Skip to comments.Debt ceiling will be set to record high of $22 trillion, fund government to just summer
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 wont 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 ...
The elephant in the room. Not much else matters for the survival of this republic.
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!
By definition, every time the debt ceiling is raised, it is set to a record high.
Hopefully the split Congress will mean Congress can’t pass a funding bill.
> Hopefully the split Congress will mean Congress cant 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.”
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”.
“The shocking number, however, is only slightly higher than the current actual debt of some $21 trillion.”
More like $150-200 trillion, with many other things not intentionally omitted.
$22 trillion translates to ~2.13 billion miles of dollar bills placed end-to-end.
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.
Senate... not Congress.
We have a phony, fiat central bank and huge printing press - and we aren’t afraid to use it!
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.
PRyno is not going to run the House in Regular Order?
Better cut taxes some more. That always helps.
He’s not going to run the house at all if memory serves.
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.
For all of the problems that this country is experiencing, this is the silent killer just like a heart attack or stroke.
Federal spending is at $4.4T/yr.
Federal revenue is at $3.4T/yr.
Federal debt will soon be $22T.
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.
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.
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