Posted on 03/17/2009 10:07:19 PM PDT by maccaca
The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.
The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.
The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.
Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, said Tuesday that the numbers could force Congress to make "adjustments" to Obama's $3.6 trillion budget plan.
"It’s very important get a result for the American people and one that has the priorities that have been [announced] by the president in terms of reducing our dependence on foreign energy, that’s in all of our interests, excellence in education, health care reform and dramatic reduction of the deficit,” Conrad told reporters. “Those will be our guiding principles as we go forward, but as I say, we’ve not yet seen CBO’s new numbers. But I think we can all anticipate because they were done substantially later than OMB’s, that they are going to be more adverse. That that’s going to require all of us to make adjustments.”
Obambi: “Hey everyone, let’s have Wagyu steak!”
A trillion here, a trillion there, and pretty soon you’re talking about unreal money.
monopoly money
It's high time to declare the federal government bankrupt and sell off all the federal roads, buildings, and land and start from scratch as 50 independent states.
We are soo screwed—amazing how we are less fiscally responsible than the ChiComs!!! Sad day for our children and grand-children. :(
Eight years of listening to democrats screaming about President Bush and Republican spending.... and now lookie here at the enormous mind boggling debt that obama and the democrats have put on us.
We’ve been shanghaied and sold into indentured slavery for the next three generations.
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