Tag Archives: debt ceiling

Debt crisis looms again

August 2, 2011, Obama signed the law allowing the federal debt ceiling be raised from $14.3 trillion dollars to $16.7 trillion dollars.

This is less than a month later, August 30, 2011, and the debt is increasing so fast you can’t even write it down.

Won’t be long before it reaches $16 trillion and they will want to raise it again.  That’s guaranteed.

According the CNN, this was supposed to extend to 2013 beyond the 2012 election.

Here’s a recap of how that went down in summer of 2011:http://www.npr.org/2011/08/02/138916516/senate-takes-up-debt-limit-bill-passage-likely

Well, in less than a year, that $2 trillion has been borrowed and spent and we are now up against the ceiling once more.

The national debt now exceeds GDP.

The debt is over $50,000 per citizen.

The obama has said he will not tolerate another fight to reduce spending that the republicans waged in 2011.  I think he wants to “tax the rich.”  Where did I get that idea?

Some calculations have been made that if you take every dime from every person and family with adjusted gross income of over a million dollars, it would run the government for about 100 days.

The obama submitted a budget that was so irresponsible it was just voted down in the congress with 0 votes – that’s Zero votes – because not even one democrat was willing to attach their name to it.

The Senate has not submitted a budget in over 3 years, which is required by law every year.

The republicn House of Representatives has submitted to the Senate 2 or three budget plans to cut spending and balance the budget, yet,

“Democrats controlling the Senate rejected for the second year in a row Wednesday a budget plan passed by House Republicans.”

That’s Wednesday, 5.16.12.

And further, you will hear the democrats and the president whining on about how it is republicans who are the problem.

And the corrupt media will serve as their mouthpiece, repeating whatever they are told to say.

http://www.usdebtclock.org/

Posted: 05.18.12 @ 3:16 p.m.

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Filed under Financial Crisis, Media, politics

National debt now exceeds GDP – debt ceiling set to increase another $1.2 trillion

National Debt exceeds GDP and there’s barely a blip about it.  The House is set to vote today on obama’s request to raise the debt ceiling yet another $1.2 trillion dollars.

National Debt:  $15,246,871,000,000 (Trillion!)

Gross Domestic Product:  $15,124,464,000,000 (Trillion!)

The total of the U.S. debt load is now $15.2 trillion, more than the annual value in goods and services of the country’s economy.

Although the specific figure is difficult to pinpoint, the benchmark was likely reached at some point in the last few days, USA Today first reported Monday. In layman’s terms, it means the world’s largest economy now collectively owes more than its entire annual output is worth.

http://www.cbc.ca/news/business/story/2012/01/09/us-gdp-debt.html

The House returns this week to a vote on a resolution to reject President Obama’s request to raise the national debt limit, now 15.24 trillion, by $1.2 trillion – the final element of a debt ceiling agreement that Congress approved on Aug. 1.

At first glance, Wednesday’s vote would seem to reopen the most toxic debate of this Congress, which took the nation to the brink of the first-ever default on the national debt last summer.

But, by design, Wednesday’s vote will be more theatrical than practical. Even if the House votes, as expected, to reject the president’s request, the measure still has to pass the Democrat-controlled Senate and avoid a presidential veto – both highly unlikely outcomes.

http://news.yahoo.com/house-reject-debt-limit-increase-why-doesnt-really-234615471.html

http://www.usdebtclock.org/

Posted:  01.18.12 @11:05 a.m.

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Filed under Barack Obama, Financial Crisis, Uncategorized