Sequester deadline looms as US faces $85bn cuts

Gerald · 03-01-13, 06:30 AM

Quote:

The US Congress passed the cuts into law fervently hoping they would never come into force

Quote:

US political leaders are to meet for last-ditch talks at the White House, amid the prospect of steep budget cuts.

Cuts worth $85bn (£56bn), originally tabled in an effort to force Congress to strike a budget deal, are due become law by the end of Friday.

President Barack Obama will host Democratic and Republican leaders, amid a raging blame-game in Washington. Congress has adjourned for the weekend.

The IMF has said the cuts could have an impact on global growth.

Analysis in the US suggests the nation's GDP (economic output) could grow by just 1.4% in 2013 if the cuts are not delayed or replaced. US GDP grew by 2.2% in 2012.

The White House meeting comes as prospects for a deal to avert the cuts, known as the sequesters, appear extremely slim.

Budget bills from both parties were defeated in the Senate on Thursday.

http://www.bbc.co.uk/news/world-us-canada-21610813

Cutting times,

Note: 1 March 2013 Last updated at 11:03 GMT

Gerald · 03-01-13, 01:55 PM

Quote:

US President Barack Obama: "Washington didn't make it easy at a time when businesses have began to get some traction"

Quote:

US political leaders have left last-ditch talks at the White House without a deal to avoid steep budget cuts.

President Barack Obama blamed Republicans' refusal to allow any tax rises for the negotiations' failure, calling the sweeping $85bn (£56bn) in cuts "unnecessary" and "inexcusable".

Congress has left for the weekend, with the spending cuts due to be written into the budget by Friday's end.

The IMF has warned the cuts could slow global economic growth.

http://www.bbc.co.uk/news/world-us-canada-21636049

Note: Update record, 1 March 2013 Last updated at 18:47 GMT

Skybird · 03-01-13, 05:43 PM

cuts: 85 bn
explicit debts only: 16700 bn (http://www.brillig.com/debt_clock/)
GDP 2012: 15200 bn (mean value from IMF, WB, CIA)

US debts since 2007 grow by 3.7 bn per day.

The cut now represent a meager 0.50% of the total implict debt, and a meager 0.56% of the 2012 GDP. That puts the hype about the sequester a bit into relation, I think. - The pentagon recently has placed last-minute contracts worth 500 bn for the F35. That represents 3.3% of the 2012 GDP.

Debts cannot be driven back by spending more than before and making new debts.

The implicit debt btw is calculated to be 800-1250% of the explicit debt. The according numbers would be this:

16700 bn explicit debts
133600 bn if counting 800% implicit debts.
208750 bn if counting 1250% implicit debts

The latter 208 trillion in full writing, since it looks so impressive:

208,750,000,000,000

One can start using scientific notation with these dimensions. 2.0875*10^14

To me that number is a very clear and convincing definition of total bankruptcy. Claiming differently compares to claiming that a 100 kiloton nuke is no bomb, or that the sun sheds no light.

The estimated number of suns in the milky way btw is said to be in the low hundred billions. Throw one dollar into each sun, and when you are done with the galaxy, you still will have plenty left.

85,000,000,000 in cuts now - wowh, that is four decimal places less!

yubba · 03-01-13, 06:08 PM

what about pork products, being cut,, this should be cut the cheese thread,, but how can we have big over bearing government with all these cuts in spending ?????

GoldenRivet · 03-01-13, 07:57 PM

i tightened up my belt... uncle Sam can to.

August · 03-01-13, 08:34 PM

Both sides are now saying the cuts are a good thing. Go figure.

Armistead · 03-01-13, 09:32 PM

It needed to be about 200 billion, maybe about a 2% cut overall. Obama is like a woman that goes out and buys 5 new dresses, sells one a week later and considers that cutting back.

Glock30Eric · 03-04-13, 07:06 PM

Quote:

Originally Posted by Stealhead

More like things will some how keep going despite the government.

The 17th Amendment has been in effect since 1912 therefore no living person can have "known an America" before it was ratified.Well maybe a handful of centurions(person 100 years of age or older) but they would only have been toddlers and therefore would not recall pre 1912 America either.

Liberals out votes the republicans with the 17th amendment. That is what killing America.

Takeda Shingen · 03-04-13, 07:09 PM

Quote:

Originally Posted by Glock30Eric

Liberals out votes the republicans with the 17th amendment. That is what killing America.

Mad about the election, huh?

soopaman2 · 03-04-13, 07:12 PM

How much out of our military contractor budget.

I bet zero...Not like we have our own army that can do thier jobs, they charge triple for.

Ohhhh, did I offend someone? Truth usually does. ( especially Halliburton/XE workers)

Pure Capitalism rules right? Keynes is a douchbag.

Sailor Steve · 03-04-13, 07:32 PM

Quote:

Originally Posted by soopaman2

Ohhhh, did I offend someone? Truth usually does. ( especially Halliburton/XE workers)

Why do you go off on these weird, meaningless tangets? What makes you think you offended anybody?

Or is that actually what you were aiming for?

soopaman2 · 03-04-13, 08:28 PM

Quote:

Originally Posted by Sailor Steve

Why do you go off on these weird, meaningless tangets? What makes you think you offended anybody?

Or is that actually what you were aiming for?

Nah just being facetious.

How about the rest of my post?

Don't matter does it, that one sentence in quote is enough to make me look like a jackwagon, when I brought up valid points on us hiring military contractors for many times the cost of what our soldiers can do.

Have a nice day.

yubba · 03-04-13, 08:29 PM

Than it was the day before

Sailor Steve · 03-04-13, 07:29 PM

Quote:

Originally Posted by Takeda Shingen

Mad about the election, huh?

I certainly am. If Roosevelt and Taft had just acted like gentlemen, that Liberal sellout Wilson never would have been elected!

Oberon · 03-04-13, 09:33 PM

Quote:

Originally Posted by Sailor Steve

I certainly am. If Roosevelt and Taft had just acted like gentlemen, that Liberal sellout Wilson never would have been elected!

I blame the Mugwumps...

03-01-13, 05:43 PM	#3
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 42,682 Downloads: 10 Uploads: 0	cuts: 85 bn explicit debts only: 16700 bn (http://www.brillig.com/debt_clock/) GDP 2012: 15200 bn (mean value from IMF, WB, CIA) US debts since 2007 grow by 3.7 bn per day. The cut now represent a meager 0.50% of the total implict debt, and a meager 0.56% of the 2012 GDP. That puts the hype about the sequester a bit into relation, I think. - The pentagon recently has placed last-minute contracts worth 500 bn for the F35. That represents 3.3% of the 2012 GDP. Debts cannot be driven back by spending more than before and making new debts. The implicit debt btw is calculated to be 800-1250% of the explicit debt. The according numbers would be this: 16700 bn explicit debts 133600 bn if counting 800% implicit debts. 208750 bn if counting 1250% implicit debts The latter 208 trillion in full writing, since it looks so impressive: 208,750,000,000,000 One can start using scientific notation with these dimensions. 2.087510^14 To me that number is a very clear and convincing definition of total bankruptcy. Claiming differently compares to claiming that a 100 kiloton nuke is no bomb, or that the sun sheds no light. The estimated number of suns in the milky way btw is said to be in the low hundred billions. Throw one dollar into each sun, and when you are done with the galaxy, you still will have plenty left. 85,000,000,000 in cuts now - wowh, that is four decimal places less! __________________ If you feel nuts, consult an expert.* Last edited by Skybird; 03-01-13 at 05:59 PM.

03-01-13, 07:57 PM	#5
GoldenRivet Subsim Aviator Join Date: Mar 2007 Location: Texas Posts: 8,726 Downloads: 146 Uploads: 0	i tightened up my belt... uncle Sam can to. __________________

03-01-13, 08:34 PM	#6
August Wayfaring Stranger Join Date: Apr 2005 Location: Massachusetts Posts: 23,217 Downloads: 0 Uploads: 0	Both sides are now saying the cuts are a good thing. Go figure. __________________ Flanked by life and the funeral pyre. Putting on a show for you to see.

03-01-13, 09:32 PM	#7
Armistead Rear Admiral Join Date: Dec 2008 Location: on the Dan Posts: 10,880 Downloads: 364 Uploads: 0	It needed to be about 200 billion, maybe about a 2% cut overall. Obama is like a woman that goes out and buys 5 new dresses, sells one a week later and considers that cutting back. __________________ You see my dog don't like people laughing. He gets the crazy idea you're laughing at him. Now if you apologize like I know you're going to, I might convince him that you really didn't mean it.

03-04-13, 07:12 PM	#10
soopaman2 Der Alte Join Date: Sep 2011 Location: New Jersey, USA Posts: 3,316 Downloads: 61 Uploads: 0	How much out of our military contractor budget. I bet zero...Not like we have our own army that can do thier jobs, they charge triple for. Ohhhh, did I offend someone? Truth usually does. ( especially Halliburton/XE workers) Pure Capitalism rules right? Keynes is a douchbag. __________________ If Hitler invaded Hell I would make at least a favourable reference to the devil in the House of Commons. -Winston Churchill- The most fascinating man in the world.

03-01-13, 06:08 PM	#4
yubba Admiral Join Date: Sep 2009 Location: in a neighborhood near you Posts: 2,478 Downloads: 293 Uploads: 2	what about pork products, being cut,, this should be cut the cheese thread,, but how can we have big over bearing government with all these cuts in spending ?????

03-04-13, 08:29 PM	#13
yubba Admiral Join Date: Sep 2009 Location: in a neighborhood near you Posts: 2,478 Downloads: 293 Uploads: 2	It's funnier today Than it was the day before