The impact of the massive federal deficit is again being played out in the Congress, House...

 

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The impact of the massive federal deficit is again being played out in the Congress, House Republicans are holding up the extension of the debt celling until cuts it wants to propose are made. (The 'debt ceiling' by the way is for money that has already been appropriated and spent--sort of like sayin you won't pay your credit card bill because the amount is too high.) Not doing anything will result in an every greater amounts spend on federal debt service, crowding out other government programs. This is a political debate that directly affects your taxes, spending, interest rates that you will pay on homes, cars or student debt. This is a chance for you to weigh in The Committee for a Responsible Federal Budget has generated a tool to simulate the effect of spending cuts, tax increases or spending increases. For this discussion, I want you to look at the seven categories listed on the top of each page and make your choices until your reach the $7.2 trillion goal. 1. Investments 2. Defense 3. Social Security 4. Health Care 5. Domestic 6. Income Tax 7. Other Taxes (Debt Fixer will automatically compute the total.) After you complete that, put in your response: • the total net change in each category . programs you would cut (YOU MUST EXPLAIN WHY) programs you would increas (YOU MUST EXPLAIN WHY) - taxes you would increase or decrease (YOU MUST EXPLAIN WHY) •sum un in one paragraph vou guiding principles on federal spending The impact of the massive federal deficit is again being played out in the Congress, House Republicans are holding up the extension of the debt celling until cuts it wants to propose are made. (The 'debt ceiling' by the way is for money that has already been appropriated and spent--sort of like sayin you won't pay your credit card bill because the amount is too high.) Not doing anything will result in an every greater amounts spend on federal debt service, crowding out other government programs. This is a political debate that directly affects your taxes, spending, interest rates that you will pay on homes, cars or student debt. This is a chance for you to weigh in The Committee for a Responsible Federal Budget has generated a tool to simulate the effect of spending cuts, tax increases or spending increases. For this discussion, I want you to look at the seven categories listed on the top of each page and make your choices until your reach the $7.2 trillion goal. 1. Investments 2. Defense 3. Social Security 4. Health Care 5. Domestic 6. Income Tax 7. Other Taxes (Debt Fixer will automatically compute the total.) After you complete that, put in your response: • the total net change in each category . programs you would cut (YOU MUST EXPLAIN WHY) programs you would increas (YOU MUST EXPLAIN WHY) - taxes you would increase or decrease (YOU MUST EXPLAIN WHY) •sum un in one paragraph vou guiding principles on federal spending

Answer rating: 100% (QA)

Investments I would aim to maintain or increase investments in areas that promote longterm economic growth and innovation such as education research and development infrastructure and renewable energy ... View the full answer