Skip to comments.CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’
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 floorand join Democrats in voting for a 13-month extension of the debt limitthe 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 governments debt).
(Excerpt) Read more at cnsnews.com ...
Really? Who’d a thunk it?
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.
But Boner insists on giving them one “clean” debt limit increase after another.
Wow—this guy is smart. Good thing he’s in charge. [/s]
Over one million professional comedians out of work thanks to Obama and we have to hear these amateurs over and over again.
Can you say “Really BIG Financial Bubble?”
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.
CBO Director: Large and Growing Federal Debt Could Produce Fiscal Crisis
Who knew? We’re Greece, times 100. Party on.
“Large and Growing Federal Debt Could Produce Fiscal Crisis”
MAJOR U.S. MEDIA RESPONSE:
The author is a RACIST, and quite possibly Homophobic, too!
I thought the only problem we had to avoid was shutting down the government!!?? /sarc>
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.
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
My EXACT response!
It’s $240 trillion net of all taxes. That’s the real figure including all federal obligations.
That hit my funny bone just right. Thanks!
IIRC, the interest on the debt will be greater than all tax receipts and other forms of government income combined by 2050.
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.
Wow already over 17.25 billion.
I just got used to typing 17 trillion.
And we are going to take Greece with us to the party, and Cypress, and Spain, and Ireland, and Italy, and...
You’ll like this podcast:
The site is a treasure trove of knowledge.
Your debt clock is not keeping good debt:
It’s short by about $200 trillion.
The debt clock is right on the money. Lawrence Kotlik’s talk about 100s of trillions is full-on lunacy.
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.
I owe my soul, to the company store.... And the souls of my children and grand children
Bring back AMERICAN JOBS.
Stop importing everything.
I’m series. Make things here, in America.