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Deja Vu All Over Again: Total US Debt Passes Debt Ceiling... In Under One Month Since Extension
Zero Hedge ^ | 09/02/11 | Tyler Durden

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.


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: budget; debtceiling; federaldeficit; federalspending
When was that whole fiscal prudence thing going to begin again?!?
1 posted on 09/04/2011 7:00:36 PM PDT by RobertClark
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To: RobertClark

2 posted on 09/04/2011 7:04:15 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Your cash ain’t nothin’ but trash ping.

Thanks RobertClark.


3 posted on 09/04/2011 7:06:21 PM PDT by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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To: RobertClark
RobertClark wrote:
When was that whole fiscal prudence thing going to begin again?!?
I think it's when every incumbent is sent home permanently.

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.

4 posted on 09/04/2011 7:08:38 PM PDT by cc2k ( If having an "R" makes you conservative, does walking into a barn make you a horse's (_*_)?)
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To: RobertClark
Good thing I print my own money or I would be worried about this Obama character !


5 posted on 09/04/2011 7:12:27 PM PDT by Delta 21 (Make your choice ! There are NO civilians.)
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To: RobertClark

Spending your way out of debt is like trying to fornicate ones way out of hiv


6 posted on 09/04/2011 7:14:59 PM PDT by al baby (Is that old windbag still on the air ?)
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To: Delta 21
Good thing I print my own money or I would be worried about this Obama character !

I'll take "Things overheard in a conversation between Bernanke and Geitner" For $200 Alex.

7 posted on 09/04/2011 7:15:31 PM PDT by RobertClark (People sleep peaceably in their beds at night b'cse good men are rdy to do violence on their behalf)
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To: RobertClark
Seriously ! I know that the nerdy geek types in the government have computers with awesome calculators on them.

U.S. National Debt Clock

The light at the end of the tunnel is not the morning sunshine.

8 posted on 09/04/2011 7:22:09 PM PDT by Delta 21 (Make your choice ! There are NO civilians.)
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To: Delta 21

The light at the end of the tunnel is not an illusion, the tunnel is.


9 posted on 09/04/2011 7:24:54 PM PDT by RobertClark (People sleep peaceably in their beds at night b'cse good men are rdy to do violence on their behalf)
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To: RobertClark

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).


10 posted on 09/04/2011 7:29:58 PM PDT by sefarkas (Why vote Democrat Lite?)
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To: RobertClark

“Geithner, this is Bernanke. Get those printing pressing rolling...Pronto!”


11 posted on 09/04/2011 7:30:42 PM PDT by Signalman
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To: sefarkas
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).

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.

12 posted on 09/04/2011 7:34:10 PM PDT by RobertClark (People sleep peaceably in their beds at night b'cse good men are rdy to do violence on their behalf)
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To: RobertClark

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.


13 posted on 09/04/2011 7:35:28 PM PDT by ChildOfThe60s ( If you can remember the 60s....you weren't really there)
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To: RobertClark

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.


14 posted on 09/04/2011 7:38:18 PM PDT by ChildOfThe60s ( If you can remember the 60s....you weren't really there)
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To: al baby

“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!!


15 posted on 09/04/2011 7:42:05 PM PDT by dusttoyou ("Progressives" are wee-weeing all over themselves, Foc nobama)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


16 posted on 09/04/2011 7:45:03 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: ChildOfThe60s
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.

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.

17 posted on 09/04/2011 7:46:53 PM PDT by RobertClark (People sleep peaceably in their beds at night b'cse good men are rdy to do violence on their behalf)
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To: dusttoyou
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.

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.

18 posted on 09/04/2011 8:02:21 PM PDT by ChildOfThe60s ( If you can remember the 60s....you weren't really there)
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To: cc2k
I agree with you. It is time; no perhaps past time to send them all packing and start from scratch. But of course that won't happen. The two corrupt political gangs have a death strangle hold on The Republic, and almost to the man/woman could care less about "we the people" and our Constitution.

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.

19 posted on 09/04/2011 8:31:47 PM PDT by ImpBill ("America ... where are you now?" signed, a little "r" republican!)
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To: RobertClark; All

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.


20 posted on 09/04/2011 8:53:26 PM PDT by PGalt
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To: RobertClark

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 let’s remove 8 zeros and pretend it’s 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


21 posted on 09/04/2011 8:53:46 PM PDT by Errant
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To: PGalt
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.

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!

22 posted on 09/04/2011 9:07:00 PM PDT by RobertClark (People sleep peaceably in their beds at night b'cse good men are rdy to do violence on their behalf)
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To: RobertClark
And the IMF is call for to abandon our Fiscal Austerity. LOL.
23 posted on 09/04/2011 9:16:09 PM PDT by ProtectOurFreedom
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To: ProtectOurFreedom
Whoa, partner. Forgot a couple words there, huh?

And the IMF is calling for us to abandon our Fiscal Austerity. LOL.

24 posted on 09/04/2011 9:16:51 PM PDT by ProtectOurFreedom
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To: RobertClark

“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.


25 posted on 09/04/2011 9:22:28 PM PDT by FrogMom (There is no such thing as an honest democrat!)
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To: RobertClark

Expected.


26 posted on 09/04/2011 9:23:55 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: ChildOfThe60s

Man, you Americans are total amateurs at getting things off the books. Do you want to borrow Gordon Brown for a year or so?
/sarc

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.


27 posted on 09/04/2011 10:58:41 PM PDT by EnglishCon
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To: Errant

Bookmark. Great perspective.


28 posted on 09/05/2011 5:57:14 AM PDT by penelopesire (TIME FOR A SPECIAL PROSECUTOR!)
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To: RobertClark
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!

I agree.

29 posted on 09/05/2011 5:59:42 AM PDT by PGalt
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To: Errant

Great post. Thanks.


30 posted on 09/05/2011 6:07:11 AM PDT by PGalt
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To: RobertClark

Thanks. Bookmark.


31 posted on 09/05/2011 6:16:25 AM PDT by Shire
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To: EnglishCon
Might do a vanity tonight if anyone is interested.

Sure

32 posted on 09/05/2011 7:13:11 AM PDT by Errant
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To: penelopesire

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.


33 posted on 09/05/2011 7:16:30 AM PDT by Errant
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To: PGalt

:)


34 posted on 09/05/2011 7:17:02 AM PDT by Errant
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To: RobertClark
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!

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.

35 posted on 09/05/2011 7:28:58 AM PDT by Walmartian
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To: EnglishCon

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.


36 posted on 09/05/2011 7:39:52 AM PDT by ChildOfThe60s ( If you can remember the 60s....you weren't really there)
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To: ChildOfThe60s

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.


37 posted on 09/05/2011 8:26:09 AM PDT by EnglishCon
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To: All

We might want to fix up our house while a dollar is still wroth 80 cents.


38 posted on 09/09/2011 10:03:20 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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