i eagerly await explication why this is not real, folks. [rquoter]U.S. National Debt Tops Debt Limit Font size Print E-mail Share 30 comments Posted by Mark Knoller (AP) The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill. The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion. A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling. Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government. Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.) Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections. The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now. The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion. The Debt figure goes up and down on a daily basis based on government borrowing and revenue. [/rquoter]
It's real. And irrelevant. Every year, they up the debt limit. It's neither new, nor interesting, nor unique, nor unexpected. And thus, back to my first point: it's irrelevant.
and basso, i find yours and all bush supporters sudden concern for the skyrocketing deficit to be disingenuous at best.
The current administration was left an unnecessary war and a wrecked economy. There are only so many options at this point to turn the country around, most of it requires money.
It IS real...ly irrelevant because, per the original article... So, you are commenting on an issue (the debt ceiling) that is adjusted, on average, more than once per year. Here is a quote from an article that tells us how GWB raised the debt ceiling seven times during his presidency... Why are you bringing this up again? Oh, that's right, because Obama is the president now.
Well I can pick out something in this fail of a thread. Talk about the liberal media, I can understand why Basso thought this was a huge deal because it also made the front page of the houston chronicle web site. but no one made mention of it when gwb was president.
I guess. The irony is if people stopped responding to him and realize he is just posting to irritate them - he'd do what TJ did and just go away.
I'm conservative, though many would probably stereotype me as a republican, and believe the federal government should always be required to balance the budget. That's not something new with this administration and was a huge concern, among many other things (illegal war, WMD lies, terrorism scare tactics, gas bubble, elimination of personal freedoms, illegal wire tapping, torture issues, tax credits to buy SUVs, ect), I had with the last administration. I remember the federal debt being ~4 trillion or so in 2001ish. What is wrong with our government? Borrowing money certainly didn't prevent this recession and I'm trying to figure out how it's going to magically help us out of it.
I think you should submit a formal complaint with a lot of scathing exposition and clever musical references.
Do you have children of college age? Any college freshman who has taken introductory macroeconomics could probably explain for you.
