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Debt ceiling will be set to record high of $22 trillion, fund government to just summer
.Washington Examiner ^ | November 08, 2018 | Paul Bedard

Posted on 11/09/2018 10:32:36 AM PST by Leaning Right

The federal government is set to reinstate its borrowing limit, and a new analysis indicates that it will be a record-high $22 trillion — and then, it won’t provide enough money to fund the government past summer.

The shocking number, however, is only slightly higher than the current actual debt of some $21 trillion.

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


TOPICS: Business/Economy; Government
KEYWORDS: debt
The article uses the word "shocking". But there is really nothing shocking about this article. It's just business as usual.
1 posted on 11/09/2018 10:32:36 AM PST by Leaning Right
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To: Leaning Right

The elephant in the room. Not much else matters for the survival of this republic.


2 posted on 11/09/2018 10:35:24 AM PST by thesharkboy (Charter member of the Basket of Deplorables)
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To: Leaning Right

I refuse to call it a “ceiling”, because most ceilings are actually fixed and don’t continue rising indefinitely. Even the clouds have a limit to how high they can go!


3 posted on 11/09/2018 10:35:36 AM PST by jpl ("You are fake news.")
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To: Leaning Right

By definition, every time the debt ceiling is raised, it is set to a record high.


4 posted on 11/09/2018 10:35:47 AM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: Leaning Right

Hopefully the split Congress will mean Congress can’t pass a funding bill.


5 posted on 11/09/2018 10:36:55 AM PST by Brilliant
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To: Brilliant

> Hopefully the split Congress will mean Congress can’t pass a funding bill. <

Trump is the wild card here. But I’m guessing a split Congress will just mean more trade-offs, and more debt. “I’ll vote for your pork if you vote for my pork.”


6 posted on 11/09/2018 10:39:57 AM PST by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: Leaning Right

I’m sure the Democrats will be howling about this but the fact the Obiewan Obama ran up $1.25 trillion a year for 8 years is “old news”.


7 posted on 11/09/2018 10:42:10 AM PST by antidemoncrat
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To: Leaning Right

“The shocking number, however, is only slightly higher than the current actual debt of some $21 trillion.”

$21 trillion?

More like $150-200 trillion, with many other things not intentionally omitted.

https://www.brookings.edu/opinions/the-federal-debt-is-worse-than-you-think/

https://www.forbes.com/sites/johnmauldin/2017/10/10/your-pension-is-a-lie-theres-210-trillion-of-liabilities-our-government-cant-fulfill/#6b79739765b1


8 posted on 11/09/2018 10:44:37 AM PST by carriage_hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Leaning Right

$22 trillion translates to ~2.13 billion miles of dollar bills placed end-to-end.


9 posted on 11/09/2018 10:45:04 AM PST by SpaceBar
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To: Leaning Right

Yes, but it’s got to get out of Congress before Trump does anything. I’m hoping that Pelosi just won’t be able to agree with a GOP Congress on anything.


10 posted on 11/09/2018 10:46:42 AM PST by Brilliant
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To: SpaceBar

Senate... not Congress.


11 posted on 11/09/2018 10:47:07 AM PST by Brilliant
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To: Leaning Right

We have a phony, fiat central bank and huge printing press - and we aren’t afraid to use it!


12 posted on 11/09/2018 10:47:07 AM PST by PGR88
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To: Leaning Right

Not shocking:

Natonal debt...

2009
2010
2011
2012
2013
2014
2015
2016

Shocking

2017
2018

Hmmm, do I sense a pattern here?

Mitch and Paul did their best to make sure Trump was hobbled for two years.

I’ll never forget it.

With the Dems in charge of the budget process, guess whose going to get blamed for even larger deficits.

Trump will have to use his veto pen frequently.


13 posted on 11/09/2018 10:52:31 AM PST by DoughtyOne (01/26/18 DJIA 30 stocks $26,616.71 48.794% > open 11/07/16 $215.71 frm 50% increase in 1.2183 yrs)
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To: Leaning Right

PRyno is not going to run the House in Regular Order?


14 posted on 11/09/2018 10:55:58 AM PST by Paladin2
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To: Leaning Right

Better cut taxes some more. That always helps.


15 posted on 11/09/2018 11:05:39 AM PST by babble-on
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To: Paladin2

He’s not going to run the house at all if memory serves.


16 posted on 11/09/2018 11:07:30 AM PST by babble-on
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To: Leaning Right

We should learn from the example of the new congress critter, Occasional-Cortex, that the money is just there - it just is - and the government will just pay for it.


17 posted on 11/09/2018 11:11:07 AM PST by Sirius Lee (In God We Trust, In Trump We MAGA)
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To: thesharkboy

For all of the problems that this country is experiencing, this is the silent killer just like a heart attack or stroke.


18 posted on 11/09/2018 11:19:30 AM PST by shanover (...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
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To: Leaning Right

Federal spending is at $4.4T/yr.
Federal revenue is at $3.4T/yr.
Federal debt will soon be $22T.

Rough calculations...

Cut spending by $1T/yr just to break even.
Cut spending another $1T/yr to pay off debt in a mortgage-like 30 years.

Ergo, we have to cut _all_ spending in HALF, RIGHT NOW, to end the debt in a generation.

Yes debt may be “good” under some circumstances, but if you never actually pay it off you’re just hemorrhaging debt service costs forever.


19 posted on 11/09/2018 11:23:28 AM PST by ctdonath2 (The Red Queen wasn't kidding.)
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To: Sirius Lee

She’s right, you know.

As soon as we went off the gold standard, all it is, is an entry in a ledger. It doesn’’t matter if it’s a dollar or 100 trillion, if the gold isn’t there it’s just a promissory note backed up by the folks who brought you Vietnam, Iraq and Global Warming.


20 posted on 11/09/2018 11:30:32 AM PST by RedStateRocker (Nuke Mecca. Deport all illegals. Abolish the DEA, IRS and ATF,.)
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