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  • From: Don Bowen <don.bowen AT earthlink.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The sad story
  • Date: Wed, 26 Oct 2005 18:49:14 -0400

At 10/26/2005, you wrote:
>How is what Bush is doing any different from that? A note is a note, when it comes
>time to pay it, little odds what it was called.

They are "special bonds." Special in that they are not counted against the
debt. It is done to cook the books and to make the debt appear smaller.

Here is something from the budget site.

"The deficit is the fiscal year difference between what the United States Government (Government) takes in from taxes and other revenues, called receipts, and the amount of money the Government spends, called outlays. The items included in the deficit are considered either on-budget or off-budget. (The off-budget items are typically comprised of the two Social Security trust funds, old-age and survivors insurance and disability insurance, and the Postal-Service fund.) Generally, on-budget outlays tend to exceed on-budget receipts, while off-budget receipts tend to exceed off-budget outlays.

You can think of the total debt as accumulated deficits plus accumulated off-budget surpluses. The on-budget deficits require the Treasury to borrow money to raise cash needed to keep the Government operating. We borrow the money by selling Treasury securities like T-bills, notes, bonds and savings bonds to the public. Additionally, the Government Trust Funds are required by law to invest accumulated surpluses in Treasury securities. The Treasury securities issued to the public and to the Government Trust Funds (Intragovernmental Holdings) then become part of the total debt. For information concerning the deficit, visit the <http://www.publicdebt.treas.gov/opd//bpd/exit.htm?http://www.fms.treas.gov/>Financial Management Service website to view the Monthly Treasury Statement of Receipts and Outlays of the United States Government <http://www.publicdebt.treas.gov/opd//bpd/exit.htm?http://www.fms.treas.gov/mts/index.html>(MTS). "

Don Bowen Awl Knotted Up

My travel journal
http://www.braingarage.com/Dons/Travels/journal/Journal.html

My present location is the star on the map in the link below
http://www.mapquest.com/maps/map.adp?latlongtype=decimal&latitude=35.588269&longitude=-82.629132




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