Skip to comments.US debt passes $14 trillion, Congress weighs caps
Posted on 01/15/2011 8:42:37 AM PST by John W
WASHINGTON The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.
That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.
Today's debt level represents a $45,300 tab for each and everyone in the country.
(Excerpt) Read more at news.yahoo.com ...
What does one TRILLION dollars look like?
China Annexes US
[It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day Obama was inaugurated and to $14.02 trillion now.]
Why don’t they ever mention the increase that occured in the GOP Congress vs. the Pelosi Congress?
Think again. China does not have the ability to lend that much money. $14 trillion is about 2½ times China's entire GDP. The last $2.6 trillion added came straight from the Federal Reserve. It will never be paid back because Timothy Geithner does not have the discipline (nor the integrity) to do so. A large chunk of the remainder came from Social Security tax receipts. They wrote it down on paper just to be able to make the Social Security Trust Fund balance sheet look good, but that money will never be paid back either.
At this point, all we can do from here is to balance our budget. Do that, and the remainder will take care of itself. If we continue on as we are going now, the debt that China holds will become worthless. Will they retaliate? Not any more so than they are already trying to destroy us. But the days of any one else financing America's debt is over. Once our national debt exceeds our GDP (which could happen this year), it will be nearly impossible to recover. And we can all thank Nancy Pelosi and Harry Reid for that.
My response also happens to be your tagline. God bless Maggie Thatcher.
DON’T RAISE THE LIMIT
Also pity the states that were paid to keep the unemployment checks coming...
The feds will charge them $1.3 billion in interest come fall on the billions they have borrowed from Washington to pay unemployment benefits during the downturn.
Since this was said...Obama and family continue to spend, spend, spend
on needy things like trips, vacations.
I bet if GW had a frickin’ cup of coffee in a restaurant in Crawford, the left would want to know who paid for it, yet this bot spends as much as he wants on our backs.
[inflamed by the passions of tea party activists and deficit hawks. ]
You mean it wasn’t inflamed by spendthrift politicians who bankrupted us?
“Hope you can spare some change”
This is so sad. Any “cap” will be taken off once the Dems have majorities again. Which they will after the Republicans screw up.
The choice is so obvious . . . CUT the spending!!!!! We shouldn’t even have to debate this in the House. There really is no choice here; the government has to stop spending, period. Slashing all government programs by at least 10% would be a small step in the right direction. I think we can also do without the EPA, the Department of Education, etc. by giving the state and local governments more power to regulate themselves.
Today’s debt level represents a $45,300 tab for each and everyone in the country
I didnt spend it so they can go to Hades. I live within my budget.
But if you spread the debt over the real producers, it's probably $150,000.
if anyone thinks there is any other outcome than congress raising the debt limit again, they have not been paying attention for the past 40 years.
congress will continue raising the debt limit as long as they can do so. there is obviously no political will to contain spending.
Ooh! Ooh! I know the answer to this one!
With Obama in the White House, the 'cap' holds no meaning. If the GOP House refuses to raise it, Bernanke will simply 'give' Obama the money out of the Fed. This Administration had already exceeded the debt ceiling in advance of the last time they decided to raise it.
.. and the band played on.. glub glub