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Blog for Iowa would like to take a moment to wish a happy Earth Day to our loyal readers! Paul Deaton posted over the weekend about how we’re doing meeting our goals to save the planet. Paul has excellent credentials as a climate activist. If you missed it, I hope you check out his article… ....
The other day why are we living like this? reporter: well, i can t answer your question except to say that we have run out of money. we cannot borrow anymore. there is a limit on how much money, gross amount of dollars, that we can borrow at any one time, and that limit is $14.3 trillion. we ve hit the limit. martha: we hit it every year, basically, right? reporter: that s true. now, we need to borrow more money. we haven t got a deal which lets the politicians say, all right, go ahead and borrow more money. on august the 2nd we absolutely run out. all we ve got is the money that comes in from tax revenue which is not enough to pay all the bills going out. there could be some pain here, martha. our colleague, brit hume, suggests supposing that we didn t pay for beef, pork and poultry inspections. it takes a government check to pay those people to go out and inspect all that stuff. if checks don t go out, you ve just shut down the beef, pork ....
you know what who made a interest interesting point about the debt ceiling, rick human. and of all places on the fox channel. you don t have to default on our debt. that is very interesting. think about it this way. new money comes into the treasury all the time. we can still pay our debt. we just can t pay the other stuff if we don t raise the debt ceiling. that is still disastrous. we might be in jeopardy of not paying social security. troops et cetera, et cetera. we can pay our debt. but he made a better debt that this gives president obama a huge advantage over the republicans. it s not entirely clear but i think when it gets closer to it the democrats and white house have a certain advantage and they get to decide when the money runs short which agencies and departments get funded which which do not. one senator i know of, has told his leader that if for example the agriculture department were not able to fund the fish i mean the meat and poultry ....
They want to leave the tax code alone. democrats do not. they want to raise taxes in exchange for spending cuts. as part of the debt limit deal. they won t say that, of course. they say we need to increase revenues. but even agrees on that. just that republicans think increased revenues should come naturally from a growing economy. democrats would like that. but they want to raise taxes, too. bret? bret: as we get closer to the august 2 deadline, where do you think who has the advantage as you get closer to it? it s not entirely clear but when it gets closer the democrats and the white house have the advantage as they get to decide when the money runs short which agencies and departments get fund and which do not. they will be able to pick and choose in such a way as to put maximum pressure on republican lawmakers on the hill. one senator i know of, told his leader if the agriculture department couldn t fund the meat and poultry inspections, ....
They want to leave the tax code alone. democrats do not. they want to raise taxes in exchange for spending cuts. as part of the debt limit deal. they won t say that, of course. they say we need to increase revenues. but even agrees on that. just that republicans think increased revenues should come naturally from a growing economy. democrats would like that. but they want to raise taxes, too. bret? bret: as we get closer to the august 2 deadline, where do you think who has the advantage as you get closer to it? it s not entirely clear but when it gets closer the democrats and the white house have the advantage as they get to decide when the money runs short which agencies and departments get fund and which do not. they will be able to pick and choose in such a way as to put maximum pressure on republican lawmakers on the hill. one senator i know of, told his leader if the agriculture department couldn t fund the meat and poultry inspections, ....