Its not the final provisions, and theres a number of members who will vote for it going forward to say theres some concerns there.. And one is to settle off the planet, to set up a colony on the moon. Adjusting the 2019 spending for inflation, and given the remarkable increase in revenues, the deficit in 2022 would have been only $194 billion instead of a deficit of $1.3 trillion. Oh yeah, I want to try anything that is new and innovative. With a million dollars, you could have that first issue comic book you've been dreaming about, or you could feed a small village for a number of years. What size house will you buy for yourself? Fidelity to the original aired/published audio or video file might vary, and text might be updated or amended in the future. So interestingly, this is what Jeff Bezoss Earth Fund is doing on a smaller scale than a trillion dollars, but still, theyre doing it on a very effective scale by purchasing land that is both vital for carbon stores and for biodiversity. It is the federal government's other trillion-dollar baby. It might take a while for me to spend it but one way or another, it will be gone. Biden says McCarthy risking default on national debt: 'What are MAGA Republicans doing in Congress?'. The federal governments total public debt stood at just under $31.46 trillion as of Feb. 10, according to the Treasury Departments latest daily reckoning. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. WebIf you managed to spend a million dollars per minute for 24 hours every day, it'd take you around 7 years to spend a trillion dollars. ROWAN HOOPER: Yeah. All rights reserved. Biden told McCarthy he would not negotiate on the debt ceiling, arguing it should be raised by Congress without parameters. I mean, one of the criteria used to select them was that they were actually fixable problems, right? That is not something that I'm really interested in doing. I will mostly be interested in classic cars that hold their value well. Holding a 222-213 margin in the House, McCarthy can lose only four Republican votes and still be able to pass the bill if all the representatives show up and vote along party lines. Yeah, absolutely. Instead, the president wants a clean debt ceiling vote without provisions to rein in spending, hardly surprising from someone who has just proposed a budget that includes reaching a record $10 trillion in spending by 2033. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. Some were publicly noncommittal, though likely for different reasons. IRA FLATOW: How much is a trillion dollars? ROWAN HOOPER: Yeah, I did. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. I will definitely dress the part of the successful entrepreneur. ROWAN HOOPER: One of the fun ones Id like to do is I call it the Terran Alliance, which is effectively a space agency for the world. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. This website uses cookies to improve your experience while you navigate through the website. I plan to take in as many new experiences as I can. Its 1% of world GDP, is another way of looking at it. More people, better technology, some costly ingredient or supply? So there are things that people think about that are still very, very far off. The rules would cover beneficiaries from age 19 until age 56, with some exceptions, such as for those who are pregnant or caring for young children. LinkedIn sets this cookie to store performed actions on the website. Keep the coal in the ground, because at the moment theres still too much coal-fired power stations being used being built, even in those countries. I want to see sports all over the world. And it would be just a beacon of hope. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? There are so many people to help. The game presents Musks net worth, which you can spend on an array of different items by clicking on them as fast as you can. IRA FLATOW: Yeah. I'm traveling all over the world until the funds run out. The GOP proposal would slash the federal budget back to levels adopted in the 2022 fiscal year, then cap federal agencies future budgets at 1 percent for the next decade. The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. With Medicaid, meanwhile, Republicans proposed a rule requiring the low-income recipients of federal health insurance to satisfy certain income or work thresholds. But if it did, the effect on the economy would be harmful compared with passage of a clean debt limit bill, according to a report by Moodys Analytics, a financial analysis firm. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. Like the Federation. It's got to be unique. As of last month, U.S. debt was $26.5 trillion. The cookie is used to store the user consent for the cookies in the category "Analytics". Learn more about recent Gartner press. House Speaker Kevin McCarthy (R-Calif.) told reporters late in the day that he thought the bill would still pass this week but acknowledged there were wrinkles that needed to be ironed out. McCarthy, GOP debt limit plan proposes $4.5 trillion in cuts, eliminates student loan forgiveness, House GOP leaders blast Biden before debt limit vote, $4.5 trillion incuts to government spending, McCarthy budget would slash 60,000 teachers, 'undermine education,' Biden administration says, Your California Privacy Rights / Privacy Policy, Rescinding the funding for 87,000 IRS agents, Reallocatingunspent COVID-19 reliefmoney, EliminatingBiden's student loan forgiveness plan, Ending tax credits for companies that invest in green energy, Raising the age limit to 56 from 50 on work requirements to receive federal food aid from the Supplemental Nutrition Assistance Program, or SNAP, Blockingthe Biden administration from limiting consumer access to gas stoves or ovens. By entering your email and clicking Sign Up, you're agreeing to let us send you customized marketing messages about us and our advertising partners. And their stated aim is to cure all disease and to extend human life to age 100 on average by the end of the century. Treasury Secretary Janet Yellen told CongresstheU.S.could default on its debtas soon as June5. House Republicans on Wednesday approved a bill to raise the debt ceiling into next year, slash federal spending by billions of dollars and unwind some of President Bidens priorities and recent legislative accomplishments, including his program to cancel college student debt. The Tesla boss has amassed a $166billion fortune Credit: Reuters. But thats not something we can do anytime soon. Imports turned up. A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. So I just wanted to show that there are solutions out there, and we can do this. The bill's odds of passing in the Senate, where Democrats have the majority, are low. The nonpartisan Congressional Budget Office said the bill would cut the budget deficit by $4.8 trillion over 11 years, with the bulk of that savings coming from caps the bill would place on the annual funding voted on by lawmakers.If adhered to, the caps would cut about $3.2 trillion from the pool of yearly appropriations to agencies including I may start a charity, but probably not a business. The CBO baseline is projecting that if things stay on the current path for the next 10 years (2024-2033), the debt will be increased by $20.2 billion. The bill would suspend the debt limit until March 31, 2024, or until the Treasury had used $1.5 trillion in borrowing authority, whichever arrived earlier. Ive thrown more than a few numbers out there but when it comes to the debt ceiling debate, these are important in the face of White House resistance to even discuss either the debt or the deficit. Industry insiders believe the worldwide online sports betting market (which operates mostly from Eastern Asia, which accounts for an estimated 80% of their activity) It's about finding ways to squeeze out more of America's middle class.". I would give a few tens of billions of dollars to some of the smaller space agencies, especially the African Space Agency and some of the ones in smaller countries other than the US and China, and make a Terran Alliance that would elevate other countries up into space so that its not just dominated by the US and China. Absolutely. The game presents Musks net worth, which you can spend on an array of different items by clicking The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts The bill, if it passes the House, would almost certainly not become law given the Democrats hold on the Senate and the threat of President Joe Bidens veto pen. And I think that would be actually, now I say it, it sounds a bit like Star Trek, doesnt it? I have a lot of artistic projects in mind. IRA FLATOW: Rowan, we could all use a little bit of optimism these days. Do you see yourself buying a lot more gifts for others? Used by Yahoo to provide ads, content or analytics. It will be something small and practical. I don't need much. This week, Biden threatened to veto the bill if it ever reaches his desk, arguing that it would inflict significant financial harm on families. And thats what Id like to see on a much bigger scale. HuffPost's top politics stories, straight to your inbox. It would work better. And yes, the problems are massive. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. It wont get us to a carbon-neutral state at all. LinkedIn sets this cookie to remember a user's language setting. I imagine that I will meet new people from around the world. The cookie is a session cookies and is deleted when all the browser windows are closed. That is going to cost around $100 trillion in investment by 2050 to get us, globally, to zero carbon emissions. boost from the bipartisan Committee for a Responsible Federal Budget. And how did it actually wind up? Senate Majority Leader Chuck Schumer described it as "dead on arrival," asSenate Democrats won't agree to the GOP spending cuts. Republicans have made no secret about their opposition to the Inflation Reduction Acts investments to fight climate change. How likely are you to make updates to your landscaping? No, but I could see contributing to a soup kitchen. Not at all. This has happened under former presidents, including Donald Trump. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. ROWAN HOOPER: Yeah, its actually surprisingly cheap. Would you like to open your own restaurant? Currentdollar GDP increased 5.1 percent at an annual rate, or $327.9 billion, in the first quarter, to a level of $26.47 trillion. I will make some alterations and updates that fit my personal style. Are you targeting governments? In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. A new Silicon Valley campaign has been launched to drive investment into the UKs trillion-dollar tech sector to fuel emerging technologies and economic growth, amid the UKs plans to boost R&D spend to 20 billion in 2024. I might try some new recipes with some more exotic ingredients. Heres how. I may support an artist, but I don't have any artistic plans for myself. To see all content on The Sun, please use the Site Map. The federal governments total public debt stood at just under $31.46 trillion as of Feb. 10, according to the Treasury Departments latest daily reckoning. It was like, oh, what would I do if I had all this money? I'll probably spruce it up and get it ready to sell for a profit. Maxine Joselow and Rachel Roubein contributed to this report. Web$4.5 trillion. Or some sort of universal treaty, like we had with the ozone layer. Science Friday is produced by the Science Friday Initiative, a 501(c)(3) nonprofit organization. It's probably not for me, but I'd love to see others do it. What if the price tag wasnt unlimited, just really high? It might be something I invest in if it becomes popular and profitable. So, in the context of talking about federal spending, in 2022, the U.S. government spent $6.2 trillion. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. NID cookie, set by Google, is used for advertising purposes; to limit the number of times the user sees an ad, to mute unwanted ads, and to measure the effectiveness of ads. Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. The Source for news on Capitol Hill since 1955. The way you spend your money is completely up to you. One week after unveiling the so-called Limit, Save, Grow Act, Republicans brought the measure to the House floor and embarked on what proved to be a raucous debate. While a trillion dollars cant solve every problem, he estimates it would go a long way towards tackling disease, combating global warming, protecting biodiversity, or even establishing a moon base. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance. The president has maintained that Republicans should increase the debt limit without conditions, saying that a miscalculation that triggers a default could push the economy into a recession. That is a very strong possibility, especially if it is an innovative idea. I will likely pick up a few pieces here and there. Highlighting the harm of such cuts earlier this year, Biden administration officials predicted more flight delays, slower Social Security checks, reduced college aid for needy students and significant reductions in the number of people served by affordable housing programs, according to letters they sent to Congress earlier this year. I'm more likely to send my local Boys and Girls Club to a game. I may hire some guides on my travels. Yeah. I might actually start building some custom pieces. A group of ethanol proponents was reportedly upset with the bills cancellation of many green tax breaks. After we feel like we've gathered bits of your personality through your spending, we'll tell you which of your traits shines like the sun. I think Im better at spending it. For the authoritative record of Science Fridays programming, please visit the original aired/published recording. But yeah, to go to the moon, to go to the South Pole, build a base there, start mining water, put up some solar panels you could do that relatively cheaply, with, say, a few of hundreds of billions of dollars. My question is, is this what leadership is going to demand from the Senate, or are we going to get something watered down? Rep. Ralph Norman (R-S.C.) told HuffPost.