Posted on 11/18/2013 4:00:03 PM PST by Errant
Between Oct. 1, 2013, the first day of fiscal 2014, and Nov. 14—which was less than a month after Congress agreed to temporarily suspend the legal limit on the federal debt—the Treasury was forced to issue more than $1 trillion in new debt.
During that time, according to the Daily Treasury Statement, the Treasury issued $1,014,215,000,000 in new bills, notes, bonds and other securities.
The government needed this $1,014,215,000,000 to cover government obligations and expenses that exceeded the $255,080,000,000 it raked in through tax revenues during the same six-week period.
Where did that combined $1,014,215,000,000 in newly borrowed money and $255,080,000,000 in new tax revenues go?
The lion’s share went to payoff maturing securities the Treasury had sold before and had now come due.
(Excerpt) Read more at cnsnews.com ...
Da Prez says we’re just paying our bills.
It sounds like the government had to borrow money to pay off the interest on money it had previously borrowed. Are we there yet? Are we there yet? Almost. Almost.
They’re hoping they can kick it til after the midterms...then, batten down the hatches, everyone.
PayDayLoans...... RFLMAO. Thank you!!!
What it reminds me of... lol Btw, they’re now bragging about the record taxes they’re collecting.
RELAX!!! The stock market hit 16,000!!! We’re doing fiiiiiine, FOLKS! /s
Forced? Hell, they couldn't wait.
And Yellin can't wait to take over charge of the printing presses and rival The Wiemar Republic and Zimbabwe put together for the printing of hyperinflation inducing fiat, so the Goldman Sachs types can pocket a few trillion more before the ultimate crash comes.
87% of it went to servicing interest on the debt. An absolutely untenable situation.
Relax, people, they only need the 1 trillion to finish “fixing” the Obamacare website.
This is the beginning of the “baby boomer bubble” as Social Security Benefits continue to outpace, more every year, the FICA Social Security payroll tax receipts, and Social Security has to go to the Treasury with the IOUs - Treasury Notes - the notes the Social Security administration got over the years as an “investment” for the Social Security revenue (excess revenue above what was needed to pay benefits) that Congress and the Presidents spent; calling the taxpayers debt that the treasury must now find money for (a second time) a “reserve” in the “trust fund” of the taxpayers other pocket - social security. This is only going to get worse and Obamacare adds an equal size problem to how high taxes are going to have to go.
“There is no plan other than raising the debt limit that permits us to meet all of our obligations,” Lew said later in that hearing
“Let me remind everyone,” he said, “principal on the debt is not something we pay out of our cash flow of revenues. Principal on the debt is something that is a function of the markets rolling over.” Lew’s description of the way the government handles its now-$17-trillion-plus debt mirrors the Securities and Exchange Commission’s definition of a Ponzi scheme. “A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors,” says the Securities and Exchange Commission’s definition.
To me, many of the other issues today, like immigration and Obamacare, will be very small in comparison to our financial collapse. I don’t know how politicians on either side or any citizen that has any sense whatsoever doesn’t understand what is happening.
Maybe the left want it to happen for a complete takeover?
Interesting times... I suspect war will be the biggest problem we face, even greater than economic collapse.
I agree this admin. foreign policies are putting us in danger. But if they can’t afford to pay for all the domestic programs let alone anything else, all is for naught.
War or economic collapse, it won’t work out well. I feel for my children and grandchildren. I wish we could just form two countries and let people be free to choose where they live and work.
Know what you mean. I don't worry about me or anything I've got. I do worry about the young ones and their futures. I'm pretty sure we're entering the time the Bible scriptures tell us about. Hope not, but pretty sure it is. Just too many coincidences to ignore. Being prepared covers lots of subjects... :-)
They’re going to try to Extort it out, with Extortion-Care like quarterly coupon payments. They couldn’t Taper when they saw the unsupported “WorkCamp” employment numbers in the Nevada meeting.
Extortion-Care is the government WorkCamp/Concentration Camp to pass off on capital producers, false leveraged bank-Fed-govt. MBS buying, Insurers that used to insure this real estate falsely leveraged false so called “securities,” and false lie no-work no-production govt. pensions and govt. contractor $ going into a false leveraged propped market.
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