bush's final budget -- and all this despite the fact that countercyclical spending is widely deemed necessary and was undertaken in the worst downturn in decades, to say nothing of the fact that there simply isn't any evidence that such spending damages the economy when it happens.

Edit: You're getting an MBA, yes? I'm sure (I hope, anyway) you're getting in some quality economics study time and thus can point me us to any significant research indicating that debt-to-GDP ratios of the sort Obama pushed us into damage the economy, if it exists.
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tonymctones
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« Reply #7 on: May 14, 2013, 05:21:15 PM »

The CBO projection indicates that, as a result of current policy outputs, debt-to-GDP will be lower than it was under Bush's final budget -- and all this despite the fact that countercyclical spending is widely deemed necessary and was undertaken in the worst downturn in decades, to say nothing of the fact that there simply isn't any evidence that such spending damages the economy when it happens.

Edit: You're getting an MBA, yes? I'm sure (I hope, anyway) you're getting in some quality economics study time and thus can point me us to any significant research indicating that debt-to-GDP ratios of the sort Obama pushed us into damage the economy, if it exists.
so in bushs last year when gdp was down bc the economy was shit against it now when it really only had one way to go?

there are two inputs you need to look at and its not just deficit its also GDP...what was GDP in the year your comparing where bush was in charge?

I put little to now faith in CBO numbers by the way as a person who knows math you should know that the accuracy of the output is only as good as the accuracy of the inputs.
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« Reply #8 on: May 14, 2013, 05:25:38 PM »

U.S. to pay off debt for first time in six years

"3:00 PM ET, 04/29/2013 - MarketWatch Pulse News Bullet

WASHINGTON (MarketWatch) - The U.S. Treasury expects to pay off $35 billion of debt in the third fiscal quarter, compared to an earlier projection, given in February, that it would have to borrow $103 billion, the government said Monday. This will be the first quarter that Treasury has paid off debt since April - June 2007. In a statement, Treasury said the changed projection related to higher receipts and lower outlays. For the fourth fiscal quarter, which begins in July, the government expects to borrow $223 billion. This assumes quarter-end cash balances of $75 billion on June 30 and $80 billion on September 30."


Progress...of a kind. Will it be transient? Who (or what) deserves credit for this monumental achievement?

You can't be this stupid, can you?
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syntaxmachine
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« Reply #9 on: May 14, 2013, 07:09:33 PM »

so in bushs last year when gdp was down bc the economy was shit against it now when it really only had one way to go?

there are two inputs you need to look at and its not just deficit its also GDP...what was GDP in the year your comparing where bush was in charge?

Good point, but the 'who produced a better debt-to-GDP ratio' game is utterly irrelevant to my original assertion, which is simply a negation of the fear-mongering claims that Obama's policies -- including especially deficit spending -- would damage the economy beyond repair and leave us in a pile of debt till the end of time. The CBO projection indicates otherwise. I wish to indicate nothing more than this.

as a person who knows math you should know that the accuracy of the output is only as good as the accuracy of the inputs.

Huh My quantitative skills are utter shit.
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tonymctones
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« Reply #10 on: May 14, 2013, 08:20:31 PM »

Good point, but the 'who produced a better debt-to-GDP ratio' game is utterly irrelevant to my original assertion, which is simply a negation of the fear-mongering claims that Obama's policies -- including especially deficit spending -- would damage the economy beyond repair and leave us in a pile of debt till the end of time. The CBO projection indicates otherwise. I wish to indicate nothing more than this.

Huh My quantitative skills are utter shit.
again youre going off CBO projections, this is the same CBO that undersestimated the cost of obamacare by more than HALF!!!

LOL
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Soul Crusher
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« Reply #11 on: May 14, 2013, 08:22:04 PM »

So the sequester is working?
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Roger Bacon
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« Reply #12 on: May 14, 2013, 08:27:28 PM »

You can't be this stupid, can you?

Clash of getbig titans!

My money is on Whorewell!
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syntaxmachine
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« Reply #13 on: May 15, 2013, 04:12:49 AM »

You can't be this stupid, can you?

Let's compare LSAT scores and see who is less stupider.

again youre going off CBO projections, this is the same CBO that undersestimated the cost of obamacare by more than HALF!!!

LOL

There's no doubt about it: if the projections are shit then what I've said is shit as well. We'll see.
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George Whorewell
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« Reply #14 on: May 15, 2013, 04:24:55 AM »

Let's compare LSAT scores and see who is less stupider.

 Roll Eyes



163.

Your turn.


Also, my dad can beat your dad up and I can run faster than you.
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Bad Boy Dazza
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« Reply #15 on: May 15, 2013, 04:30:59 AM »

so lets get this straight, obama jacks up the spending and then you want to give credit b/c he is cutting it back faster than expected?

if you increase something 30% and cut 10% out your still 20% higher.............

It makes perfect fiscal sense to Obama supporters.
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whork
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« Reply #16 on: May 15, 2013, 04:35:46 AM »

Clash of getbig titans!

My money is on Whorewell!

My money is on Syntax!!

Gentlemen we have ourselves a game Smiley
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George Whorewell
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« Reply #17 on: May 15, 2013, 04:40:42 AM »

http://www.cnbc.com/id/47633576



We are 16 trillion in debt and counting-- So the entire premise of this thread is nonsense. We aren't "paying" our debt at all. How can you begin the paragraph with the assertion that US debt is being paid down by Treasury to the tune of 35 billion dollars and conclude the paragraph by stating that the government will "only" borrow 223 billion during the 4th quarter.  Roll Eyes

Gee, I'm not good at math, but it seems that the amount of debt would necessarily have to increase more than some, by a bunch.

Throw in the fact that Banks are now buying soverign debt in record amounts and the Fed is flushing 40 billion a month down the toilet to buy toxic mortgage backed securities to prop up the housing market and "stimulate job growth" (whatever that means), and what you have is an impending catastrophe. http://www.bloomberg.com/news/2012-04-26/the-first-time-mortgage-backed-securities-failed.html


Syntax: Here is a primer for you on US Debt: http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt.htm
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dario73
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« Reply #18 on: May 15, 2013, 05:41:22 AM »

http://www.cnbc.com/id/47633576



We are 16 trillion in debt and counting-- So the entire premise of this thread is nonsense. We aren't "paying" our debt at all. How can you begin the paragraph with the assertion that US debt is being paid down by Treasury to the tune of 35 billion dollars and conclude the paragraph by stating that the government will "only" borrow 223 billion during the 4th quarter.  Roll Eyes

Gee, I'm not good at math, but it seems that the amount of debt would necessarily have to increase more than some, by a bunch.

Throw in the fact that Banks are now buying soverign debt in record amounts and the Fed is flushing 40 billion a month down the toilet to buy toxic mortgage backed securities to prop up the housing market and "stimulate job growth" (whatever that means), and what you have is an impending catastrophe. http://www.bloomberg.com/news/2012-04-26/the-first-time-mortgage-backed-securities-failed.html


Syntax: Here is a primer for you on US Debt: http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt.htm


Whorewell wins by knockout.


So simple yet these obamaturds try to pull the wool over everyone's eyes.
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syntaxmachine
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« Reply #19 on: May 15, 2013, 06:04:13 AM »

http://www.cnbc.com/id/47633576

We are 16 trillion in debt and counting-- So the entire premise of this thread is nonsense.

The size of the debt pile -- ridiculous you and I can agree -- doesn't necessarily have anything to do with the government's ability to pay portions of it off at any given point in time. There is no "premise" to this thread; there is merely the assertion of a fact: The USG payed off a portion of the debt for the first time in six years, a vaguely positive state of affairs. Look it up if you like. Your exaggerated reaction must be in response to something you're reading into my posts, then, a comprehension issue. The "monumental achievement" quip was sarcasm on my part.

We aren't "paying" our debt at all. How can you begin the paragraph with the assertion that US debt is being paid down by Treasury to the tune of 35 billion dollars and conclude the paragraph by stating that the government will "only" borrow 223 billion during the 4th quarter.  Roll Eyes

See above.
 
Throw in the fact that Banks are now buying soverign debt in record amounts and the Fed is flushing 40 billion a month down the toilet to buy toxic mortgage backed securities to prop up the housing market and "stimulate job growth" (whatever that means), and what you have is an impending catastrophe. http://www.bloomberg.com/news/2012-04-26/the-first-time-mortgage-backed-securities-failed.html

1. The Fed is flushing away over twice that amount ($85 billion a month: http://www.forbes.com/sites/afontevecchia/2012/12/12/qe4-is-here-bernanke-delivers-85b-a-month-until-unemployment-falls-below-6-5/).

2. Nobody knows what will happen when the Fed unravels quantitative easing; maybe it will be a disaster, maybe not. But that's a different discussion.


About.com, the best source for an education in economics, to be sure.  Roll Eyes Try http://ideas.repec.org/ and the evaluations of actual economists.
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syntaxmachine
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« Reply #20 on: May 15, 2013, 06:09:03 AM »


Whorewell wins by knockout.


So simple yet these obamaturds try to pull the wool over everyone's eyes.

Those of us in reality would like to cordially invite you to step out of your bubble and join us.

http://online.wsj.com/article/SB10001424127887323798104578453290294756574.html

"WASHINGTON—The federal government said Monday it would pay down a small portion of the national debt this quarter for the first time in six years.

The debt reduction, seen as temporary, is a sign that higher tax receipts and spending cuts are improving Washington's finances. The respite in borrowing will likely give the Obama administration a bit more time before running up against the federal debt ceiling.

The Treasury Department said that it expects to retire a net $35 billion in bonds, notes and bills from April to the end of June. That compares with its estimate from earlier this year that it would rack up an additional $103 billion in marketable debt in the second quarter.

"The paydown this quarter, the first since 2007 is emblematic of the turn in budget finances from horrible, to grim on their way to steadily better," Eric Green, global head of research at TD Securities, said in a note."
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dario73
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« Reply #21 on: May 15, 2013, 06:27:52 AM »

Taking a step forward while taking 3 steps back puts you further away from the finish line.

There is no end in sight, as far as the eye can see, for the continuously mounting debt by the Obama administration. Anyone arguing otherwise is simply a fool.
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« Reply #22 on: May 15, 2013, 11:56:38 AM »

My money is on Syntax!!

Gentlemen we have ourselves a game Smiley

I cherish these moments.  Cheesy
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syntaxmachine
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« Reply #23 on: May 15, 2013, 12:19:34 PM »

Roll Eyes

163.

Your turn.

Also, my dad can beat your dad up and I can run faster than you.

Oh, ok. That's good. I reserve jokes and derision for x < 160.
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whork
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« Reply #24 on: May 15, 2013, 01:04:40 PM »

I cherish these moments.  Cheesy

 Grin
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