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. House Republicans pass debt-ceiling hike, hoping to spur Biden to I'm sure that I'll bring back some pieces from my travels. The way you spend your Can You Waste $1 Billion In A Week? - Quizly House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. How to Spend a Trillion Dollars And I think that would be actually, now I say it, it sounds a bit like Star Trek, doesnt it? The JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. I will bring back loads of gifts for family and friends from my travels. ROWAN HOOPER: One of the fun ones Id like to do is I call it the Terran Alliance, which is effectively a space agency for the world. Potential cracks in the GOP lines persisted. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. potential government defaultthis summer. I probably won't, but I will definitely support those who are passionate about green technology. 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.If adhered to, the caps would cut about $3.2 trillion from the pool of yearly appropriations to agencies including Which new hobby would you most likely see yourself taking up? We're simply going to observe the choices you make and try to figure you out a little. You would have to come up with some pretty crazy ideas to spend that IRA FLATOW: Yeah, you certainly could. 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. I will likely bring someone in to manage my charity. 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. 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. It's probably not for me, but I'd love to see others do it. 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. It might be something I invest in if it becomes popular and profitable. Nearly all of No way, that's another terrible investment. But they do that a lot. The sp_t cookie is set by Spotify to implement audio content from Spotify on the website and also registers information on user interaction related to the audio content. Save the World for Just a Trillion Dollars In 2022, they increased to a record $4.8 trillion. With that, lets jump into the data. But to settle on the moon, you could do it in under a trillion dollars, yeah. I am definitely buying an RV to travel around the country in. 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. I can't see myself buying anything along these lines. But the Biden administration may run out of options as soon as early June. Not really. In January, he became the wealthiest man on the planet after Teslas unrelenting shares surged almost 750 per cent. This website uses cookies to improve your experience while you navigate through the website. I don't think much will change, but I do hope to make friendships with those I help. VigLink sets this cookie to track the user behaviour and also limit the ads displayed, in order to ensure relevant advertising. 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). Imports turned up. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. 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. Do you think you will purchase a recreational vehicle? 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. McCarthy Denying Student-Debt Relief to His Own Constituents: But McCarthys remarks cast doubt on that timeline. IRA FLATOW: When you decided on the 10 problems, did you have to sit down and think about, gee, what problems can we actually fix? 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. The next billion seconds is 31.7 years. In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. His 2024 proposed budget has spending that will reach the $7 trillion threshold in 2025, $8 trillion in 2028, $9 trillion in 2031, and $10 trillion in 2033. Something that gets great gas mileage and can handle all kinds of terrain. I can't see this happening, but I may support a local artist or two. Like the Federation. 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. For McCarthy, the process proved precarious, forcing him to make late changes to the legislation to assuage about a dozen moderate and conservative holdouts. 30 Broad Street, Suite 801 What's in the Republican debt limit bill? The proposal, explained How Long Would It Take To Spend 1 Trillion Dollars? | Huuti And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. This cookie is associated with Django web development platform for python. I think Im better at spending it. Senate Majority Leader Chuck Schumer described it as "dead on arrival," asSenate Democrats won't agree to the GOP spending cuts. ROWAN HOOPER: Yeah. You can even share your results on social media and compare them with your pals'. 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. The nonpartisan Congressional Budget Office said the bill, would cut the budget deficit by $4.8 trillion over 11 years. Yeah. How likely are you to start a new business? 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. There will definitely be a charity aspect of my new venture. Even with dozens of private jets in your shopping basket, the total spend hardly makes a dent in Musk's extortionate bank balance. Now, I think if you asked people what they would do with a trillion dollars, a lot of them would say, first off, cure all human disease. 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. It's not really about the size, it's more about the potential resale value. Musk, who is based in California, has since been overtaken by Amazon boss Jeff Bezos, but still sits in third place on Bloomberg's billionaires index. 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. The next million seconds will take 11.6 days. A Trillion Dollars In between those are a brand new PlayStation 5, a $1million New York City apartment and even a $4.5million private jet. 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. I can't see that my clothing will change at all. All rights reserved. This cookie is managed by Amazon Web Services and is used for load balancing. Learn more about recent Gartner press. Ira Flatow is the host and executive producer of Science Friday.Hisgreen thumb has revived many an office plant at deaths door. Millions of low-income Americans who receive food stamps and health insurance from the federal government would have to work longer hours in exchange for benefits under the new GOP bill. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. 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. Treasury Secretary Janet Yellen told CongresstheU.S.could default on its debtas soon as June5. During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. We also use third-party cookies that help us analyze and understand how you use this website. If you had one trillion dollars, you could spend it in a lot ROWAN HOOPER: Well, I think the lowest-hanging fruit is unpaid tax in the United States, which the Treasury estimates at $7 trillion by the end of the decade. Which location sounds the most appealing for a second residence? It also helps in fraud preventions. 5 facts about the U.S. national debt | Pew Research Center Tell us about the things you would do with your cool million, and we'll be able to tell you which of your traits is the most positive. Azure sets this cookie for routing production traffic by specifying the production slot. 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 game was created by British car rental firm Leasing Options to demonstrate how outrageously large the entrepreneurs wealth is. I expect that I will be mingling with much more influential people. The Source for news on Capitol Hill since 1955. Spend a Trillion Dollars I plan to invest it quickly, but I don't see the money going away for a very long time. This cookie is set by GDPR Cookie Consent plugin. Are you interested in purchasing jewelry? Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. How big of a priority will it be for you to pay off your debts? 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. 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. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. It's all about leverage. I'll keep eating the way I do. These cookies will be stored in your browser only with your consent. That initiative essentially shielded more of Americans income from calculations on what they owe under a repayment program known as IDR, which applies to federal loans. Spending your cash your very own way will help us to nail down the best one. Cookie used to remember the user's Disqus login credentials across websites that use Disqus. I dont think its doable on a trillion dollars because theres just so much that needs to be done. I struggled. 5 facts about the U.S. national debt | Pew Research Center Its, what, 10 years late? It is the federal government's other trillion-dollar baby. It does a lot of what the 20 of us did in January, but theyre going to have to follow through on it., My question is, is this what leadership is going to demand from the Senate, or are we going to get something watered down?. 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. Industry insiders believe the worldwide online sports betting market (which operates mostly from Eastern Asia, which accounts for an estimated 80% of their activity) I imagine that I will meet new people from around the world. That sounds fun. To start off with, you won't be able to make any high value purchases in 24 hours, especially in cash. Talk about that. 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. So I just wanted to show that there are solutions out there, and we can do this. I will likely pick up a few pieces here and there. And one is to settle off the planet, to set up a colony on the moon. Between now and then, the House has 15 days in session. By that, I mean finding life outside of our planet. 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. Asked how he would ensure passage while also vowing to make no changes to the bill to win over needed GOP votes, McCarthy said, The same way weve done it every week when you talk to me about every other bill we bring to the floor. That is a very strong possibility, especially if it is an innovative idea. I don't think that will be something I will spend money on. The Tesla boss has amassed a $166billion fortune Credit: Reuters. What's in the Republican debt limit bill? The proposal, explained IRA FLATOW: Yeah. How to Spend a Trillion Dollars: Saving the World and Solving the How quickly do you see yourself spending all your money? It's not my top priority, but I won't be going any further into debt. IRA FLATOW: Wow. We pay for your stories! Would you like to open your own restaurant? I will spend it fairly quickly. Its certainly been slowing us down. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. Potential cracks in the GOP lines persisted. Web$4.5 trillion. House Republican leaders have made clear his budget isnt going anywhere; but it illustrates just how out of control Bidens spending policies really are. That COVID funding was to sunset as the country returned to normal as it did last year. IRA FLATOW: Nice to have you. Rowan, welcome to Science Friday. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. It's about finding ways to squeeze out more of America's middle class.". The sp_landing is set by Spotify to implement audio content from Spotify on the website and also registers information on user interaction related to the audio content. Put the hurt on dudes in suits! 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 Copyright 2022 Science Friday Initiative. It's broken into 10 chapters/ways to spend the trillion, each with its own allure and reward. IF you've ever wondered how tricky it would be to empty Elon Musk's coffers, then have we got the website for you. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. It might take a while for me to spend it but one way or another, it will be gone. 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 size house will you buy for yourself? $1 Trillion Would Pay: ESTATE TAXES FOR2,871 BILLIONAIRES Congress has reinstated the federal estate tax at least for the next couple of years with a 35% flat And thats what Id like to see on a much bigger scale. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. Its a good bill, to be honest with you. 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. Heres what you can do about it, and how to balance individual and systemic action. 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. trillion House GOPs $4.8 Trillion Spending Cut And Debt Limit Bill 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. Here's what to expect if we reach debt limit. Musk's net worth is largely tied up in shares of his various companies, making it relatively volatile. In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. There's a lot more to being positive than being positive, after all. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. Even if you just found some bacteria or something. 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. 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. But yeah, to go to the moon, to go to the South Pole, build a base there, start mining water, put up some solar panels you could do that relatively cheaply, with, say, a few of hundreds of billions of dollars. in its cuts or it would get watered down. 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. It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. Do you have any artistic projects in mind for the money? House Republicans were still trying Tuesday to ensure they had enough votes to pass a massive spending cut bill as their opening bid in a fight with the White House over raising the governments debt limit. IRA FLATOW: Yeah, so my question is, how do you get people to commit this kind of money?