And it would be just a beacon of hope. House Speaker Kevin McCarthy insists it will be voted on this week, but a narrow House Republican margin leaves no room for error. Funny Game Description Punish greedy fat cats and save honest peoples! Fidelity to the original aired/published audio or video file might vary, and text might be updated or amended in the future. They help us to know which pages are the most and least popular and see how visitors move around the site. 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. 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. Musk hasnamed himself the "Dogefather"in a tweet which appears to have sent the cryptocurrency Dogecoin soaring. I might actually take time to write a book. Although its a thought experiment, the book is very much about solutions to global problems. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. I don't think much will change, but I do hope to make friendships with those I help. But if it did, the effect on the economy would be harmful compared with passage of a clean debt limit bill, according to, 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. Put the hurt on dudes in suits! VigLink sets this cookie to show users relevant advertisements and also limit the number of adverts that are shown to them. "It's not about fiscal discipline," Biden said. I definitely want to have a boat. 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.. Let us know in the comments! A free game challenges players to try their luck at spending the kooky Tesla boss's $166billion (116billion) fortune in just 30 seconds. 2023 BuzzFeed, Inc. All rights reserved. After we feel like we've gathered bits of your personality through your spending, we'll tell you which of your traits shines like the sun. The Republican leader Senate Majority Leader Chuck Schumer described it as "dead on arrival," asSenate Democrats won't agree to the GOP spending cuts. It was like, oh, what would I do if I had all this money? And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. WebHow To Spend a Trillion Dollars is both original and ingenious. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. The game presents Musks net worth, which you can spend on an array of different items by clicking on them as fast as you can. But if it did, the effect on the economy would be harmful compared with passage of a clean debt limit bill, according to a report by Moodys Analytics, a financial analysis firm. The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. I will have a whole team of financial experts working with me. 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. 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. There will definitely be a charity aspect of my new venture. And then I just started thinking, you know, there is a lot of money out there. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. How likely are you to get the newest gadgets on the market? IRA FLATOW: This is Science Friday. All information these cookies collect is aggregated and therefore anonymous. It's broken into 10 chapters/ways to spend the trillion, each with its own allure and reward. 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. 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. What do you make of the game? So its a fair deal more than them. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Necessary cookies are absolutely essential for the website to function properly. 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. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. 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. 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. The reason Ive written that chapter is that theres billions of dollars being invested around the world in the race for artificial general intelligence. Do it right and save the And they only cost in the order of tens of billions of dollars each. 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. Three financial firms recently estimated early June as well. Are you targeting governments? How likely are you to make updates to your landscaping? The game was created by British car rental firm Leasing Options to demonstrate how outrageously large the entrepreneurs wealth is. By entering your email and clicking Sign Up, you're agreeing to let us send you customized marketing messages about us and our advertising partners. I imagine that I will meet new people from around the world. Will you make investments in the stock market? But the book isnt so much about raising the money. As Science Fridays director and senior producer, Charles Bergquist channels the chaos of a live production studio into something sounding like a radio program. A trillion dollars is a million dollars multiplied by a million. 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. I'm more likely to make a donation to my local library. I mean, one of the criteria used to select them was that they were actually fixable problems, right? I may direct my charity to make certain investments. Not surprisingly, for the first time in history, U.S. debt is predicted to exceed the nations Gross Domestic Product by the end of 2020. What size house will you buy for yourself? I may collaborate with others, but I don't see hiring people. Even a billion is possible. But if we had our blank check, we could have got a whole load of projects up and running. IRA FLATOW: Yeah, lets focus on clean energy for a moment. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. in its cuts or it would get watered down. This cookie is used for load balancing purposes. So the question of, are we alone in the universe, or even in the solar system, is a massive question. 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. The cookie is a session cookies and is deleted when all the browser windows are closed. Number of I dont think its doable on a trillion dollars because theres just so much that needs to be done. It wont get us to a carbon-neutral state at all. It's an interesting idea. ROWAN HOOPER: Yeah. And then youll get new ideas, and the thing will start rolling on. He advises Fortune 100 companies, foundations, and nonprofit organizations on strategic planning and public policy issues, as well as serving as an election analyst for CBS News. Will you be investing in green technology? WebFor 5 million dollars, you can fly a group around the world in a private jet for 25 days multiple times! Lets see what you could do with it. I am definitely buying an RV to travel around the country in. Tumblr. I think a food truck would be right up my alley. But in terms of the amount of money thats out there, if you look at just private equity firms, the amount of money they have before they invest it they call it dry powder in 2020, at the start of 2020, they had $1.45 trillion of dry powder, cash, just sitting around. Do you see yourself buying a lot more gifts for others? First, the bill targets the Supplemental Nutrition Assistance Program, or SNAP. That is going to be my favorite new pastime. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better experience for the visitors. These cookies do not allow the tracking of navigation on other websites and the data collected is not combined or shared with third parties. 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. It also helps in fraud preventions. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. Something that gets great gas mileage and can handle all kinds of terrain. 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. 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. 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. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. Biden says McCarthy risking default on national debt: 'What are MAGA Republicans doing in Congress?'. Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . We're simply going to observe the choices you make and try to figure you out a little. :McCarthy, GOP debt limit plan proposes $4.5 trillion in cuts, eliminates student loan forgiveness, 'Playing with American lives':House GOP leaders blast Biden before debt limit vote. No, but I could see contributing to a soup kitchen. A new Silicon Valley campaign has been launched to drive investment into the UKs trillion-dollar tech sector to fuel emerging technologies and economic growth, amid the UKs plans to boost R&D spend to 20 billion in 2024. 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 there are things that people think about that are still very, very far off. LinkedIn sets this cookie to store performed actions on the website. 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. Its certainly been slowing us down. In January, he became the wealthiest man on the planet after Teslas unrelenting shares surged almost 750 per cent. No way, that's another terrible investment. This cookie is set by GDPR Cookie Consent plugin. The way you spend your money is completely up to you. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. It's probably not for me, but I'd love to see others do it. Between now and then, the House has 15 days in session. Possibly, especially if it sweetens a business deal. This cookie is set by GDPR Cookie Consent plugin. WebIf you managed to spend a million dollars per minute for 24 hours every day, it'd take you around 7 years to spend a trillion dollars. 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. I will definitely be buying lots of jewelry. It is an 8% increase over this year's budget. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. I want a functional home with plenty of space for my creative projects. Not at all. IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. I'll visit family and friends very regularly. Do you anticipate that your circle of friends will change? A fifth of American carbon emissions come from our homes. What happens if the US hits the debt ceiling? Industry insiders believe the worldwide online sports betting market (which operates mostly from Eastern Asia, which accounts for an estimated 80% of their activity) 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. Will you be attending a lot more live music and theater shows? The next billion seconds is 31.7 years. Used to help protect the website against Cross-Site Request Forgery attacks. Let's go shopping! These cookies help provide anonymized information on metrics the number of visitors, bounce rate, traffic source, etc. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. Or if you prefer, a thousand billion. ROWAN HOOPER: Yeah, its actually surprisingly cheap. 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. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. I probably won't, but I will definitely support those who are passionate about green technology. 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. 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. 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. WebIn june 2020, the International Energy Agency estimated that governments worldwide would be spending $9 trillion in a matter of months on firing up their post-pandemic economies; another estimate put that figure at $12 trillion.4 In 2020, globally, more than $6 trillion was created through quantitative easing.5 So they think its doable. That is exactly what I'm talking about! , which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Bidens 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. 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. It's all about leverage. By that, I mean finding life outside of our planet. It's not my top priority, but I won't be going any further into debt. One week after unveiling the so-called Limit, Save, Grow Act, Republicans brought the measure to the House floor and embarked on what proved to be a raucous debate. IRA FLATOW: And you dont want to just stop at the moon. For terms of use and more information, visit our policies pages athttp://www.sciencefriday.com/about/policies/. Thank you for helping us continue making science fun for everyone. 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. 30 Broad Street, Suite 801 Whether its your openness or your warmth, you carry with you some of the best of human qualities. ROWAN HOOPER: Yeah. This cookie is native to PHP applications. I mean, NASA have got projects going out to the moons of Jupiter and Saturn. With SNAP, they also included new language that says the purpose of the program is to assist low-income adults in obtaining employment.. If I had a trillion dollars than I could probably spend it. But what it could do is the ball is already rolling towards carbon-neutral energy, right? We also use third-party cookies that help us analyze and understand how you use this website. 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. 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. Numbers this big start to lose their meaning, right? I will be starting numerous new businesses. Yeah. So you protect those, you end up drawing down more carbon or protecting carbon sources and preserving areas vital for biodiversity. And so I think I would, as you said, use half a trillion dollars on projects like that to speed the transition to renewable energy around the world. Imports turned up. This week, Biden threatened to veto the bill if it ever reaches his desk, arguing that it would inflict significant financial harm on families. IRA FLATOW: And then you say half a trillion to massive biodiversity renewal and carbon drawdown scheme. Perhaps I will try to do it now. 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. Not really. Biden told McCarthy he would not negotiate on the debt ceiling, arguing it should be raised by Congress without parameters. We're simply going to observe the choices you make and try to figure you out a little. 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. All rights reserved. The nonpartisan Congressional Budget Office said the bill, would cut the budget deficit by $4.8 trillion over 11 years. You focus on all sorts of options in your book. The cookie is used to store the user consent for the cookies in the category "Analytics". And I think that would be actually, now I say it, it sounds a bit like Star Trek, doesnt it? Is that really possible, even with a trillion bucks? I'll probably integrate that into my plans somehow. At the center of the fight is the debt ceiling, the legal limit on how much the United States can borrow to pay its bills. 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. Absolutely. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? In 2022, they increased to a record $4.8 trillion. 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. There was lots of other cool things Id like to do, like create an interstellar starship. Rowan, welcome to Science Friday. 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. That could cost us under a trillion bucks? This cookie is set by GDPR Cookie Consent plugin. )3 Also in the spring of 2020, Congress appropriated $3.6 trillion, $1.9 trillion of which had been disbursed by July 2020. Trillion-dollar deficits: Bidens new normal, It's time for the president to meet Republicans at the negotiating table. 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. HuffPost's top politics stories, straight to your inbox. The bill would suspend the debt limit until March 31, 2024, or until the Treasury had used $1.5 trillion in borrowing authority, whichever arrived earlier. It seems like a good return on investment in this modern age. I've always wanted to have a beautiful zen garden on my property. Imports turned up. The cookie is used to store the user consent for the cookies in the category "Performance". That the ideas havent been coming. That is not something that I'm really interested in doing. 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 over the next decade. There are so many people to help. There's a lot more to being positive than being positive, after all. Translating that from dollars into seconds that would be 6.4 centuries. Thats the question asked by Rowan Hooper. 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. And thats one of your options. And the goal is not to show how we can get the money, because Im only a journalist, so I dont have to get the money, but its to offer solutions. mish michaels net worth, seaside park police blotter, biggest loser families australia where are they now,