Democrat Hastings' Bill Uses Gimmick to Cut Debt by $5 Trillion

Image: Democrat Hastings' Bill Uses Gimmick to Cut Debt by $5 Trillion

Wednesday, 16 Oct 2013 04:38 PM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S. Rep. Alcee Hastings proposed a bill Tuesday that would instantly slice almost $5 trillion from the government's debt through an accounting gimmick.

His bill wouldn't count as debt what one branch of the government owes to another. Rather, it would count only debt owed by the public.

"No longer will debt owed from one branch of our government to another be considered the same as debt held by foreign governments, banks, pension funds, and other entities," he said, The Hill reports. "They are accounting techniques, not debts."

About $11.9 trillion of debt is held by the public and $4.8 trillion by government accounts, according to the Congressional Budget Office, said Hastings, D-FL.

Hastings' bill also would authorize the president to raise the debt ceiling without approval from Congress. That's an idea raised two years ago by Senate Minority Leader Mitch McConnell, The Hill reports.

Related Stories:

McConnell, Reid Reach Deal to End Shutdown
Boehner Challenge Unlikely, but Price May Be Right



© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

VA Training Guide Labels Disgruntled Vets as 'Oscar the Grouch'

Wednesday, 27 Aug 2014 16:39 PM

Even as new Veterans Administration secretary Robert McDonald urges VA employees to "rebuild trust" with veterans in the . . .

California Triples Movie, TV Tax Credit

Wednesday, 27 Aug 2014 16:31 PM

California legislative leaders and Gov. Jerry Brown announced a deal on Wednesday to extend and expand California's movi . . .

Rep. Jeff Miller Pledges Full Review of VA Problems

Wednesday, 27 Aug 2014 16:02 PM

Rep. Jeff Miller on Wednesday pledged a "bottom-to-top, top-to-bottom review" of the Department of Veterans Affairs in l . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved