Posted on 02/04/2010 1:04:57 AM PST by jerry557
WASHINGTON — The US debt is on track to hit a congressionally proposed debt ceiling of 14.3 trillion dollars by the end of February, the Treasury said Wednesday, a day ahead of a key vote to raise it to that level.
"Based on current projections, Treasury expects to reach the debt ceiling as early as the end of February. However, the government's cash flows are volatile, making it difficult to forecast a precise date," the Treasury said in a statement.
The current limit on the public debt of the United States is 12.374 trillion dollars.
The US debt exceeded 12.349 trillion dollars on Monday, according to Treasury data.
The US House of Representatives will vote Thursday on whether to raise the US debt limit to a historic 14.3 trillion dollars, allowing the United States to borrow another 1.9 trillion dollars.
(Excerpt) Read more at google.com ...
Stupid question: since Congress will NOT cut spending, why don’t they just be honest & get rid of the debt ceiling alrogether so they don’t have to vote & re-vote to raise it time & time again?
Unless I’m missing something, this means the USA will add 2 trillion dollars to the debt in one month? Something’s not right here. We’ll collapse before the year is over at that rate.
My prediction. China is about to quit buying our debt. Then the Government comes after the United States citizens to get the money. After that, the devalued dollar, and bartering.
I think the reason has something to do with the Debt ceiling being our creditors only assurance that we will be able to pay the money back. Without a debt ceiling, the bottom would fall out of the treasury market and the yields would go to the moon.
We are in BIG trouble already folks and the day of reckoning is not far away.
ping
Bwahahahahahahahahahahahahahaha!!
Yeah that’s how I read it too: they’re going to burn through this $2 Trillion in less than a month.
Where the hell is this money going? Folks, we are being robbed blind. We’ve got a hostile regime ruling us, stealing our future and our kids’ future, and utterly ruining our once-great nation.
I just don’t even know what to say or do anymore.
It says it will allow us to borrow the 2 trillion. And spend it immediately of course. Hoax and chains.
Can you spell Banana Republic?
Can someone re-post those SHTF threads? I’ll try to search for them tonight if not. Cheers...
"Considering that the US Treasury needs to fund roughly $1.5 Trillion in new debt via Treasury sales in 2010, a global stock market collapse could be the US government’s saving grace, as Graham Summers recently pointed out:"
“So how do you create interest? [In US Treasuries] Simple, let the stock market collapse. The “flight to safety” that would follow would push billions if not hundreds of billions of dollars into Treasuries, soaking up the debt issuance and roll-over with little difficulty.”
"It sounds mad scientist sinister, but quite realistic when you give it the consideration it deserves. The Fed, Treasury, Congress and the administrations have continually taken ridiculous, if not criminal, actions over the last several years. What’s to stop them now? It’s really a quite simple plan - pull back on stimulus in the US and China, have the big investment banks rip their profits out of equities and shift into US Treasuries, and leave panicked investors who thought the economic recovery was sustainable scrambling for the exits."
Once more and more people, discover how much they are spending everyone will all be outraged.
Biggest slush fund in the history of the world.
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