Page 26 - Debt Payment News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Back and it's tined kind of two things. where you need to do cuts and the other thing, and if we don't make our debt payment. >> brenda: but, eric, the question is, now? >> no, not now, not ever. don't increase taxes at all. the only thing that seems the job market is-- >> why not increase now. >> when you increase tax you drives businesses away. jonas, you'd punish the people, taxpayers because they're spending in washington and that's going to make them stop spending. what are you smoking there my friend? what it should trigger, it should trigger a flush of washington d.c., the whole congres...

A bad hair day. the treasury department said today government posted deficit in april of almost $83 billion. that is almost four times the deficit for last april. several american cities are facing big deficits of their own. senior correspondent rick leventhal looks an extreme measure one city is considering. >> reporter: garbage, trashing the economy of a capital city. this incinerator was supposed to be a win-win for harrisburg, p.a. built in the '70s, it selected cash to burn waste, creating cheap energy in the process. it was unenvironmentally unfriendly and costs on a high-tech overhaul s...

Spiraled, costing the city $280 million in the red. this year's debt payment is 68 million, more than the city's operating budget. >> our financial situation is so bad. in a sense, we're bankrupt now and going into bankruptcy is just a more formal recognition that we cannot pay these debts. >> but the mayor is fighting against bankruptcy, suggesting alternatives like raising taxes, cutting spending, even selling the city's assets, including its parking garages, rick. >> or maybe that museum stuff, rick. >> reporter: yeah. >> how rare would it be if a city were to declare bankruptcy? >> it's ac...

Goofed, joking he was having a bad hair day. the treasury department said today government posted deficit in april of almost $83 billion. that is almost four times the deficit for last april. several american cities are facing big deficits of their own. senior correspondent rick leventhal looks an extreme measure one city is considering. >> reporter: garbage, trashing the economy of a capital city. this incinerator was supposed to be a win-win for harrisburg, p.a. built in the '70s, it selected cash to burn waste, creating cheap energy in the process. it was unenvironmentally unfriendly and co...

>> it is, under our bill it goes totally debt payment so our -- there's a lot of belly aching in washington about the debt. my proposal is the only proposal offered before congress to actually pay off the debt. and -- >> neil: what kind of reaction have you gotten? >> well, we think that as the president's commission, which is just getting ready to meet, they're asking for proposals. we put ours on the table and introduced it in legislative language so people can read it. we want to hear the ups and downs. one thing we need is some ideas. our bill envisions cuts in entitlements, 1% to pay off ...