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Because the government spends more money than it collects in tax revenue, lawmakers need to periodically tackle the issue -- a politically difficult task, as many are reluctant to vote for more debt.
(The Center Square) – U.S. Rep. David Schweikert, R-AZ, said the federal government would have to double taxes in 20 years just to keep services at current levels if spending and debt aren't ...
Pre-existing is the important term here, as it indicates that the government needs new financing, i.e. more loans, in order to pay long-standing debt. Government debt is used to pay for things ...
That same day, on 5 May, the Senate made its first comments on the U-2 incident and began a domestic political controversy for Eisenhower. Mike Mansfield, the Senate Majority Whip, stated, "First reports indicate that the President had no knowledge of the plane incident. If that is the case, we have got to ask whether or not this administration ...
Francis Gary Powers (August 17, 1929 – August 1, 1977) was an American pilot who served as a United States Air Force officer and a CIA employee. Powers is best known for his involvement in the 1960 U-2 incident, when he was shot down while flying a secret CIA spying mission over the Soviet Union.
A debate over the debt ceiling is at the center of a dispute over funding that is pushing Washington to the brink of a federal government shutdown. A debate over the debt ceiling is at the center ...
The Federal Government has over 6:1 debt to revenue ratio as of Q3 2022 Federal, State & Local debt almost $32 trillion in 2021 The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas , after the country's formation in 1776.
Between 1950 and 1970, total debt (including government, household, corporate, and financial) was stable at about 150% of GDP. After Nixon did away with what was left of the gold standard in 1971 ...