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CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’
Cybercast News Service ^ | February 11, 2014 - 12:26 PM | Susan Jones

Posted on 02/11/2014 8:08:24 PM PST by Olog-hai

On the same day House Speaker John Boehner said he would bring a “clean” debt ceiling bill to the House floor—and join Democrats in voting for a 13-month extension of the debt limit—the head of the Congressional Budget Office declared that the “large and growing federal debt” could eventually increase the risk of a “fiscal crisis.” […]

CBO estimates that federal debt held by the public will equal 74 percent of GDP at the end of this year and 79 percent in 2024 (the end of the current 10-year projection period). Such large and growing federal debt could have serious negative consequences, including restraining economic growth in the long term, giving policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk of a fiscal crisis (in which investors would demand high interest rates to buy the government’s debt). …

(Excerpt) Read more at cnsnews.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; News/Current Events; US: Ohio
KEYWORDS: captainobvious; cbo; fiscalcliff; fiscalcrisis; goldbugs; johnboehner; ohio; publicdebt; randsconcerntrolls; shtf
The CBO keeps repeating this and the Uniparty refuses to listen.
1 posted on 02/11/2014 8:08:25 PM PST by Olog-hai
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To: Olog-hai

NSS


2 posted on 02/11/2014 8:11:09 PM PST by goodnesswins (R.I.P. Doherty, Smith, Stevens, Woods.)
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To: Olog-hai
CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’

Ya' think?

3 posted on 02/11/2014 8:12:01 PM PST by doc1019
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To: Olog-hai

Really? Who’d a thunk it?


4 posted on 02/11/2014 8:12:17 PM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Olog-hai

Headline: “CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’”

Precisely what our enemy within’s goal is, fiscal crisis. Destruction of our economy.

They’re in the final stretch of the race.


5 posted on 02/11/2014 8:14:44 PM PST by rockinqsranch (Dems, Libs, Socialists, call 'em what you will. They ALL have fairies livin' in their trees.)
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To: Olog-hai

But Boner insists on giving them one “clean” debt limit increase after another.


6 posted on 02/11/2014 8:14:58 PM PST by TBP (Obama lies, Granny dies.)
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To: Olog-hai
That's a novel idea, why didn't anyone see that before? /s

7 posted on 02/11/2014 8:15:30 PM PST by BitWielder1 (Corporate Profits are better than Government Waste)
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To: Olog-hai

Wow—this guy is smart. Good thing he’s in charge. [/s]


8 posted on 02/11/2014 8:17:08 PM PST by rbg81
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To: Olog-hai

Over one million professional comedians out of work thanks to Obama and we have to hear these amateurs over and over again.


9 posted on 02/11/2014 8:20:58 PM PST by Iron Munro ("Show me the man, and I'll show you the crime." - Lavrentiy Beria (& Eric Holder))
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To: Olog-hai; blam; Oldeconomybuyer; SeekAndFind; All

Can you say “Really BIG Financial Bubble?”


10 posted on 02/11/2014 8:30:58 PM PST by Graewoulf (Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
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U.S. National Debt Clock (thanks RightWhale for the link):

U.S. National Debt Clock


11 posted on 02/11/2014 8:37:22 PM PST by SunkenCiv (http://www.freerepublic.com/~mestamachine/)
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To: Olog-hai

Around the same time, entitlement spending will equal 100% of the budget.

Wanna guess what happens when debt equals 100% of GDP and federal budgeting is completely consumed by nondiscretionary spending?

Fiscal meltdown with no room for negotiations. We’ll have to slash budget and sell off assets.

America will be destroyed.


12 posted on 02/11/2014 8:45:01 PM PST by Bogey78O (We had a good run. Coulda been great still.)
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To: Olog-hai

CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’

.............

Who knew? We’re Greece, times 100. Party on.


13 posted on 02/11/2014 8:51:50 PM PST by lurk
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To: Olog-hai

“‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’”

DUH....
Ya think?????

MAJOR U.S. MEDIA RESPONSE:

The author is a RACIST, and quite possibly Homophobic, too!


14 posted on 02/11/2014 9:09:04 PM PST by tcrlaf (Well, it is what the Sheeple voted for....)
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To: Olog-hai

I thought the only problem we had to avoid was shutting down the government!!?? /sarc>


15 posted on 02/11/2014 9:21:47 PM PST by McBuff
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To: goodnesswins

From a very old accounting joke:

During the interview process for a controller position,
the hiring manager asks: “How much is 2 + 2?”

The job applicant’s reply is “Anything you want it to be.”
[Similar to “It all depends on what ‘is is.’] The manager
says “You’re hired.”

The CBO is so irrelevant it is well beyond a joke today.


16 posted on 02/12/2014 1:26:40 AM PST by jamaksin
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To: Olog-hai

And we pay these people to tell us what we already can see for ourselves here in FReeperville...

I guess they are trying to get the message out to the ignorant masses; congress, Obama cellphone ghetto skank biotch, my mother in law, Democratic Governors, Ben Yankme, etc


17 posted on 02/12/2014 2:22:00 AM PST by eartick (Been to the line in the sand and liked it)
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To: goodnesswins

My EXACT response!


18 posted on 02/12/2014 4:26:27 AM PST by LibLieSlayer (FROM MY COLD, DEAD HANDS! BETTER DEAD THAN RED!)
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To: Olog-hai

It’s $240 trillion net of all taxes. That’s the real figure including all federal obligations.


19 posted on 02/12/2014 6:39:15 AM PST by 1010RD (First, Do No Harm)
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To: rbg81
Wow—this guy is smart. Good thing he’s in charge. [/s]

That hit my funny bone just right. Thanks!

20 posted on 02/12/2014 6:42:42 AM PST by madison10
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To: Olog-hai
CBO Director, hands-down winner of this week's  >  Astounding Grasp of the Obvious Award
21 posted on 02/12/2014 7:46:01 AM PST by tomkat
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To: 1010RD

IIRC, the interest on the debt will be greater than all tax receipts and other forms of government income combined by 2050.


22 posted on 02/12/2014 7:58:12 AM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: 1010RD

Should have been more clear:

IIRC, the ANNUAL INTEREST PAYMENT on the debt will be greater than all ANNUAL tax receipts and other forms of government income combined by 2050.

It’s like my having more interest to pay each year than I have income.


23 posted on 02/12/2014 8:00:03 AM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: SunkenCiv

Wow already over 17.25 billion.

I just got used to typing 17 trillion.

Unbelievable.


24 posted on 02/12/2014 8:04:20 AM PST by Cringing Negativism Network ( http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: lurk
Who knew? We’re Greece, times 100. Party on.

And we are going to take Greece with us to the party, and Cypress, and Spain, and Ireland, and Italy, and...

25 posted on 02/12/2014 9:04:22 AM PST by VRW Conspirator ( 2+2 = V)
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To: xzins

You’ll like this podcast:

http://www.econtalk.org/archives/2014/01/laurence_kotlik.html

The site is a treasure trove of knowledge.


26 posted on 02/12/2014 9:17:53 AM PST by 1010RD (First, Do No Harm)
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To: SunkenCiv

Your debt clock is not keeping good debt:

http://www.econtalk.org/archives/2014/01/laurence_kotlik.html

It’s short by about $200 trillion.


27 posted on 02/12/2014 9:22:04 AM PST by 1010RD (First, Do No Harm)
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To: Olog-hai
And they're not counting the private debt the government owes itself. So <whisper>the trust funds don't exist</whisper>.
28 posted on 02/13/2014 6:04:18 AM PST by andyk (I have sworn...eternal hostility against every form of tyranny over the mind of man.)
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To: 1010RD

The debt clock is right on the money. Lawrence Kotlik’s talk about 100s of trillions is full-on lunacy.


29 posted on 02/14/2014 7:11:00 PM PST by SunkenCiv (http://www.freerepublic.com/~mestamachine/)
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To: SunkenCiv

Why do you say that? Those liabilities are real and they’ll be either refuted in some manner (perhaps by means testing SS) or inflated and paid. Unless... FedGov sells off its assets.


30 posted on 02/15/2014 4:11:56 AM PST by 1010RD (First, Do No Harm)
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To: xzins

I owe my soul, to the company store.... And the souls of my children and grand children

Teeman


31 posted on 02/16/2014 9:02:44 AM PST by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world.)
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To: Olog-hai

Bring back AMERICAN JOBS.

Stop importing everything.

I’m series. Make things here, in America.


32 posted on 02/16/2014 9:05:27 AM PST by Cringing Negativism Network ( http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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