Potential cracks in the GOP lines persisted. The use of these cookies is strictly limited to measuring the site's audience. 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. So they have to be problems that we can fix. VigLink sets this cookie to track the user behaviour and also limit the ads displayed, in order to ensure relevant advertising. ROWAN HOOPER: Yeah, its actually surprisingly cheap. Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. 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. This would not be a focus of my spending. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. I might bid on some trips or adventures at a charity event. The $7.2 trillion added to the debt held by the public under Trump compares with $8.1 trillion added during the eight years of former President Barack Obama and Vice President Biden. But the bill does not specify the exact agencies or programs on the chopping block, leaving the task to lawmakers on congressional appropriations committees who craft spending bills that keep the government running and stave off a shutdown. Yeah. We'll assume you're okay with this, but you can opt-out if you wish. I may hire some guides on my travels. I have a lot of questions, said Rep. Brian Fitzpatrick (R-Pa.), the co-chair of the bipartisan Problem Solvers Caucus, who is seen as a moderate in the party. If you owned a trillion dollars and spent $1,000,000 each day, it would take you just under 2,740 years to spend it all. 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. How Long Would It Take To Spend 1 Trillion Dollars? | Huuti You Couldn't Spend It might take a while for me to spend it but one way or another, it will be gone. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. I can't see this happening, but I may support a local artist or two. The GOP bill would also make it harder for states to spare certain families on SNAP from federal work requirements a flexibility some states have used to help lower-income people during times of high unemployment. Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time a 64 percent increase in 2022 over 2020. IRA FLATOW: And you dont want to just stop at the moon. IRA FLATOW: Is that the singularity were talking about here? During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. Created by Bluecadet. 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. How could we do that? In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. But it makes it more equitable. 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 White House: Nothing New To Say, House Republicans Have A In dealing with the debt and deficit, President Biden has had the advantage of a 43 percent increase in federal tax receipts from 2020 to 2022, thanks to the 2017 Tax Cuts and Jobs Act. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. However, given the direction of current spending, the CBO baseline projects the annual deficit will be over $1 trillion dollars through 2029, and then it goes over $2 trillion dollars for the years spanning 2030-2033. 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. It also helps in fraud preventions. I have read, understood and accepted Gartner Separate Consent Letter , whereby I agree (1) to provide Gartner with my personal information, and understand that information will be transferred outside of mainland China and processed by Gartner group companies and other legitimate processing parties and Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. It does not store any personal data. Its a good bill, to be honest with you. Its not the final provisions, and theres a number of members who will vote for it going forward to say theres some concerns there.. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website. Its to show that theres so much pessimism and doom out there, especially around the climate change and the biodiversity crises. I mean, its a really good point. Absolutely. The way you spend your money is completely up to you. IRA FLATOW: So were not thinking a big GoFundMe campaign here. Let us know in the comments! Lets begin with some context here. And what we need to do is push it faster, get it rolling faster. (Video: The Washington Post), Repeal green energy programs, including some EV tax credits, Take back unspent covid aid and other measures, set aside to improve the Internal Revenue Service. I'm definitely going to try a lot of new dishes. Republicans have made no secret about their opposition to the Inflation Reduction Acts investments to fight climate change. No way, that's another terrible investment. House Republicans pass debt-ceiling hike, hoping to spur Biden to That is not something that I'm really interested in doing. That might be fun, maybe just something small. As Science Fridays director and senior producer, Charles Bergquist channels the chaos of a live production studio into something sounding like a radio program. I have read, understood and accepted Gartner Separate Consent Letter , whereby I agree (1) to provide Gartner with my personal information, and understand that information will be transferred outside of mainland China and processed by Gartner group companies and other legitimate processing parties and "It's not about fiscal discipline," Biden said. 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 And one is to settle off the planet, to set up a colony on the moon. I think that would be something really worth doing, because then you get this pristine view into the galaxy, into the universe, that we simply cant do on Earth. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. We could do loads of observations of dark energy, dark matter. It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, , Senior Digital Technology and Science Reporter, A game is offering players the chance to try their luck at spending Elon Musk's net worth, The Tesla boss has amassed a $166billion fortune, Players soon learn that chewing through billions of dollars is more difficult than it might first seem, Items you can 'purchase' include a $50million launch of a Falcon 9 rocket, You can also nab yourself a few dozen $194,000 Telsa Model S electric cars, Musk has enough cash to buy everyone in Los Angeles a $41,000 Rolex, Musk could purchase a fair few New York City apartments, which fetch $1million on average, Elon Musk reveals he has Aspergers as he hosts Saturday Night Live and is joined by his mom on the show, Independent Press Standards Organisation (IPSO). How quickly do you see yourself spending all your money? 5 facts about the U.S. national debt | Pew Research Center So how about cracking down on that unpaid tax a bit, freeing up a few trillion dollars. But the Biden administration may run out of options as soon as early June. However, one Democratic member, Dan Kildee (Mich.), is expected to be out all week as he recovers from cancer surgery, meaning the Democratic vote would top out at 212. According to the CBO, Biden is going to match Trumps addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. It is an 8% increase over this year's budget. To inquire about a licence to reproduce material, visit our Syndication site. The GOP debt ceiling legislation would repeal broad swaths of the tax policies meant to cut greenhouse gas emissions and incentivize the deployment of green energy. Possibly, especially if it sweetens a business deal. Where are the low-hanging fruit, I guess Im asking for, on this? Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Are you interested in riding a rocket into space as a tourist? Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile. 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. Even if you spend a dollar each second, it would still take you at least 31,700 years to spend 1 trillion dollars. That is a very strong possibility, especially if it is an innovative idea. Part of HuffPost Politics. Consider that U.S. GDP in 2019 was $21.4 trillion, which is expected to shrink in 2020. 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. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. I'll probably spruce it up and get it ready to sell for a profit. Invest in quality science journalism by making a donation to Science Friday. Im Ira Flatow. LinkedIn sets this cookie for LinkedIn Ads ID syncing. There are so many places to see. 14 Ways to Spend $1 Trillion | Kiplinger House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. I want to see sports all over the world. Meanwhile, lawmakers are facing a time crunch to avoid default. The GOP bill targets at least some of the $80 billion set aside to improve the Internal Revenue Service and help the government pursue unpaid taxes. 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. Credit: Shutterstock. The reason Ive written that chapter is that theres billions of dollars being invested around the world in the race for artificial general intelligence. 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. This cookie is set by GDPR Cookie Consent plugin. Absolutely. in its cuts or it would get watered down. It might be something I invest in if it becomes popular and profitable. There are some travel books that I'll want to pick up. IRA FLATOW: An idea you have is called second genesis, to develop a machine with human-level intelligence, a machine you would agree is as conscious as you and me. This week, Biden threatened to veto the bill if it ever reaches his desk, arguing that it would inflict significant financial harm on families. It's all about leverage. But the book isnt so much about raising the money. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. 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. These caps are aggressive but reasonable and achievable assuming lawmakers consider all parts of the discretionary budget when meeting these caps, the deficit hawk group said. Gross Domestic Product, First Quarter 2023 (Advance Estimate) The 320-page package imposes a long list of Republican priorities, including 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. Democrats originally approved the money last year as part of the Inflation Reduction Act, a centerpiece of Bidens economic agenda that aimed to lower health-care costs and boost clean energy. 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. And its about the same as some of the biggest companies, like Apple and Amazon. That could cost us under a trillion bucks? David Winston is the president of The Winston Group and a longtime adviser to congressional Republicans. I think there are much better things I could do with my money. 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. Gross Domestic Product, First Quarter 2023 (Advance Estimate) Analyzing the GOP proposal, the left-leaning Center on Budget and Policy Priorities predicted that 10 million people in states that have expanded Medicaid coverage are at a significant risk of losing benefits if the bill became law. If you look at the James Webb Space Telescope, its only just launched. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? A trillion dollars is a million dollars multiplied by a million. These cookies track visitors across websites and collect information to provide customized ads. It would work better. I will definitely be buying lots of jewelry. A group of ethanol proponents was reportedly, upset with the bills cancellation of many green tax breaks. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. That includes a partial end to tax credits for electric vehicles: It would ax the $4,000 credits for used vehicles and phase out some of the $7,500 credits for new EVs. FactCheck.org I think we are lonely. 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. Email us at tech@the-sun.co.uk, Olly Murs breaks down on stage over Caroline Flack 'regret', Fulham's Pereira stretchered off with suspected broken leg in worrying scenes, One dead and seven injured as knifeman goes on bloody rampage near club, We work in top seaside town - tourists queue just to get into the pub, News Group Newspapers Limited in England No. Potential cracks in the GOP lines persisted. Learn more about recent Gartner press. How to Spend a Trillion Dollars: Saving the World and Solving the It would subject adults without children to new work requirements until they reach age 56, replacing current law, which only imposes those rules until age 49. These cookies help provide anonymized information on metrics the number of visitors, bounce rate, traffic source, etc. The nonpartisan Congressional Budget Office said the bill, would cut the budget deficit by $4.8 trillion over 11 years. And yes, the problems are massive. Speaker McCarthy unveils $1.5T debt bill, pushes toward vote Which location sounds the most appealing for a second residence? So I do think that money has been holding us back. In 2020, federal income tax revenues were $3.4 trillion. Read an excerpt of How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix. Youre not talking about intelligent life. By that, I mean finding life outside of our planet. Whether its your openness or your warmth, you carry with you some of the best of human qualities. This website uses cookies to improve your experience while you navigate through the website. Is it a question of money, or is it a question of new ideas? I've always been interested in making jewelry. Copyright 2022 Science Friday Initiative. 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. We're simply going to observe the choices you make and try to figure you out a little. It's not really about the size, it's more about the potential resale value. That might be fun. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. Newsroom, Announcements and Media Contacts | Gartner I will keep it going for many, many years. This cookie is used to detect and defend when a client attempt to replay a cookie.This cookie manages the interaction with online bots and takes the appropriate actions. What's in the Republican debt limit bill? The proposal, explained I will have an advisor to guide me. House GOPs $4.8 Trillion Spending Cut And Debt Limit Bill I may do a bit of traveling, but it's not my top priority. I'll visit family and friends very regularly. But to settle on the moon, you could do it in under a trillion dollars, yeah. I mean, one of the criteria used to select them was that they were actually fixable problems, right? I don't think much will change, but I do hope to make friendships with those I help. Oh yeah, I want to try anything that is new and innovative. For the authoritative record of Science Fridays programming, please visit the original aired/published recording. Science Friday is produced by the Science Friday Initiative, a 501(c)(3) nonprofit organization. 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. What's in the Republican debt limit bill? The proposal, explained IRA FLATOW: And then you say half a trillion to massive biodiversity renewal and carbon drawdown scheme. New York, NY 10004. Learn more about recent Gartner press. But you could do a huge amount of good tackling various diseases of course you could with a trillion dollars. Spending your cash your very own way will help us to nail down the best one. 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. The ultimate thought experiment opens our eyes to ten world-changing ideas within our grasp If we can come up with a trillion dollars to bail out banks, imagine what else we could do. That is going to cost around $100 trillion in investment by 2050 to get us, globally, to zero carbon emissions. A Trillion Dollars 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. Youve mentioned a couple of philanthropists and billionaires. The game was created by British car rental firm Leasing Options to demonstrate how outrageously large the entrepreneurs wealth is. CQ Roll Call is a part of FiscalNote, the leading technology innovator at the intersection of global business and government. trillion What if the price tag wasnt unlimited, just really high? And when we do get to the moon and start building on it, if you have an alliance, a true alliance of peoples, then I think it would be better for humanity. Will you make investments in the stock market? 30 Broad Street, Suite 801 IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. Talk about that. I don't think that will be something I will spend money on. The cuts in annual spending would still leave it in 2024 at about $125 billion above what former President Donald Trump had proposed in his final budget. So the question of, are we alone in the universe, or even in the solar system, is a massive question. Trillion Dollar Bailout | Addicting Games And the good thing is theres a lot of projects already going to the moon that you could piggyback on or you could augment and speed it up. So it should not be surprising that the new majority in the House wants to define policies that will create a trajectory toward some level of fiscal discipline, in combination with raising the debt ceiling. So I think putting lots more money into what were already doing in terms of wind power and solar, especially, but also nuclear, would help just speed up that process of the transition to a carbon-neutral economy, to a carbon-neutral state. In fact, Bidens 2024 budget proposal also projected that when that $10 trillion mark is reached, the deficit for that year will be over $2 trillion. Will you make any upgrades to your current home? VigLink sets this cookie to show users relevant advertisements and also limit the number of adverts that are shown to them. With Medicaid, meanwhile, Republicans proposed a rule requiring the low-income recipients of federal health insurance to satisfy certain income or work thresholds. The cookie is a session cookies and is deleted when all the browser windows are closed. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. To start off with, you won't be able to make any high value purchases in 24 hours, especially in cash. In prior appearances on Capitol Hill, federal officials have estimated that amount is probably less than $100 billion. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. Do you have information you want to share with HuffPost. But House Republicans have charged that the influx in funding would empower the IRS to hire thousands of new agents to audit innocent Americans. Thepresidentproposed his own$6.9 trillion budget in Marchthat included raising taxes on the wealthiest Americans and corporations and expanding social safety net services. I may do some traveling to scout out some investment opportunities. Web$4.5 trillion. Hooper joins Ira to talk about his book, How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix, and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. 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.