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Even with a lower troop committment, the new costs of $ 1 million a year for each soldier, threaten to wipe out the $26 billion in savings from Iraq in 2010. The overall military budget could go up by 10% from a high of $667 billion under the Bush administration to $734 billion. Head of the House Appropriations Committee, David Obey, of Wisconsin, says that sending more troops to Afghanistan would drain the Treasury, and "devour virtually any other priorities that the President or anyone in Congress had." Rep. John Murtha of Pennsylvania head of a House subcommitte on defense appropriations says that a majority of the 258 Democrats in Congress would vote against any bill to pay for more troops.
Even with a lower troop committment, the new costs of $ 1 million a year for each soldier, threaten to wipe out the $26 billion in savings from Iraq in 2010. The overall military budget could go up by 10% from a high of $667 billion under the Bush administration to $734 billion. Head of the House Appropriations Committee, David Obey, of Wisconsin, says that sending more troops to Afghanistan would drain the Treasury, and "devour virtually any other priorities that the President or anyone in Congress had." Rep. John Murtha of Pennsylvania head of a House subcommitte on defense appropriations says that a majority of the 258 Democrats in Congress would vote against any bill to pay for more troops.
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The portion of Treasury debt maturing in less than ayear has risen to 40%. In the fisscal year ending Sept 30 the Treasury held an auction on average more than once a day to finance nearly $7 trillion of new and maturing debt. A banking crisis is turning into a long term debt crisis.
The portion of Treasury debt maturing in less than ayear has risen to 40%. In the fisscal year ending Sept 30 the Treasury held an auction on average more than once a day to finance nearly $7 trillion of new and maturing debt. A banking crisis is turning into a long term debt crisis.
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Original article 10 minutes, gist 1 minute
Original article 10 minutes, gist 1 minute
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The asset bubble may be due to the huge infusion of liquidity in the economy. This inflates the value of financial wealth in stocks relative to real wealth in goods and services and businesses that produce them. Industrial production is down but stock prices are up. This leads to distortions that can show up elsewhere such as in the currency markets with depreciating dollar or in the stimulus being withdrawn too early.
The asset bubble may be due to the huge infusion of liquidity in the economy. This inflates the value of financial wealth in stocks relative to real wealth in goods and services and businesses that produce them. Industrial production is down but stock prices are up. This leads to distortions that can show up elsewhere such as in the currency markets with depreciating dollar or in the stimulus being withdrawn too early.
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Original article 4 minutes, gist 1 minute
Original article 4 minutes, gist 1 minute
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