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, in the year ...
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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, they ...
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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 $35,000 (Rau M-1). ...
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CITE THIS PAGE:
Government Spending & Budget. (2008, January 22). Retrieved April 20, 2024, from http://www.essayworld.com/essays/Government-Spending-Budget/77844
"Government Spending & Budget." Essayworld.com. Essayworld.com, 22 Jan. 2008. Web. 20 Apr. 2024. <http://www.essayworld.com/essays/Government-Spending-Budget/77844>
"Government Spending & Budget." Essayworld.com. January 22, 2008. Accessed April 20, 2024. http://www.essayworld.com/essays/Government-Spending-Budget/77844.
"Government Spending & Budget." Essayworld.com. January 22, 2008. Accessed April 20, 2024. http://www.essayworld.com/essays/Government-Spending-Budget/77844.
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