Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. In speech after speech, Biden seems unwilling to address the extensive inflationary effects of his spending policies or their potential negative economic impact on future prosperity. Used to help protect the website against Cross-Site Request Forgery attacks. 30 Broad Street, Suite 801 Thank you for helping us continue making science fun for everyone. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. 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. I may support an artist, but I don't have any artistic plans for myself. There's a lot more to being positive than being positive, after all. If you could get a treaty, get countries signed up into an Earth Fund, you could perhaps start with trying to save the Amazon or the Arctic. The tough part is deciding which one to start on. It's probably not for me, but I'd love to see others do it. The 320-page bill included $4.5 trillion in spending cuts, including strengthened work requirements on welfare programs, rescinding unspent pandemic funds, and banning student-loan forgiveness. 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. As you click on each item - which you can "buy" as many of as you like - your total spend goes up while the billionaire's net worth is whittled down. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. In total, the spending reductions could achieve more than $3 trillion in savings over the next decade, according to the nonpartisan Congressional Budget Office, which scored a version of the legislation this week. Biden announced in August his plan to wipe out $10,000 in debt for Americans who earn less than $125,000 annually, and $20,000 for lower-income borrowers. LinkedIn sets this cookie for LinkedIn Ads ID syncing. These cookies do not allow the tracking of navigation on other websites and the data collected is not combined or shared with third parties. And the first one is half a trillion to spend on transitioning the world to renewable energy. LinkedIn sets the lidc cookie to facilitate data center selection. I'm sure that I'll bring back some pieces from my travels. Contrary to Bidens constant complaint that business doesnt pay its fair share, revenues from corporate income taxes in 2022 were over $400 billion, also for the first time, and an increase of 101 percent over 2020. I'll analyze the numbers and figure out the most effective way to become debt-free. Theyve been doing it a lot recently with the pandemic. They help us to know which pages are the most and least popular and see how visitors move around the site. "It's not about fiscal discipline," Biden said. The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act," includes $4.5 trillion in cuts to government spending and returns discretionary spending to fiscal year 2022 levels. Not at all. 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. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? The Source for news on Capitol Hill since 1955. So by 2030, theres $7 trillion in unpaid tax in the US. 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. And how did it actually wind up? Or some sort of universal treaty, like we had with the ozone layer. 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. From the obvious (fix climate change) to something you might not have thought about in a while (expand our concept of reality), it's consistently thought-provoking material. The bills savings would be even larger, but it includes one provision that would boost the deficit: taking back money the Internal Revenue Service was given to hire more than 80,000 new employees. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. Youll find places where something looks funny, and then you can go and theorize about whats happening. In the fourth quarter, GDP increased 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. With that, lets jump into the data. The way you spend your money is completely up to you. Part of HuffPost Politics. How far can a trillion dollars take you there? It's an interesting idea. They raised the debt ceiling three times during the Trump administration, she said, but now they are using the full faith and credit of the U.S. to try and force spending cuts Democrats will not accept. Will you be investing in green technology? Its like weve had with the International Space Station. Maxine Joselow and Rachel Roubein contributed to this report. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. I'm sure I could come up with a great menu of unique dishes. While the economy skirts recession in both scenarios, recession risks are uncomfortably high, with a consensus of economists and many investors and business executives expecting a downturn beginning late this year or early next. That COVID funding was to sunset as the country returned to normal as it did last year. It does a lot of what the 20 of us did in January, but theyre going to have to follow through on it., My question is, is this what leadership is going to demand from the Senate, or are we going to get something watered down?. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. This week we will pass a bill on this floor that will lift the debt ceiling something the Senate has not done, something the president has not negotiated and send it over to the Senate, McCarthy said. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. This cookie is installed by Google Universal Analytics to restrain request rate and thus limit the collection of data on high traffic sites. If someone handed you a million dollars, you might feel inclined to hoard it - but the rules of this quiz require that you blow the lot! If Biden had returned to the 2019 pre-COVID spending levels and rejected the trillions of dollars in excess spending that has characterized his first two years, he could have come much closer to a balanced budget for 2022. In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. I say cheap, you know, but to get to Mars, it would take all the trillion, I think. So they think its doable. AWSALB is an application load balancer cookie set by Amazon Web Services to map the session to the target. So I think you could speed that up, or you could augment that, and really start looking for life forms out in the solar system. In January, he became the wealthiest man on the planet after Teslas unrelenting shares surged almost 750 per cent. So they have to be problems that we can fix. Instead, he saw that supersized budget in 2020 not as a crisis, but an opportunity that could be exploited going forward to pay for what amounted to a historic spending spree that kicked off with the $1.9 trillion American Rescue Plan and drove what became the worst inflation in 40 years. I don't plan to be home very often. But what it could do is the ball is already rolling towards carbon-neutral energy, right? Congress would eventually appropriate $2.13 trillion more, notably in December 2020 and March 2021.4 For observers who remembered the federal governments response to the Financial Crisis of In its own analysis, the CBO found that the new IRS spending would have a significant return on investment, helping to reduce the deficit by $120 billion over the next decade. ROWAN HOOPER: Sure. We pay for your stories! The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act," includes $4.5 trillion in cuts to government spending and returns discretionary spending to fiscal year 2022 levels. I'm more likely to offer to do that for someone else who needs it. Or if you prefer, a thousand billion. And thats one of your options. This cookie is set by GDPR Cookie Consent plugin. To spend it on experiments that are doable now would only cost in the order of billions or tens of billions of dollars, which doesnt really add up to I couldnt spend the whole trillion in that chapter. How likely are you to get the newest gadgets on the market? We could go to the far side of the moon and put a space observatory there, a science observatory on the far side of the moon. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Thepassage sets the stage for a debt ceiling showdown between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., who have disputed government spending levels and have not agreed on how to raise the debt ceiling. Invest in quality science journalism by making a donation to Science Friday. The timing of the government spending cuts in [the bill] is thus especially inopportune as it would meaningfully increase the likelihood of such a downturn, the company said. If adhered to, the caps would cut about $3.2 trillion from the pool of yearly appropriations to agencies including the Pentagon, the Department of Health and Human Services and the Environmental Protection Agency. They start from a single $8 Big Mac burger, all the way up to a $50million launch of a Falcon 9 rocket built by the 49-year-old's company, SpaceX. IF you've ever wondered how tricky it would be to empty Elon Musk's coffers, then have we got the website for you. And again, its being dominated by China and the US, in particular. Hand out moneys to homeowners. And its about the same as some of the biggest companies, like Apple and Amazon. I think a food truck would be right up my alley. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. 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. With SNAP, they also included new language that says the purpose of the program is to assist low-income adults in obtaining employment.. WebWith 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. IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. In 2022, they increased to a record $4.8 trillion. That research has gone into a book, How To Spend A Trillion Dollars, published earlier this year (and in 2022 in the US). House Republicans were still trying Tuesday to ensure they had enough votes to pass a massive spending cut bill as their opening bid in a fight with the White House over raising the governments debt limit. I think we are lonely. The missives, which analyzed an earlier version of the GOP plan, said cuts back to 2022 levels would also hamstring government agencies that respond to extreme weather, eliminate 170,000 slots in a key federal preschool program, and impact the IRS and its ability to provide timely refunds. IRA FLATOW: OK, well, speaking of that being very far off, you have an option you call discover a new reality. And that is let me read from the book to break or fill the gaps in the standard model of particle physics to understand the missing 95% of reality. So its just a matter of having enough money to do that? You couldnt build a solar shield around the planet to deflect sunlight away, because its technologically not possible. But still, I think an alien bacterial life form found in this solar system would be a truly sensational discovery. But McCarthys remarks cast doubt on that timeline. The timing of the government spending cuts in [the bill] is thus especially inopportune as it would meaningfully increase the likelihood of such a downturn, the company said. Heres what you can do about it, and how to balance individual and systemic action. This website uses cookies to improve your experience while you navigate through the website. I'm more likely to send my local Boys and Girls Club to a game. What do you make of the game? IRA FLATOW: I want to explore that a bit more, because you have all kinds of ways to spend the money, but in your conclusion in the end, you narrow down the projects to the most important areas that you think should be recipients of the money. The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act,"includes$4.5 trillion incuts to government spending and returns discretionary spending to fiscal year 2022 levels. I will likely pick up a few pieces here and there. A fifth of American carbon emissions come from our homes. Do you have information you want to share with HuffPost? The cuts probably would target federal health care, science, education, climate, energy, labor and research programs, while leaving untouched the Pentagon and services for veterans. Publisher: Profile Books Ltd. ISBN: 9781788163453. Will you make any upgrades to your current home? If youre a regular listener to the program, you have heard me ask researchers the question I call the blank check question. Imagine I gave you unlimited resources, a blank check, to spend on your research. About 275,000 people, on average, would lose eligibility for food assistance through the Supplemental Nutrition Assistance Program each month, and 19,000 more would see their benefits reduced, the CBO said. So its a fair deal more than them. IRA FLATOW: OK, so we have a little bit of reference here. And he has pointed out that Democrats repeatedly aided Republicans in raising the borrowing cap, even when the party opposed policies enacted under President Donald Trump. Norman was one of a group of House Republicans who voted against McCarthy becoming speaker until he agreed to a list of their policy demands. And you could raise the money like that. These cuts are tied to a $1.5 trillion increase of the debt ceiling until May 2024. I'm definitely going to try a lot of new dishes. Now, I have to caveat that by saying that you might only find that were not alone because theres a bacteria living on Enceladus or on Europa out in the solar system. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. Kind of cheap. With it, Republicans also included a provision that would block one of Bidens programs meant to lower students monthly loan bills. A group of ethanol proponents was reportedly, upset with the bills cancellation of many green tax breaks. He previously served as the director of planning for Speaker Newt Gingrich. Where are the low-hanging fruit, I guess Im asking for, on this? LinkedIn sets this cookie to remember a user's language setting. ROWAN HOOPER: Thank you, Ira. It seems like a good return on investment in this modern age. Funny Game Description Punish greedy fat cats and save honest peoples! I plan to invest it quickly, but I don't see the money going away for a very long time. It was like, oh, what would I do if I had all this money? 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. So you get double your money. I may invest in some high-end pieces that should increase in value. Once your 30 seconds is up, you're presented with a set of results that show what you bought and how much of Elon's balance is remaining. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. I don't need much, just something that gets me from point A to point B. And thats what Id like to see on a much bigger scale. Treasury Secretary Janet Yellen told CongresstheU.S.could default on its debtas soon as June5. First, the bill targets the Supplemental Nutrition Assistance Program, or SNAP. Spending your cash your very own way will help us to nail down the best one. 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. His 2024 proposed budget has spending that will reach the $7 trillion threshold in 2025, $8 trillion in 2028, $9 trillion in 2031, and $10 trillion in 2033. No, but I could see contributing to a soup kitchen. All information these cookies collect is aggregated and therefore anonymous. Favorite topics includeplanetary sciences, chemistry, materials, and shiny things with blinking lights. IRA FLATOW: Nice to have you. 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. I imagine that I will meet new people from around the world. 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. Will you be hiring others to work with you? This would not be a focus of my spending. Do you have any artistic projects in mind for the money? 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. Spending a million dollars in a day is easy. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. I'll visit family and friends very regularly. I want to see sports all over the world. Worse, CBO baseline spending projections show that Bidens proposed budgets for the next two years will continue the $6 trillion-dollar spending of 2020 and drive it even higher through the rest of his term and beyond. Read an excerpt of How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix. Theyre technologically out of reach. 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. White House: Nothing New To Say, House Republicans Have A That is exactly what I'm talking about! The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. Is that really possible, even with a trillion bucks? 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. Now, I think if you asked people what they would do with a trillion dollars, a lot of them would say, first off, cure all human disease. Its not the final provisions, and theres a number of members who will vote for it going forward to say theres some concerns there.. How could we do that? Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. 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. I will leave the Biden reelection announcement to the Twittersphere to discuss. SiteLock sets this cookie to provide cloud-based website security services. HuffPost's top politics stories, straight to your inbox. "It's about cutting benefits for folks that they don't seem to care much about. IRA FLATOW: And you dont want to just stop at the moon. Given that both the CBO and Bidens numbers show trillion-dollar deficits as far as the eye can see, perhaps it is time for the president to find a way to come to the table and discuss how to address this challenge rather than accepting trillion-dollar deficits as the new normal. I might actually increase my debts. I mean, its a really good point. For terms of use and more information, visit our policies pages athttp://www.sciencefriday.com/about/policies/. , with the bulk of that savings coming from caps the bill would place on the annual funding voted on by lawmakers. Are you interested in riding a rocket into space as a tourist? I might bid on some trips or adventures at a charity event. Whether its your openness or your warmth, you carry with you some of the best of human qualities. During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget.