Skip to comments.US debt passes $14 trillion, Congress weighs caps
Posted on 01/15/2011 8:42:37 AM PST by John W
WASHINGTON The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.
That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.
Today's debt level represents a $45,300 tab for each and everyone in the country.
(Excerpt) Read more at news.yahoo.com ...
What does one TRILLION dollars look like?
China Annexes US
[It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day Obama was inaugurated and to $14.02 trillion now.]
Why don’t they ever mention the increase that occured in the GOP Congress vs. the Pelosi Congress?
Think again. China does not have the ability to lend that much money. $14 trillion is about 2½ times China's entire GDP. The last $2.6 trillion added came straight from the Federal Reserve. It will never be paid back because Timothy Geithner does not have the discipline (nor the integrity) to do so. A large chunk of the remainder came from Social Security tax receipts. They wrote it down on paper just to be able to make the Social Security Trust Fund balance sheet look good, but that money will never be paid back either.
At this point, all we can do from here is to balance our budget. Do that, and the remainder will take care of itself. If we continue on as we are going now, the debt that China holds will become worthless. Will they retaliate? Not any more so than they are already trying to destroy us. But the days of any one else financing America's debt is over. Once our national debt exceeds our GDP (which could happen this year), it will be nearly impossible to recover. And we can all thank Nancy Pelosi and Harry Reid for that.
My response also happens to be your tagline. God bless Maggie Thatcher.
DON’T RAISE THE LIMIT
Also pity the states that were paid to keep the unemployment checks coming...
The feds will charge them $1.3 billion in interest come fall on the billions they have borrowed from Washington to pay unemployment benefits during the downturn.
Since this was said...Obama and family continue to spend, spend, spend
on needy things like trips, vacations.
I bet if GW had a frickin’ cup of coffee in a restaurant in Crawford, the left would want to know who paid for it, yet this bot spends as much as he wants on our backs.
[inflamed by the passions of tea party activists and deficit hawks. ]
You mean it wasn’t inflamed by spendthrift politicians who bankrupted us?
“Hope you can spare some change”
This is so sad. Any “cap” will be taken off once the Dems have majorities again. Which they will after the Republicans screw up.
The choice is so obvious . . . CUT the spending!!!!! We shouldn’t even have to debate this in the House. There really is no choice here; the government has to stop spending, period. Slashing all government programs by at least 10% would be a small step in the right direction. I think we can also do without the EPA, the Department of Education, etc. by giving the state and local governments more power to regulate themselves.
Today’s debt level represents a $45,300 tab for each and everyone in the country
I didnt spend it so they can go to Hades. I live within my budget.
But if you spread the debt over the real producers, it's probably $150,000.
if anyone thinks there is any other outcome than congress raising the debt limit again, they have not been paying attention for the past 40 years.
congress will continue raising the debt limit as long as they can do so. there is obviously no political will to contain spending.
Ooh! Ooh! I know the answer to this one!
With Obama in the White House, the 'cap' holds no meaning. If the GOP House refuses to raise it, Bernanke will simply 'give' Obama the money out of the Fed. This Administration had already exceeded the debt ceiling in advance of the last time they decided to raise it.
.. and the band played on.. glub glub
‘Hope and Change’ WE can no longer afford.
Dramatically cut spending nothing else.It’s time for congress to understand it’s time for leadership or go out of business,more debt is not living it’s slavery.
Yes, we must cut spending, but it will not be enough to cover the operation of the government without raising taxes or the debt limit.
Ditto to post 8:
DONT RAISE THE LIMIT
See my post #23. Cutting spending will mean cutting the entitlement programs to be meaningful. Our total tax revenue covers only the entitlement costs and debt servicing costs. The rest of the government is funded by borrowed money.
This is a dirty little secret the MSM does not think matters. The fact that every man woman and child is only a few hundred of dollars away, from never being to even make the interest payments on the debt.
If every man woman and child were to send in every dime they earn of their gross (mind you) income, that amount taken in every year would not even be able to pay the interest on the debt. And the Fed keeps fabricating, adding zeros to the amount in the treasury fund, (Money that never existed) further increasing our debt and destroying the value of the Dollar even faster.
But nothing is even being mentioned about this from the MSM. What is important now is that we get behind the man who has created this unstoppable whirlpool in the first place, to help him make it happen even faster!
This is why they think that confiscating most of the wealth from the rich and the big Corporations will make up the difference. Which historically accelerates the problem instead. They are getting desperate and desperate Governments do desperate things to keep in power and control.
...will have to lift the legal debt limit ... or dramatically cut spending...Yeah, good one. Thanks John W.
Lets see, there are 1 thousand billion in 1 trillion....
And people get excited about CA 27 billion debt?
Are they joking?
Bad Real Estate News Ignored to Spin Bright Future
Political will? I guess you were not paying attention this week. Anyone who tries to stand up for what is right gets destroyed by the news and TV media - see Palin.
People here will say “oh but I like Prince Al Waleed’s Fox News - they are our guys.” Yeah right. O’Reilly’s friend Glenn Beck loved Obama’s funeral pep rally beer hall rant complete Mussolini-like posing plus t-shirts and brochures plus bused in thugs.
The American public is brainwashed by TV and the dems/elites/saudis control it so they are in control. They can easily fool, lie, confuse and manipulate the public.
Maybe Beck stated as a conservative but after the Islamic death threats at CNN - his new boss Prince Al Waleed at Fox told him to toe the line or else.
They are all entertainers. Maybe Rush, Levin and maybe Savage are the real deal. Matt Drudge too. Rush wanted nothing to do with TV and Drudge and Savage got thrown off. Matt cause he is anti-abortion and Savage mentioned the gay mafia.
How will this be fixed - inflation like Zimbabwe. The US will eventually go broke like Argentina, Zimbabwe and other countries.
So then, would it be wise you convert my US Dollars to Zimbabwe Dollars, wait for the uber-inflation to hit, and once things settle convert my Zimbabwe Dollars to US Dollars?