Its a good bill, to be honest with you. In total, the spending reductions could achieve more than $3 trillion in savings over the next decade, according to the nonpartisan Congressional Budget Office, which scored a version of the legislation this week. The cookie does not store any personally identifiable data. They say theyre going to put in all their fortune of around $60 billion by the time they die into this project. That the ideas havent been coming. Holding a 222-213 margin in the House, McCarthy can lose only four Republican votes and still be able to pass the bill if all the representatives show up and vote along party lines. Instead, focusing on one of the most important issues Biden never mentioned in his Tuesday announcement video: the economy, specifically the countrys staggering debt, a looming catastrophe waiting to happen. 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. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. ROWAN HOOPER: The original goal was to daydream, you know? It's about finding ways to squeeze out more of America's middle class.". Hand out moneys to homeowners. Will you be buying new furniture for your home? You couldnt build a solar shield around the planet to deflect sunlight away, because its technologically not possible. I do think, though I have to be an optimist about it that if you throw money at it, if you make some really big new experiments, that youll start to see little cracks in the standard model. This cookie is managed by Amazon Web Services and is used for load balancing. 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. IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. And I think that might start to move us to a new understanding. 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. GOP leaders also included a slew of additional policies, such as the adoption of what is called the Reins Act, which would grant Congress major new authority to review and overturn health, labor and other rules issued by federal agencies. 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. ROWAN HOOPER: Yeah, its actually surprisingly cheap. , which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. 2023 BuzzFeed, Inc. All rights reserved. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. I will keep it going for many, many years. IRA FLATOW: So were not thinking a big GoFundMe campaign here. In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. WASHINGTONThe House on Wednesday passed a Republican debt ceiling plan that includes $4.5 trillion in cuts and raises the debt ceiling until May 2024, but Democrats say it won't ward off a potential government defaultthis summer. I could use that for a number of things. Theyve been doing it a lot recently with the pandemic. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. I'm definitely going to try a lot of new dishes. He previously served as the director of planning for Speaker Newt Gingrich. First, the bill targets the Supplemental Nutrition Assistance Program, or SNAP. And the first one is half a trillion to spend on transitioning the world to renewable energy. I will have an advisor to guide me. Rowan Hooper is a journalist and podcast host at New Scientist, and author of the book How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix (The Experiment, 2022). Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Hes a journalist with New Scientist and host of their podcast, and author of How to Save the World for Just a Trillion Dollars The 10 Biggest Problems We Can Actually Fix, recently out in paperback from The Experiment. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. As of last month, U.S. debt was $26.5 trillion. I will be starting numerous new businesses. It might be something I invest in if it becomes popular and profitable. WebFor 5 million dollars, you can fly a group around the world in a private jet for 25 days multiple times! ROWAN HOOPER: Yeah. Thats the question asked by Rowan Hooper. What happens if the US hits the debt ceiling? 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 Spend a Million Dollars and 30 Broad Street, Suite 801 How much of your money will go to charity? Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. LinkedIn sets this cookie to store performed actions on the website. potential government defaultthis summer. The bills savings would be even larger, but it includes one provision that would boost the deficit: taking back money the Internal Revenue Service was given to hire more than 80,000 new employees. That sounds fun. Three financial firms recently estimated early June as well. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance. Although its a thought experiment, the book is very much about solutions to global problems. I have a lot of artistic projects in mind. Its like weve had with the International Space Station. So they think its doable. Towards renewable energy. Additional reporting was provided by Arthur Delaney. If someone handed you a million dollars, you might feel inclined to hoard it - but the rules of this quiz require that you blow the lot! A group of ethanol proponents was reportedly, upset with the bills cancellation of many green tax breaks. I don't need much. And again, its being dominated by China and the US, in particular. IRA FLATOW: Yeah. In the first eight months of this fiscal year, it spent $730,000,000,000 or an average of $91,250,000,000 per month. The tough part is deciding which one to start on. 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. 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. Will you be attending a lot more live music and theater shows? Or if you prefer, a thousand billion. The Source for news on Capitol Hill since 1955. How big of a priority will it be for you to pay off your debts? 14 Ways to Spend $1 Trillion | Kiplinger Newsroom, Announcements and Media Contacts | Gartner Pretend you have a Instead, he saw that supersized budget in 2020 not as a crisis, but an opportunity that could be exploited going forward to pay for what amounted to a historic spending spree that kicked off with the $1.9 trillion American Rescue Plan and drove what became the worst inflation in 40 years. That is exactly what I'm talking about! In the fourth quarter, GDP increased House speaker Kevin McCarthy (R-Calif.) outlined the partys new proposal at the New York Stock Exchange on April 17. Do you have information you want to share with HuffPost. Its about how to spend it. The cookie is a session cookies and is deleted when all the browser windows are closed. Are you targeting them? If Bidens 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. Do you have any artistic projects in mind for the money? Spend a Trillion Dollars It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. 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. I recently did work to winterize my home. And one is to settle off the planet, to set up a colony on the moon. I'm going to buy a lot more clothes from all the places I'm going to visit. I will have a whole team of financial experts working with me. You couldnt build a particle collider thats within the orbit of Mars that would allow us to really throw particles, collide particles together with such velocity that youd be able to really probe the structure of reality much more than we can do with the Large Hadron Collider. 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. Absolutely not, they are terrible investments. Its to show that theres so much pessimism and doom out there, especially around the climate change and the biodiversity crises. That includes, for example, participating in 80 hours per month in employment or community service otherwise states could remove these enrollees from the safety-net program. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. Newsroom, Announcements and Media Contacts | Gartner It's got to be unique. Yeah, absolutely. Behind the scenes, GOP leaders have touted that time frame as a selling point with their members, because it may give them another opportunity to make more demands of the White House. I may support an artist, but I don't have any artistic plans for myself. IRA FLATOW: Nice to have you. It wont get us to a carbon-neutral state at all. GOP leaders updated their bill in the hours before debate to allow some of those investments to continue. And then I just started thinking, you know, there is a lot of money out there. I don't plan to be home very often. 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. 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 caps the bill would place on the annual funding voted on by lawmakers. But McCarthys remarks cast doubt on that timeline. And what we need to do is push it faster, get it rolling faster. 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. Do you have information you want to share with HuffPost? View our online Press Pack. I might actually start building some custom pieces. I dont think its doable on a trillion dollars because theres just so much that needs to be done. And I think that the consequences of a single power or corporation getting there are so, so incredible that, ideally, I would love to spread out the benefits of that wider across the world, just so that we dont end up with one corporation or one entity, one state, really dominating the rest of us if they do get to this breakthrough kind of AI, or a breakthrough kind of quantum computer as well. Is that really possible, even with a trillion bucks? This cookie is set by GDPR Cookie Consent plugin. VigLink sets this cookie to show users relevant advertisements and also limit the number of adverts that are shown to them. The GOP plan officially aims to block Bidens forthcoming program to cancel thousands of dollars in college debt, a program long sought by cash-strapped students that the Supreme Court is also examining. Its 1% of world GDP, is another way of looking at it. Im Ira Flatow. IRA FLATOW: And then you say half a trillion to massive biodiversity renewal and carbon drawdown scheme. 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. 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. This website uses cookies to improve your experience while you navigate through the website. I want to show that we can solve a lot of this, and whats holding us back, actually, is just investing wisely. I might actually take time to write a book. With Medicaid, meanwhile, Republicans proposed a rule requiring the low-income recipients of federal health insurance to satisfy certain income or work thresholds. 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. House Republicans on Wednesday approved a bill to raise the debt ceiling into next year, slash federal spending by billions of dollars and unwind some of President Bidens priorities and recent legislative accomplishments, including his program to cancel college student debt. It is an 8% increase over this year's budget. Its certainly been slowing us down. But thats not something we can do anytime soon. 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. You would have to come up with some pretty crazy ideas to spend that Spending Are you interested in purchasing jewelry? trillion The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act,"includes$4.5 trillion incuts to government spending and returns discretionary spending to fiscal year 2022 levels. HuffPost's top politics stories, straight to your inbox. Whether its your openness or your warmth, you carry with you some of the best of human qualities. A load balancing cookie set to ensure requests by a client are sent to the same origin server. 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. Created by Bluecadet. IRA FLATOW: Wow. Heres how. 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. Here's your chance to live out the life of a multi-billionaire. 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. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. I definitely want to have a boat. The United States hit its current limit set at $31 trillion in January, prompting the Treasury Department to start making special maneuvers to continue paying federal bills and stave off a fiscal calamity. And what if the result needed to be making the world a better place? I will likely bring someone in to manage my charity. House Speaker Kevin McCarthy insists it will be voted on this week, but a narrow House Republican margin leaves no room for error. 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. Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin. Which new hobby would you most likely see yourself taking up? 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. world for just a trillion dollars Do you anticipate that your circle of friends will change? What's in the Republican debt limit bill? The proposal, explained Quick game challenges you to spend Elon Musk's $166bn fortune We're simply going to observe the choices you make and try to figure you out a little. I'll analyze the numbers and figure out the most effective way to become debt-free. IRA FLATOW: Yeah, so my question is, how do you get people to commit this kind of money? WebKindle $10.99 Rate this book How to Spend a Trillion Dollars: Answering the Big Questions in Science and Saving the World Rowan Hooper 3.69 224 ratings30 reviews DIEZ MEGAPROYECTOS CIENTFICOS Y SOCIALES PARA SALVAR EL MUNDO Fascinante. MARGARET ATWOOD The bill did get a boost from the bipartisan Committee for a Responsible Federal Budget, which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. There are so many places to see. The billionaire recently warned that humanitymay wipe itself outbefore his aerospace company SpaceX has a chance to colonise Mars. Biden told McCarthy he would not negotiate on the debt ceiling, arguing it should be raised by Congress without parameters. IRA FLATOW: And you dont want to just stop at the moon. And lets hope it brings me in a few more hundreds of millions of dollars. 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. ROWAN HOOPER: Well, what I would do is give a lot of money, a few hundred billion, to countries like India and China, especially, and basically stop them developing more fossil fuels by giving them money that says, use this to develop renewable energy, and dont use coal. IRA FLATOW: This is Science Friday from WNYC Studios, talking with Rowan Hooper, author of How to Save the World for Just a Trillion Dollars The 10 Biggest Problems We Can Actually Fix. 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. All rights reserved. There was lots of other cool things Id like to do, like create an interstellar starship. I want a functional home with plenty of space for my creative projects. How could we do that? So there are things that people think about that are still very, very far off. I will definitely be buying lots of jewelry. So I just wanted to show that there are solutions out there, and we can do this. Analytical cookies are used to understand how visitors interact with the website. I struggled. So if you think about it as the richest people in the world, its either Jeff Bezos or Elon Musk, and theyve got about $220 billion. 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. You also have the option to opt-out of these cookies. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Save the World for Just a Trillion Dollars For the authoritative record of Science Fridays programming, please visit the original aired/published recording. We could do loads of observations of dark energy, dark matter. People are wondering now if science is slowing down, right? ROWAN HOOPER: Well, I mean, if you ask Mark Zuckerberg, he says it is, because his stated aim so him and Priscilla Chan, his wife, started the Chan Zuckerberg Initiative. The reason Ive written that chapter is that theres billions of dollars being invested around the world in the race for artificial general intelligence. I really like this idea because you effectively get twice the bang for your buck, because if you invest in areas of rich biodiversity or areas that are vital for biodiversity, they also tend to be areas that are vital for carbon storage areas. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. Learn more about recent Gartner press. Republicans quickly blasted the financial relief as unfair, claiming that it is wrong to use taxpayer dollars paid, in part, by those who did not attend college to ease the debts of Americans who did. There's a lot more to being positive than being positive, after all. Learn more about recent Gartner press. The Tesla boss has amassed a $166billion fortune Credit: Reuters. How to Spend a Trillion Dollars: Saving the World and Solving the From the obvious (fix climate change) to something you might not have thought about in a while (expand our concept of reality), it's consistently thought-provoking material. The outcome marked an escalation in the standoff between the House Speaker Kevin McCarthy (R-Calif.) and Biden, as Republican leaders hardened in their resolve to exploit a key fiscal deadline for political leverage even at the risk of causing the U.S. government to default. If you could get a treaty, get countries signed up into an Earth Fund, you could perhaps start with trying to save the Amazon or the Arctic. To spend it on experiments that are doable now would only cost in the order of billions or tens of billions of dollars, which doesnt really add up to I couldnt spend the whole trillion in that chapter. Meanwhile, lawmakers are facing a time crunch to avoid default. Where are the low-hanging fruit, I guess Im asking for, on this? I might have a few outfits crafted just for me, to highlight my unique style. The work requirements may save the government money, but they threaten to come at the cost of millions of families financial well-being, according to some outside estimates. Yeah. How likely are you to make updates to your landscaping? I say cheap, you know, but to get to Mars, it would take all the trillion, I think. Thepresidentproposed his own$6.9 trillion budget in Marchthat included raising taxes on the wealthiest Americans and corporations and expanding social safety net services. Ira Flatow is the host and executive producer of Science Friday.Hisgreen thumb has revived many an office plant at deaths door. Talk about that. Some were publicly noncommittal, though likely for different reasons. I'll probably integrate that into my plans somehow. This cookie is set by GDPR Cookie Consent plugin. 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 thats what Id like to see on a much bigger scale. But before I do that let me provide a bit of context to the scale of the numbers being discussed, as billions and trillions are huge numbers. 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. 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. OK, so lets narrow it down just a bit. a TRILLION How to Spend a Trillion Dollars The use of these cookies is strictly limited to measuring the site's audience. You focus on all sorts of options in your book. I think Im better at spending it.

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