Government Spending & Budget
As many Federal departments and agencies lurch into an era of running without funds, the leaders of both parties of Congress are spending less and less time searching for a compromise to balance the budget, and more and more time deciding how to use it to their advantage on the campaign trail. Meanwhile money is easily borrowed to pay for government overhead. In an attempt to change this, on June 29, Congress voted in favor of HConRes67 that called for a 7 year plan to balance the Federal Budget by the year 2002 (Hager 1899). This would be done by incorporating $894 billion in spending cuts by 2002, with a projected 7 year tax cut of $245 billion. If this plan were implemented, ...
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to take action (Cloud 3709). These accusations of failure to follow through come with historical proof that Congress and Clinton have failed to compromise and resolve the issue. After all, current budget plans are dependent on somewhat unrealistic predictions of avoiding such catastrophes as recession, national disasters, etc., and include minor loopholes. History has shown that every budget agreement that has failed was too lax. One might remember the Gramm-Rudman-Hollings bill that attempted to balance the budget, but left too many exemptions, and was finally abandoned in 1990 (Weinberger 33).
So after a pain-staking trial for GOP Republicans to create, promote, and pass their budget, as promised on campaign trail 94, Clinton rejected the very bill he demanded. This essentially brought the federal budget back to square one. Clinton thought such a demand on Republicans to produce a budget would produce inner-party quarrels and cause the GOP to implode. Instead, ...
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1992 will pay 71% of his or her income in net taxes. At current rates, our government is about to reach its breaking point. If that’s not enough to scare a taxpayer, by 2002, 60% of government spending will be for entitlements, and by 2012, these programs are projected to take up all government revenue (Dentzer 32). Not only economic development, but also family income is hurt by debt. With the cost of living going up, it becomes harder to find a job. According to the Concord Coalition, real wages peaked in 1973 and have gone down ever since. If the economy grew as fast as it did in 1950, without a debt, the median family income would be $50,000, compared to the present median of ...
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Government Spending & Budget. (2004, June 20). Retrieved November 23, 2024, from http://www.essayworld.com/essays/Government-Spending-Budget/9822
"Government Spending & Budget." Essayworld.com. Essayworld.com, 20 Jun. 2004. Web. 23 Nov. 2024. <http://www.essayworld.com/essays/Government-Spending-Budget/9822>
"Government Spending & Budget." Essayworld.com. June 20, 2004. Accessed November 23, 2024. http://www.essayworld.com/essays/Government-Spending-Budget/9822.
"Government Spending & Budget." Essayworld.com. June 20, 2004. Accessed November 23, 2024. http://www.essayworld.com/essays/Government-Spending-Budget/9822.
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