stephanie
11-06-2008, 09:44 AM
I want my free stuff and I want it NOW..
Zachary Coile, Chronicle Washington Bureau
Thursday, November 6, 2008
(11-06) 04:00 PST Washington - --
During their campaigns for the White House and Congress, Democrats played up their ambitious plans to cool a warming planet, revive the economy and fix a broken health care system.
But House Speaker Nancy Pelosi, in her first news conference since the party's big election victory, warned Wednesday that Democrats might have to scale back the size of their proposals as tax revenues slow and federal budget deficits soar because of a sluggish economy.
"I think it's important for the American people to know that many of our options have been diminished because of the downturn in the economy," Pelosi said. "We have a lot less money to draw upon."
It would not be the first time that campaign pledges have succumbed to cold, hard fiscal reality. But the current budget picture is especially gloomy: The Treasury Department reported that it will have to borrow $550 billon this quarter to pay for the rescue of U.S. financial firms. Wall Street bond traders now predict the United States will have to borrow $1.4 trillion this fiscal year and that the budget deficit could reach $1 trillion.
President-elect Barack Obama and congressional leaders are still plotting a far-reaching agenda, which includes major increases in spending. But their plans are starting to reflect the new budget math.
read it all here and comments..
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/06/MNQ513UQG3.DTL
Zachary Coile, Chronicle Washington Bureau
Thursday, November 6, 2008
(11-06) 04:00 PST Washington - --
During their campaigns for the White House and Congress, Democrats played up their ambitious plans to cool a warming planet, revive the economy and fix a broken health care system.
But House Speaker Nancy Pelosi, in her first news conference since the party's big election victory, warned Wednesday that Democrats might have to scale back the size of their proposals as tax revenues slow and federal budget deficits soar because of a sluggish economy.
"I think it's important for the American people to know that many of our options have been diminished because of the downturn in the economy," Pelosi said. "We have a lot less money to draw upon."
It would not be the first time that campaign pledges have succumbed to cold, hard fiscal reality. But the current budget picture is especially gloomy: The Treasury Department reported that it will have to borrow $550 billon this quarter to pay for the rescue of U.S. financial firms. Wall Street bond traders now predict the United States will have to borrow $1.4 trillion this fiscal year and that the budget deficit could reach $1 trillion.
President-elect Barack Obama and congressional leaders are still plotting a far-reaching agenda, which includes major increases in spending. But their plans are starting to reflect the new budget math.
read it all here and comments..
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/06/MNQ513UQG3.DTL