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Keyword: federaldebt

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  • U.S. Treasury's Mnuchin urges 'clean' debt ceiling hike by August break

    05/24/2017 1:19:35 PM PDT · by Oldeconomybuyer · 6 replies
    Reuters ^ | May 24, 2017 | By David Lawder
    U.S. Treasury Secretary Steven Mnuchin on Wednesday urged Congress to approve a "clean" increase in the federal debt limit by the time it starts its summer recess in early August. "I urge you to raise the debt limit before you leave for the summer," Mnuchin told the House Ways and Means Committee. Congress and the administration can discuss future spending cuts, but it was "absolutely critical" to preserve U.S. creditworthiness by paying debts already incurred, he said. Republicans in Congress have sought to use past debt ceiling increases as leverage to force new spending cuts. Mnuchin said his preference was...
  • Federal Debt Climbs $1,054,647,941,626.91 in 2016

    01/04/2017 6:39:34 AM PST · by SeekAndFind · 10 replies
    CNS News ^ | 01/04/2017 | Terence Jeffrey
    ( - The federal debt climbed by more than a trillion dollars during 2016, according to data released today by the U.S. Treasury.On Dec. 31, 2015, the last business day of 2015, the federal debt was $18,922,179,009,420.89. On Dec. 30, 2016, the last business day of 2016, it was $19,976,826,951,047.80.The one-year increase in the federal debt during calendar year 2016 was therefore $1,054,647,941,626.91.That increase in the debt equaled $8,860.65 for each of the 119,026,000 households the Census Bureau estimated there were in the United States as of September.During President Barack Obama’s time in office the federal debt has increased by...
  • The National debt climbs above $19 trillion

    02/02/2016 10:14:16 PM PST · by Freelance Warrior · 31 replies
    Washington Examiner ^ | 02/01/2016 | Pete Kasperowicz
    The national debt hit $19 trillion for the first time ever on Friday, and came in at $19.012 trillion. It took a little more than 13 months for the debt to climb by $1 trillion. The national debt hit $18 trillion on Dec. 15, 2014. That's a slightly stepped-up pace compared to the last few $1 trillion mileposts. It took about 14 months for the debt to climb from $17 trillion to $18 trillion, and about the same amount of time to go from $16 trillion to $17 trillion. The federal government has been free to borrow as much as...
  • The Era of Spiraling Debt: How Long Will the Scheme Last?

    08/05/2014 7:38:49 AM PDT · by SeekAndFind · 10 replies
    FrontPage Mag ^ | 08/05/2014 | Arnold Ahlert
    To the surprise of absolutely no one, the nation’s debt has skyrocketed during President Barack Obama’s tenure. In a little over five and a half years, the Obama administration has added more than $7 trillion to the total, a number that represents more debt accumulation than the administrations of George Washington through Bill Clinton combined. At the close of business on July 31, the nation’s debt was $17.6 trillion, with $7.06 trillion of it accumulated since Obama was inaugurated in 2009. CNS News offers some gut-wrenching perspective regarding the numbers: As of June, there were 115,097,000 households in the United...
  • Grim Milestone: Current Administration Adds $7 Trillion to National Debt

    08/04/2014 2:53:36 PM PDT · by Kaslin · 7 replies ^ | August 4, 2014 | Daniel Doherty
    On July 3, 2008, then-presidential candidate Barack Obama infamously called President George W. Bush unpatriotic, and his polices irresponsible for adding $4 Trillion to the country's "credit card." This was almost more than all other US presidents combined, he argued, and therefore was putting America on a dangerous path to fiscal insolvency. Less than six years into his own administration, however, the president has failed to reverse the untenable course set by his predecessor; and, indeed, is making America's heavy debt burden even worse. CNS News reports: The total federal debt of the U.S. government has now increased more than...
  • GOP struggles to find 'yes' debt votes (Cornyn doesn't have enough GOP cloture votes for Reid)

    02/12/2014 10:49:28 AM PST · by jimbo123 · 113 replies
    The Hill ^ | 2/12/14 | Erik Wasson and Peter Schroeder
    Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. I think...
  • Federal Spending and Debt, 1790 to 2050

    09/24/2013 10:14:18 AM PDT · by SeekAndFind · 2 replies
    Townhall ^ | 09/24/2013 | Chris Edwards
    As policymakers begin fighting over this years appropriations, the Congressional Budget Office has released a long-term projection that puts todays budget battles in broader context. The federal government is in the most unique and dangerous fiscal situation that it has ever been in during peacetime. Federal spending and debt as a share of GDP are being sustained at very high levels, and that is sapping the nations economic vitality. Spending and debt remove resources from the voluntary, productive, and innovative sector of the economy and put those resources in the hands of the coercive, mismanaged, and centrally planned sector. The...
  • $253.5BObama Borrowed Nearly 6x as Much in February as Sequester Cuts All Year

    03/04/2013 4:01:05 PM PST · by Olog-hai · 12 replies
    Cybercast News Service ^ | March 4, 2013 | Terence P. Jeffrey
    During the month of Februaryas President Barack Obama was warning Americans they would see dramatic effects in their lives if sequestration of some planned federal spending kicked inthe federal governments debt climbed by $253.5 billion. That one-month increase in the debt was nearly six times as much as the $44 billion in spending cuts the Congressional Budget Office estimates will take place in all of fiscal 2013 as a result of sequestration.
  • More Fed Follies.... Paper

    02/22/2013 1:11:36 PM PST · by SatinDoll · 1 replies
    The Market-ticker ^ | Feb.22,2013 | Karl Denninger
    This one's rich: The combination of a massively expanded central bank balance sheet and an unsustainable public debt trajectory is a mix that has the potential to substantially reduce the flexibility of monetary policy, the economists write. This mix could induce a bias toward slower exit or easier policy, and be seen as the first step toward fiscal dominance. It could thereby be the cause of longer-term inflation expectations and raise the risk of inflation overall. There is no flexibility and it is the direct and proximate consequence of Congress and The Adminstration ignoring the fundamental realities of arithmetic --...
  • Middle-Class Wealth Protection, Post-Fiscal Cliff

    12/02/2012 4:07:37 PM PST · by betty boop · 61 replies
    self | December 2, 2012 | Jean F. Drew
    Middle-Class Wealth Protection, Post-Fiscal Cliff By Jean F. Drew I dont know about you, but Im a lifelong, middle-class working stiff who has managed to accumulate a certain modest amount of wealth designated to be sent to the future, to supply my support and lifestyle needs when I am old and no longer have employment income. Im speaking of my 401(k)s and IRAs. The way I have assets deployed in these accounts very likely will need to change, given the absolutely predictable outcome of the much-hyped impending fiscal cliff. At least, that is my supposition. Consider: We get the fiscal...
  • The National Debt: $16 Trillion Dollars Of Moral, Cultural And Political Decay

    09/04/2012 3:30:10 PM PDT · by billflax · 9 replies
    Forbes ^ | 09/04/2012 | Bill Flax
    Wow! Well soon cross Sixteen Trillion Dollars in Federal Debt! S-i-x-t-e-e-n T-r-i-l-l-i-o-n D-o-l-l-a-r-s. Thats a lot of vote buying even for Washington. Is this ruin? Have we indentured our children into servitude? Solomon warned borrowers will be slaves to their lenders. Add $120 plus trillion in unfunded forthcoming liabilities and, well, were doomed. Yet, as significant as this looks, and sixteen trillion of anything cannot be insignificant, the economic repercussions are the least of Americas worries. We still finance this cheaply. Rates on Treasuries remain low. Moreover, America endures as the worlds preeminent economic engine. Obviously, debt weighs heavily on...
  • Real Hope for Ending Federal Debt

    05/22/2012 6:31:51 AM PDT · by SeekAndFind · 7 replies
    American Thinker ^ | 05/22/2012 | Bruce Walker
    The per capita federal debt is $31,000 growing. Much of Europe and many American states are facing practical bankruptcy. As the creditworthiness of the United States and many states is been downgraded, the cost of simply servicing the existing debt will rise. Add to these woes vast unfunded entitlements and money simply created out of thin air by the Federal Reserve System, and it is hard to see how even very aggressive Reaganomics can save us. Government is so far in debt that simply cutting spending less is not enough, and raising taxes is foolishness. We need to dramatically increase...
  • The Federal Balance Sheet Understates Our Problem

    y DAVID M. WALKER, The Fiscal Times December 30, 2011 In Washington, if you want to make something public while minimizing press attention, you should release it on a Friday. The current Administration topped that by issuing the consolidated financial statements of the U.S. Government, which included the Government Accountability Office's (GAO) related independent audit report on the Friday before Christmas when the public was focused on the holiday season and key policymakers were either headed out of town or already gone. The report was simply posted on the Internet and provided to the press on request and without any...
  • VIDEO: Dem Congressmen: Debt Limit 'Danger' to Country; Call for Unlimited Federal Debt

    09/15/2011 11:23:29 AM PDT · by · 11 replies
    On September 14, 2011, three House Democrats introduced a bill to eliminate the debt ceiling to allow the Treasury to borrow money at will and without limit. Rep. Moran, one of the bills co-sponsors, said the debt limit is a 'danger' to our county and Republicans are using it as a political weapon. The debt limit is an unnecessary and counterproductive legislative hurdle that has proved to be both an ineffective means of controlling deficits and a danger to this countrys standing in the financial markets, Moran stated. He added that it has been "weaponized" by Republicans.
  • The Debt Crisis: Why There Is a Stalemate

    08/05/2011 11:39:58 AM PDT · by betty boop · 41 replies
    The Conservative Underground, Vol. 4, Issue 16 ^ | August 2, 2011 | Jean F. Drew
    The Debt Crisis: Why There Is a Stalemate By Jean F. Drew Ask just about any person on the street nowadays what the U.S. debt crisis is all about, and hell probably tell you its about raising the debt limit. He has had it drilled into his head by the Obama Administration, the Democrat Party, the labor unions, and their various enablers in the official media that the international credit reporting agencies threaten to downgrade sovereign U.S. debt from Triple A to a lesser and costlier grade because Congress has failed to increase the debt ceiling...
  • Who Holds the Federal Debt [interactive graph]

    07/25/2011 5:58:35 PM PDT · by 1rudeboy · 10 replies
    Congressional Quarterly ^ | Research/editing: Sarah Vanderbilt; Interactive: Thomas Wilburn, Jessica Smith
    See [also] the history of the debt limit since 1980. As of the end of March, the federal government owed $14.27 trillion to a wide variety of holders of U.S. Treasury securities. This graphic depicts who those creditors are and the amount they have bought in treasuries. Click on the arrows next to a category to expand its subcategories. All amounts are in billions of dollars. [Click on link above to view]
  • U.S. Debt Near Ceiling, But Sky Won't Fall Right Away

    05/04/2011 12:13:21 PM PDT · by Slyscribe · 2 replies
    Investor's Business Daily ^ | 5/4/2011 | David Hogberg
    If Congress doesn't lift the debt ceiling by mid-May, the sky won't fall, at least not right away. The Treasury has several ways to forestall a federal default. Yet today's massive deficits limit how long these measures can be used. The national debt is expected to hit the $14.3 trillion legal ceiling by May 16. Treasury Secretary Tim Geithner has urged Congress to act to avoid a government default that would have "catastrophic economic consequences that would last for decades."
  • US Treasury Tells Lawmakers It Needs $2 Trillion In Debt Capacity (to fund the US to end of 2011)

    05/04/2011 10:16:18 AM PDT · by Zakeet · 14 replies
    Zero Hedge ^ | May 4, 2011 | Tyler Durden
    Reuters reports that the US Treasury has informed lawmakers it needs a $2 trillion debt limit increase to operate... until the end of 2012. Better stated, this is 112% of US GDP (which will soon be declining). This is precisely as Zero Hedge speculated. We hope PIMCO will be swayed soon enough to buy all this extra debt about to start coming down Geithner's conveyor chute. But yes, the Fed will most certainly not be needed to monetize this extra debt: Japan, Europe and Libya have it covered. That said, we don't know if Libyan rebels will have the capacity...
  • How Radical is the Ryan Plan?

    04/14/2011 9:01:18 AM PDT · by Mary Kochan · 7 replies
    Catholic Lane ^ | 4/14/11 | Dr. Mark W. Hendrickson
    Question for those of you concerned about the size of federal debts and deficits: Would you endorse a plan which would add another five or six trillion dollars to the federal debt over the next decade while increasing Uncle Sams annual expenditures by $1.1 trillion? If so, youre in luck. House Budget Committee Chairman Paul Ryan (R-WI) recently unveiled just such a plan. Naturally, Democrats immediately denounced Ryans plan as radical. They think the increases in spending and debt should be much larger. It shows how far the goalposts have been moved in American politics that adding multi-trillion-dollars of debt...
  • True U.S. debt exceeds world GDP by $14 trillion

    04/11/2011 5:55:48 AM PDT · by Robert Drobot · 57 replies ^ | A.D. 11 April 2011 | Editors
    As the Obama administration prepares to finance a Fiscal Year 2011 budget deficit expected to top $1.6 trillion, the American public is largely unaware that the true negative net worth of the federal government reached $76.3 trillion last year. That figure was five times the 2010 gross domestic product of the United States and exceeded the estimated gross domestic product for the world by approximately $14.4 trillion.