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U.S. Approaches $15 Trillion Debt Limit
ABC News ^ | November 03, 2011 | Matthew Jaffe

Posted on 11/05/2011 12:06:39 AM PDT by RobinMasters

It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt – any day now – will soar above the $15 trillion mark.

As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad.

Across the Atlantic, President Obama is in Cannes, France, for the G-20 summit that takes place as Europe is trying to finalize a bailout for debt-ridden Greece.

Back on the home front, Obama is preparing for a difficult re-election fight next year. Republican candidates from Mitt Romney to Herman Cain have pounced on the country’s economic woes in their bids to win the GOP nomination and the chance to oppose Obama. Meanwhile, the Occupy Wall Street protests directed at the nation’s financial inequalities continue to rage across the country.

In Washington, a polarized Congress has ground to a halt in the dispute on how to jumpstart the economy and reduce the country’s deficits. Only a few months ago, the acrimonious debate on Capitol Hill about raising the debt ceiling – a debate that almost caused the Treasury Department to default on its debts – illustrated the enormous partisan divide that still shows no signs of improving.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: debt; debtceiling; debtlimit; nationaldebt

1 posted on 11/05/2011 12:06:39 AM PDT by RobinMasters
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To: RobinMasters

The bipartisan elites want to impose tax hikes on the country while doing nothing to reverse the course we’re on. So far they’ve papered over the real problem and no amount of raising the debt ceiling repeatedly will solve it.


2 posted on 11/05/2011 12:15:04 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: RobinMasters
Our $100 Trillion National Debt

Yes, you read that correctly; 15 trillion is about 1/5 of the story.


3 posted on 11/05/2011 12:22:25 AM PDT by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; one box left.)
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To: RobinMasters

We should be able to spend ourselves out of this situation easy enough...


4 posted on 11/05/2011 12:25:15 AM PDT by EGPWS (Trust in God, question everyone else)
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To: EGPWS

As Bill Gates pointed out the other day, if you confiscate all the wealth from the 1% the OWsers like to trash, you won’t make a dent in the national debt.

We sure as heck are not going to tax our way back to prosperity.


5 posted on 11/05/2011 12:32:15 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: goldstategop
As Bill Gates pointed out the other day, if you confiscate all the wealth from the 1% the OWsers like to trash, you won’t make a dent in the national debt.

They don't care. It will make The Rich feel sad, and anything is worth that to these children of the rich (or the jealous basement-dwellers). A liberal believes FEELING a certain way is in itself a moral achievment. So as long as they really, really hate The Rich, then they have achieved moral superiority to those who don't FEEEL that way.

Taking their money won't solve the problems they claim to care about? Ahhh, so what? Stop trying to protect yer rich buddies! It'll make The Rich sad, that's an accomplishment worth sleeping in a tent for.

6 posted on 11/05/2011 12:52:06 AM PDT by Darkwolf377 (Obama: The stupid person`s idea of a smart person.)
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Comment #7 Removed by Moderator

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8 posted on 11/05/2011 2:44:06 AM PDT by onyx (PLEASE SUPPORT FREE REPUBLIC BY DONATING NOW! Sarah's New Ping List - tell me if you want on it.)
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To: goldstategop
As Bill Gates pointed out the other day, if you confiscate all the wealth from the 1% the OWsers like to trash, you won’t make a dent in the national debt.

It's not just the 1% they're after... The 1% is what they want to start with because they know the rest of us will stand by and watch until they eventually get up to 30 or 40%.

9 posted on 11/05/2011 2:58:19 AM PDT by Dixie Yooper (Ephesians 6:11)
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To: RobinMasters
debt-direction2

Click to watch Obama -- ''How you like me now'' or here to download mp4.
Click to hear Obama -- ''Love me''
Click to hear ''Do for me''
Click to hear ''Cousin Pookie''
Click to hear ''Cracker''
Click to hear ''Caught out there with the nightstick''
Click to hear Obama -- ''In a ditch''
Click to hear Waters -- ''The enemy is''
Click to hear Waters -- ''Taking over'' and Obama -- ''Made enough money''
Click to hear Obama -- ''We want a slice of the pie''
Click to hear Pelosi -- ''Most Ethical''
Click to hear Pelosi -- ''Pass the bill so you can find out what is in it''
Click to hear John Conyers -- ''Read the bill''
Click to hear Al Sharpton -- ''But resist we much''
Click to hear Rangel -- ''I'm here''
Click to hear Warren -- ''Taxation''

10 posted on 11/05/2011 2:58:35 AM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: RobinMasters

DEFUND socialist collectives, foreign and domestic.


11 posted on 11/05/2011 3:26:28 AM PDT by PGalt
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To: RobinMasters; ex91B10
A National Debt Of $14 Trillion? Try $211 Trillion
12 posted on 11/05/2011 5:36:28 AM PDT by blam
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To: blam


13 posted on 11/05/2011 5:58:59 AM PDT by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; one box left.)
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To: ex91B10

Interesting read, but there’s no reason to include “unfunded liabilities” in a calculation of the nation’s debt. Any one of those liabilities could vanish in an instant through a change in Federal law . . . and all them probably will, at some point in the future.


14 posted on 11/05/2011 6:23:49 AM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: RobinMasters

[trying out a new tagline.]


15 posted on 11/05/2011 6:32:59 AM PDT by the invisib1e hand (Hail to the Thief)
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If FR Is Your Garden Of Sanity, Please Feed It


Click The Pic

16 posted on 11/05/2011 6:39:55 AM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: RobinMasters

So, what’s the current debt ceiling?


17 posted on 11/05/2011 6:42:09 AM PDT by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: RobinMasters
As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion.

No problem Congress, after much BS, will simply raise it.

Remember folks, they can't skim if they don't spend and when it comes to the fascist, they can't spend what they don't have so they have to borrow to spend and they have to spend to skim and/or get kickbacks.

This debt limit stuff isn't news, it simply a smoke screen to distract from rising food and fuel prices.

Those that work for me earn a good and fair wage, my company is non union because they have decided and voted that it is better for them to be non union, but profits and hours are down and many are concerned with the prices of food and fuel.

18 posted on 11/05/2011 6:44:32 AM PDT by JakeS (I have never had a flu shot and I have never had the flu.)
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To: PLMerite

Duh, never mind. If the headline is accurate.


19 posted on 11/05/2011 6:51:32 AM PDT by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: Dixie Yooper

I’d like to see a breakdown of annual income related to those percentages.

I don’t think people who have a job realize how close to that 1% they are.

With 2 decently-paid wage earners in the family, if they make 200,000 a year, where are they, percentage-wise? Are they in the top 5%? 3%?


20 posted on 11/05/2011 7:52:35 AM PDT by FrogMom (There is no such thing as an honest democrat!)
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To: FrogMom

The truth is that when the left gets on a class warfare jig, anyone who earns any money is eventually considered “rich” and up for heavy taxation.

All failure faces in the country get a whole party in power playing to loserville. All failure is blamed on those who are taxed.

Eventually the working poor and middle class realize that the government is the collector and distributor of the taxes and they never see a dime of it coming back to them. They never qualify for any of that “wealth transfer.”


21 posted on 11/05/2011 8:27:34 AM PDT by SaraJohnson
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To: Alberta's Child
Any one of those liabilities could vanish in an instant through a change in Federal law...

The legal challenges that would ensue will prevent these 'unfunded' liabilities for disappearing. Some may be reduced to a degree, but a lot of the contractual obligations will never go away.


22 posted on 11/06/2011 4:59:10 AM PST by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; one box left.)
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To: ex91B10

More likely, they’ll simply disappear through “attrition” . . . as thinly-disguised euthanasia policies at government-funded hospitals substantially reduce Social Security and Medicare outlays in the future.


23 posted on 11/06/2011 8:43:28 AM PST by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: Alberta's Child
Just like the V.A. seems to do: they drag out the compensation process to such lengths that the vet dies before they have to pay out.


24 posted on 11/06/2011 11:09:41 PM PST by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; one box left.)
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