Effects On National Debt
The United States annual budget deficit for fiscal year 2009 surpassed $1 trillion. The original Paulson proposal would lift the United States federal debt ceiling by $700 billion, to $11.3 trillion from the current $10.6 trillion.
Read more about this topic: Emergency Economic Stabilization Act Of 2008
Famous quotes containing the words national debt, effects, national and/or debt:
“A national debt, if it is not excessive, will be to us a national blessing.”
—Alexander Hamilton (1757–1804)
“The machines that are first invented to perform any particular movement are always the most complex, and succeeding artists generally discover that, with fewer wheels, with fewer principles of motion, than had originally been employed, the same effects may be more easily produced. The first systems, in the same manner, are always the most complex.”
—Adam Smith (1723–1790)
“Mr. Speaker, at a time when the nation is again confronted with necessity for calling its young men into service in the interests of National Security, I cannot see the wisdom of denying our young women the opportunity to serve their country.”
—Lyndon Baines Johnson (1908–1973)
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (1872–1906)