Skip to comments.Deja Vu All Over Again: Total US Debt Passes Debt Ceiling... In Under One Month Since Extension
Posted on 09/04/2011 7:00:29 PM PDT by RobertClark
Remember when one month ago the US, to much pomp and circumstance, not to mention one downgrade, announced a grand bargain raising the debt ceiling from $14.294 trillion to something much higher, with a stop gap intermediate ceiling of $14.694 trillion, or $400 billion more. Well, as of today, or less than a month since the expansion, total US debt is at $14.697 trillion. Yep - the total debt is again over the ceiling, which means the US debt increased by $400 billion in one month. Score one for fiscal prudence. And while the total debt subject to the limit is still slightly less, at $14.652, one week of Treasury auctions and will be time for Moody's to justify again why the US is a quadruple A credit.
Your cash ain’t nothin’ but trash ping.
I think it's when every incumbent is sent home permanently.
When was that whole fiscal prudence thing going to begin again?!?
Republicans in control of both houses plus President = $4 Trillion in new debt.
Dems in control of both houses, with either Republican Pres or Democrat Pres = $4 Trillion+ new debt.
We need some other choices.
Spending your way out of debt is like trying to fornicate ones way out of hiv
I'll take "Things overheard in a conversation between Bernanke and Geitner" For $200 Alex.
The light at the end of the tunnel is not the morning sunshine.
The light at the end of the tunnel is not an illusion, the tunnel is.
The margin to the debt limit is the difference between the last two lines on the table illustrated. You are posting part of the official Department of Treasury report, second page where Table III comes from. The first number highlighted is interesting, but not the one used for the “statutory debt limit” — a calculation set in law/regulations (either of which takes an Act of Congress to change, or public notice for regulation changes).
“Geithner, this is Bernanke. Get those printing pressing rolling...Pronto!”
I am very well aware of that fact. That is why the title accurately states: "total" U.S. debt. The ridiculous point is in allowing debt that does not count as "debt". That is like creating a law that states your home mortgage cannot be counted as part of your debt to income ratio. The absurdity lies in Congress' attempt to define debt as being something other than total indebtedness.
I don’t know if we can expect anarchy or widespread civil disorder, but genuine crunch time is approaching, and the speed and force with which it is coming is increasing daily.
Anyone in this country that isn’t really *scared* is deluded. And that means we have a lot of deluded people out there.
I just got across the board property tax rate increases from the county, the school board, the library board and the city. As well as a near doubling of the city income tax we also get hit with.
Our new mayor wanted even higher tax rates in order TO GIVE RAISES TO ALL CITY EMPLOYEES. You know, the people that ought to be simply damn grateful to have a job? And these increased taxes are being confiscated from people that can’t afford to live now.
Property taxes are pure despotism. The ultimate crippling of the right to own property in this country.
Taking expenditures “off the books” is their clever way of fixing the numbers. Fannie & Freddie for example.
The real debt is considerably worse than most people, especially our “representatives” have any idea. Totally clueless.
“like trying to fornicate ones way out of hiv”
Hey, thruth is stranger than fiction..... nobama’s countrymen in Africa think just that, if they bang a very young virgin, it’ll cure em. What a gene pool!!
The list, ping
Let me know if you would like to be on or off the ping list
The real debt is considerably worse than most people, especially our representatives have any idea. Totally clueless.
You are correct. I wonder how many of our elected idiots have the capability to accurately understand the level of our debt alongside the unfunded obligations that are not counted. Sometimes I wonder if they are really kicking the can down the road, or are they really just too ignorant to comprehend the larger picture. Either way, it's pretty darn frightening.
Hey, Tax Cheat Timmy was caught claiming the he had a "magic" device called a printing press, so we would never run out of money. That's just as deluded.
Too bad I didn't save the source of that info. I'd send it weekly to my liberal zombie acquaintances.
Unfortunately, there are but a handful of us who have seen this coming and the majority of the people not only don't have a clue, could care less.
Thanks for posting and thanks to all posters here. Thanks to Tyler Durden and the terrific posters at zerohedge.
DEFUND socialist collectives, foreign and domestic.
Something that has been making the rounds that puts it in a better perspective:
Here is why S&P downgraded the US credit rating.
U.S. Tax revenue: $2,170,000,000,000
Fed budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $ 38,500,000,000
Now lets remove 8 zeros and pretend its a household budget.
Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500
Outstanding balance on the credit card: $142,710
Total budget cuts: $385
DEFUND socialist collectives, foreign and domestic.
Always happy to help spread the ZeroHedge mindset. It is my ONLY source of financial data anymore. It is told like it is with no window dressing and no concern for softening the blow. The fight club mentality is quite a unique perspective - and I love it!
And the IMF is calling for us to abandon our Fiscal Austerity. LOL.
“The light at the end of the tunnel is not an illusion, the tunnel is.”
The light at the end of the tunnel is one of BOs high-speed trains.
Man, you Americans are total amateurs at getting things off the books. Do you want to borrow Gordon Brown for a year or so?
I would recommend you look up PPP (Public Private Partnerships) in the UK, to see just how far deficits can be taken “off the books.” IIRC our actual debt is something like 4 times our official debt.
I’d link something, but posting this from my phone and the browser is being awkward again. Might do a vanity tonight if anyone is interested.
Bookmark. Great perspective.
Great post. Thanks.
Thanks, I wanted to add the total obligations but couldn’t quickly find an accurate figure. Just guessing, I’d say around 100T which one could compare to paying off a 1 million dollar home loan in the example above.
I follow Tyler on Twitter (@zerohedge). The mas is relentless in his endeavor. I read one day him saying 8 screens was not enough! He definitely filters out the signal to noise regarding Europe.
Gordon Brown? Isn’t he the brilliant financial strategist that sold off all the gold so the Bank of England would have more room to store paper money?
And didn’t they announce beforehand their intention of selling so as to keep the price from going to high?
Yeah, does make one wonder who has the biggest dunce.
I forgot all about that. Will include it in the vanity, which will probably be up in about 10 hours. Work got intense this afternoon, and I still have to dig up some figures.
We might want to fix up our house while a dollar is still wroth 80 cents.