Keyword: nationaldebt

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  • Debt limit looks like a real struggle after AHCA debacle

    03/24/2017 6:48:01 PM PDT · by Drago · 20 replies
    Marketwatch.com ^ | 03/24/2017 | Steve Goldstein
    The annual wrangling around the debt limit was set to disappear, pundits thought, since Republican control of both the executive and legislative branch would effectively make any showdown over such a silly exercise an own goal. That’s the current view in the Trump White House at least. “We’ve spent the money. The concept of the debt limit is somewhat of a ridiculous concept,” said Treasury Secretary Steven Mnuchin on Friday. “I am hopeful that this something Congress addresses before the [summer] break. I think everybody understands we need to raise the debt limit, and that’s something we’re going to do.”...
  • Dems Threaten to Shut Down Government, Media Yawn; Scolded GOP in 2013 for Shutdown

    03/13/2017 5:18:50 PM PDT · by Kaslin · 18 replies
    Newsbusters.org ^ | March 13, 2017 | Kristine Marsh
    Who can forget when the media spent endless days of outrage hyperventilating that Republicans would “shutdown the government” in 2013? Well the media had quite the opposite reaction Monday when Democrats threatened to do the same thing, not even two months into Trump’s presidency.n a letter to Senate Majority leader Mitch McConnell Monday, Minority Leader Chuck Schumer and other top Democrats warned Republicans that they would obstruct any budget that allowed funding for a border wall or took away funding from the EPA, before the current resolution to fund the government is up April 28. Schumer has made similar threats...
  • Amazing: US Debt Decreased by More Than $60 Billion Since Trump Inauguration

    03/10/2017 7:52:14 AM PST · by HarleyLady27 · 20 replies
    gatewaypundit ^ | March 10, 2017 | Jim Hoft
    The US debt reduced by more than $60 Billion since the Trump Inauguration! On January 20th, the day of the Trump Inauguration, the US Debt stood at $19,947 billion. On March 8th, more than a month later, the US Debt load stood at $19,879 billion. Trump has cut the US Debt burden by $68 billion and 0.3% in since his inauguration!
  • Media Freaks After Trump Decreases National Debt by $12 Billion (Includes Data From U.S. Treasury)

    02/25/2017 4:16:53 PM PST · by Rufus Shinra · 21 replies
    Trump Conservative ^ | 2/25/2017 | Rufus Shinra
    President Trump has done what has seemed like an impossible task for recent administrations, and that is to actually curb government spending and reduce the national debt by $12 Billion during his first month in office. Trump announced his achievement of reducing the national debt by sending out a tweet, which quickly caused the media to scramble for stories that could diminish this financial victory. The day before Trump was sworn into office, January 20, 2017, the national debt was $19,947 billion. A month later on February 21, 2017, the US debt was reduced to $19,935 billion, a decrease of...
  • National debt down $12 billion in President Trump's first month

    02/25/2017 9:38:02 AM PST · by Trump20162020 · 37 replies
    Twitter ^ | February 25, 2017 | Donald Trump
    The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo.
  • Amazing! Trump Cuts US Debt by $12 Billion In His First Month

    02/23/2017 7:24:50 AM PST · by davikkm · 57 replies
    On January 20th, the day of the Trump Inauguration, the US Debt stood at $19,947 billion. On February 21st, a month later, the US Debt load stood at $19,935 billion. Trump cut the US Debt burden by $12 billion and 0.1% in his first month in office! On January 20, 2017, the US debt was $19.947 billion. On February 21, 2017, the US debt was $19,935 billion.
  • How Tennessee Could Be About To Start A Constitutional Crisis (Article V)

    02/22/2017 10:54:09 PM PST · by Perseverando · 86 replies
    Zero Hedge ^ | February 22, 2017 | Tyler Durden
    The State Senate of Tennessee has laid the legislative groundwork for something that hasn't been done in the United States of America since the Constitutional Convention of 1787 in Philadelphia. With a vote of 27-3, the Tennessee Senate has voted to call a "convention of the states" in order to draft and pass an amendment to the Constitution that would require balanced budgets to be passed every year. For those who are little fuzzy on their high school U.S. history knowledge, the Tennessean explains that the U.S. Constitution can be amended in two ways. The first would require a two-thirds...
  • The Household Debt Meltdown

    02/20/2017 2:20:16 PM PST · by Lorianne · 13 replies
    Banyan Hill ^ | 17 February 2017 | Jocelynn Smith
    America has a debt problem. That shouldn’t come as a surprise. For as long as I can remember, we’ve had a debt problem. Americans have been endlessly told that debt is good. It builds good credit, and a little debt spending can help light a fire under the economy. According to the U.S. Debt Clock, the U.S. national debt has soared to $19.98 trillion, and it’s still climbing at a frightening pace. Approximately $20 trillion is more than a little debt spending, and the current administration is ready to whip out the White House credit card and spend at a...
  • Pelosi: Were It Not for Obama, $19,951,756,200,280 Debt Would Be Higher

    01/13/2017 10:08:24 PM PST · by Olog-hai · 43 replies
    Cybercast News Service ^ | January 13, 2017 | 2:00 PM EST | Penny Starr
    House Minority Leader Nancy Pelosi (D-Calif.) said on Friday that were it not for "the work" of President Barack Obama, the federal debt would have increased even more than the $9 trillion that it has increased over the eight years of his presidency. “Absent the work of President Obama this national debt would be even higher,” Pelosi said at her weekly briefing with reporters at the Capitol when asked about the increase in the federal budget under Obama. […] “As I’ve said over and over again: Show me your budget, show me your values,” Pelosi said. “And we see today...
  • Visualizing Donald Trump's $20 Trillion Problem

    01/13/2017 7:07:33 AM PST · by Perseverando · 26 replies
    ZeroHedge.com ^ | January 13, 2017 | Tyler Durden
    Only a few days after Trump’s inauguration ceremony, the U.S. National Debt will creep across the important psychological barrier of $20 trillion. It’s a problem that’s been passed down to him, but, as Visual Caitalist's Jeff Desjardins notes, it certainly puts the incoming administration in a difficult place. The debt is burdensome by pretty much any metric, and the rate of borrowing has exceeded economic growth pretty much since the late 1970s. How Trump deals with this escalating constraint will be a deciding factor in whether his administration crashes and burns – or ends up re-positioning America for greatness. Donald...
  • Obama: ‘We’ve Made Extraordinary Progress’ Over the Past 8 Years

    01/01/2017 6:01:27 AM PST · by Cheerio · 45 replies
    Breitbart ^ | 31 Dec 2016 | IAN HANCHETT
    During Saturday’s Weekly Address, President Obama reflected on his time in office and touted the “extraordinary progress” the country has made over the last eight years. Transcript as Follows: “Happy New Year, everybody. At a time when we turn the page on one year and look ahead to the future, I just wanted to take a minute to thank you for everything you’ve done to make America stronger these past eight years. Just eight years ago, as I prepared to take office, our economy teetered on the brink of depression. Nearly 800,000 Americans were losing their jobs each month. In...
  • McConnell, Warning of ‘Dangerous’ Debt, Wants Tax Cut Offsets

    12/12/2016 4:14:17 PM PST · by madison10 · 64 replies
    Bloomberg | 12/12/16 | Steven T. Dennis & Sahil Kapur
    Link Only: https://www.bloomberg.com/politics/articles/2016-12-12/mcconnell-warning-of-dangerous-debt-wants-tax-cut-offsets
  • Civil War II - Fourth Turning Is Intensifying (Part 2)

    11/05/2016 4:41:53 PM PDT · by Perseverando · 20 replies
    Zero Hedge ^ | November 5, 2016 | Jim Quinn
    In Part One of this article I laid out the case against the criminal establishment and how the regeneracy is being driven by the anti-establishment sentiment sweeping across the land. This atonement Fourth Turning will de-establish decade’s worth of delusional decisions. This election has destroyed the last vestiges of trust in this fraudulent system. This dysfunctional rigged presidential election reflects the tearing of the civic fabric at points of maximum susceptibility. As a country we have neglected, denied, or delayed necessary action on a plethora of vital issues threatening our long term viability as a nation. The deferral of difficult...
  • Obama’s Tax Collections Surpass $20,000,000,000,000; Still Runs Up Debt by $8,878,290,996,028

    09/14/2016 5:20:00 AM PDT · by Olog-hai · 12 replies
    Cybercast News Service ^ | September 13, 2016 | 2:45 PM EDT | Terence P. Jeffrey
    With the additional $231,327,000,000 in taxes that the U.S. Treasury collected in August, according to the Monthly Treasury Statement released today, President Barack Obama has now presided over more than $20,000,000,000,000 in federal tax collections during the 91 full months he has served in the Oval Office. From February 2009 through August 2016, the Treasury collected approximately $20,197,437,000,000 in tax revenues (in non-inflation-adjusted dollars), according to the Monthly Treasury Statements. During those same 91 months, the federal debt rose from $10,632,005,246,736.97 to $19,510,296,242,765.66—an increase of $8,878,290,996,028.69. …
  • The Real Existential Threats of 2016

    08/16/2016 11:26:08 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | August 16, 2016 | Pat Buchanan
    On Sept. 30, the end of fiscal year 2016, the national debt is projected to reach $19.3 trillion. With spending on the four biggest budget items -- Medicare, Medicaid, Social Security, defense -- rising, and GDP growing at 1 percent, future deficits will exceed this year's projected $600 billion. National bankruptcy, then, is among the existential threats to the republic, the prospect that we will find ourselves in the not-too-distant future in the same boat with Greece, Puerto Rico and Illinois. Yet, we drift toward the falls, with the issue not debated. Ernest Hemingway reminded us of how nations escape...
  • Trump reverses on federal debt: 'This is the time to borrow'

    08/12/2016 4:41:01 AM PDT · by Kevin C · 82 replies
    Washington Examiner ^ | 8/11/2016 | Joseph Lawler
    Donald Trump appeared to change his stance on the federal debt Thursday, saying that, with interest rates low, the U.S. should borrow money to spend on infrastructure rather than lowering the $14 trillion federal debt. "This is the time to borrow," the Republican candidate said in an interview on CNBC Thursday morning. "Normally, you would say you want to reduce your debt, and I would like to reduce debt too," Trump said, before explaining that "the problem is you have a military problem, you have an infrastructure problem — a tremendous infrastructure problem, and you have other problems. And also,...
  • Obama Has Collected $19,966,110,000,000 in Taxes; Incurred $8,795,689,333,049 in Debt

    08/10/2016 7:48:51 PM PDT · by Olog-hai · 20 replies
    Cybercast News Service ^ | August 10, 2016 | 4:05 PM EDT | Terence P. Jeffrey
    During the 90 full months President Barack Obama has completed serving in the White House—February 2009 through July 2016—the U.S. Treasury collected approximately $19,966,110,000,000 in tax revenues (in non-inflation-adjusted dollars), according to the Monthly Treasury Statements. During those same 90 months, the federal debt rose from $10,632,005,246,736.97 to $19,427,694,579,786.64—an increase of $8,795,689,333,049.67. In July, according to the Monthly Treasury Statement released today, the federal government took in $209,998,000,000 in taxes and spent $322,813,000,000—running a one-month deficit of $112,815,000,000. So far in fiscal 2016, according the Treasury statement, the federal government has collected approximately $2,678,824,000,000 in taxes and spent approximately $3,192,487,000,000—running...
  • Bernie's Truth Deficit: So much for Sanders' "Honesty"

    07/17/2016 7:12:10 PM PDT · by Daniel Clark · 13 replies
    The Shinbone: The Frontier of the Free Press ^ | July 17, 2017 | Daniel Clark
    Bernie's Truth Deficit: So much for Sanders' "Honesty" by Daniel Clark All those conservatives who credit Bernie Sanders with being honest must have been more than a little perplexed by his speech in which he announced his endorsement of Hillary Clinton. The socialist senator hopped aboard the bandwagon of the quintessential "Wall Street candidate," and if that wasn't enough of a sellout of his alleged principles, he even pretended to care about runaway deficits. During the same speech in which he charged that Donald Trump "would increase our national debt by trillions of dollars," he absolved the sitting president for...
  • Trump: I’ll reduce the national debt by getting creditors to accept less

    05/06/2016 1:00:04 PM PDT · by SeekAndFind · 72 replies
    Hotair ^ | 05/06/2016 | AllahPundit
    <p>Reminds me of something Mike Murphy said about Trump in the aftermath of Jeb’s collapse. The logic in favor of nominating another Bush was always, er, complicated, but the logic against nominating a loose cannon is straightforward.</p> <p>I’ll bet even Murphy didn’t think Trump would advertise the possibility that America’s creditors might not receive payment in full in a Trump administration. Choose your own preferred term for what he’s recommending here — renegotiation, bankruptcy, default.</p>
  • Donald Trump’s Idea to Cut National Debt: Get Creditors to Accept Less

    05/06/2016 5:38:20 AM PDT · by reaganaut1 · 154 replies
    New York Times ^ | May 6, 2016 | BINYAMIN APPELBAUM
    One day after assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, said in a television interview Thursday that he might seek to reduce the national debt by persuading creditors to accept something less than full payment. Asked whether the United States needed to pay its debts in full, or whether he could negotiate a partial repayment, Mr. Trump told the cable network CNBC, “I would borrow, knowing that if the economy crashed, you could make a deal.” He added, “And if the economy was good, it...
  • 5 Things Most People Don’t Understand About the National Debt

    04/23/2016 9:18:03 AM PDT · by expat_panama · 67 replies
    Money ^ | April 22, 2016 | Taylor Tepper
    Since this is an election year, you’re hearing a lot about the size of the national debt — and the financial imperative to expunge it before it gets passed on to our kids and grandkids. Donald Trump ... ...suggested earlier that it would be possible to pay off the entire national debt in about eight years... ...the only way to advance the debate is to get past the myths... #1) The federal government’s books are not like a family’s finances ...put yourself in the position of the government. Say you earn the typical American family income, and you spend and...
  • Thomas Jefferson agrees with the Greek people?

    05/06/2010 2:26:51 PM PDT · by FreedomNotSafety · 22 replies · 490+ views
    University of Virginia ^ | 1789 - 1816 | Thomas Jefferson
    "The conclusion then, is, that neither the representatives of a nation, nor the whole nation itself assembled, can validly engage debts beyond what they may pay in their own time." --Thomas Jefferson to James Madison, 1789. ME 7:457, Papers 15:398n "Then I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead...
  • Founders' Quotes - Debt of the Nation

    05/14/2008 9:23:06 PM PDT · by Loud Mime · 22 replies · 105+ views
    The Patriot Post ^ | 05/14/2008 | Founding Fathers
    We must not let our rulers load us with perpetual debt. Thomas Jefferson 1816 - letter to Samuel Kercheval There is not a more important and fundamental principle in legislation, than that the ways and means ought always to face the public engagements; that our appropriations should ever go hand in hand with our promises. To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and...
  • Founders Quotes - The National Debt I

    11/18/2007 1:05:36 PM PST · by Loud Mime · 18 replies · 193+ views
    The Patriot Post - other sources ^ | 11/18/2007 | George Washington
    No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable. George Washington (Message to the House of Representatives, 3 December 1793) A national debt, if it is not excessive, will be to us a national blessing.” Alexander Hamilton “The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to...
  • Solving the United States' $6.7 trillion problem

    08/27/2003 4:57:09 AM PDT · by keyd · 3 replies · 229+ views
    Libertarian Solutions: How to solve the United States' $6,736,489,356,420 problem by Bill Winter LP News Editor If you had visited the online National Debt Clock at 12:00 noon on August 1, you would have seen this figure: $6,736,489,356,420.66. That's the amount of money owed by the federal government. (Over $6.7 trillion dollars.) But if you visited it again just 30 seconds later, you would have seen a different, bigger number: $6,736,489,954,145.59. That's an increase of about $590,000 -- a half-million dollars -- in 30 seconds. It's a stark reminder of just how quickly the politicians in Washington, DC are...
  • WOULD THOMAS JEFFERSON THINK WE ARE FREE?

    01/08/2002 10:30:15 PM PST · by Angelique · 60 replies · 401+ views
    Unknown | Unknown | Steven L. Hayes and Charles Adams
    WOULD THOMAS JEFFERSON THINK WE ARE FREE? By Steven L. Hayes and Charles Adams What if Jefferson were to revisit America today? Thomas Jefferson was born on April 13, 1743. In his lifetime he saw his country transformed from an English colony to a country ruled by its own citizens. Remembered by many as the author of the Declaration of Independence, Jefferson also served as President and guided the young nation through eight turbulent years. When Jefferson died on July 4, 1826 at the age of 83, he left a country and a people whose commitment to the ideas of ...
  • Simple Math Shows America Is Headed for an Economic Disaster

    04/18/2016 7:21:40 PM PDT · by george76 · 52 replies
    The Daily Reckoning ^ | March 30, 2016 | Jody Chudley
    Stan Druckenmiller ... when I look at the current picture of expected tax revenues combined with benefits promised to future generations, this is the most unsustainable situation I have seen ever in my career. The disaster that Druckenmiller sees coming for the United States is all about changing demographics and entitlement spending. They don’t add up to a sustainable situation. In 1940, entitlement payments, which include everything from disability payments to Social Security to Medicare, amounted to just over 20% of annual government spending in the United States. Today, entitlement spending has swelled to nearly 70% of the annual federal...
  • Dem Says National Debt Not a Threat [semi-satire]

    04/12/2016 10:32:22 AM PDT · by John Semmens · 12 replies
    Semi-News/Semi-Satire ^ | 10 Apr 2016 | John Semmens
    Sen. Ed Markey (D-Mass) brushed off fears that a runaway national debt could pose a threat to America. "Look, a debt of whatever amount merely records resources that have already been acquired by the government," Markey argued. "The government has already gotten and spent that money for the benefit of America. Whether it ever pays this money back is basically irrelevant." "Let's imagine that, 'horror of horrors,' the government defaults on this debt," Markey continued. "Who's hurt? The people who lent the money to the government by buying bonds can obviously afford to lose this money. People who need their...
  • Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

    04/09/2016 5:29:50 PM PDT · by Libloather · 104 replies
    Townhall ^ | 4/08/16 | Katie Pavlich
    If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings. According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive. Bolding is mine.
  • Senate Dem: National debt is not 'a threat to our country'

    04/07/2016 3:49:49 AM PDT · by kevcol · 35 replies
    The Washington Examiner ^ | April 6, 2016 | Joel Gehrke
    Senate Democrats on Wednesday couldn't agree that federal debt is a national security problem, in a hearing aimed at assessing the long-term strategic implications of the government's $19 trillion debt. "A realistic discussion about it, and accepting expert opinion that this debt that we have is not actually right now a threat to our country, is I think a more realistic and honorable way of talking to the American people about it," Sen. Ed Markey, D-Mass., said during a Senate Foreign Relations Committee hearing on Wednesday. That surprised committee chairman Bob Corker, who concluded the hearing by describing such views...
  • Economic Miseducation

    04/06/2016 7:37:40 AM PDT · by Sean_Anthony · 8 replies
    Canada Free Press ^ | 04/06/16 | Dr. Ileana Johnson Paugh
    There is no magical pot of gold at the end of the rainbow, nor another bubble that would bring in enough revenue to offset the very large budget and reduce the unpayable national debt I have taught basic principles of economics for thirty years to group after group of college students who were often cross-eyed, bored, running late, playing with their phones, angry that I gave them too many notes, “hard tests,” and too many assignments which interfered with their busy social lives. Many students were there just to get a grade and to complete their useless social studies degrees...
  • Obama’s Tax-And-Spend Budget Would Add $7.5 Trillion To Debt, CBO Report Shows

    03/31/2016 4:31:38 AM PDT · by IBD editorial writer
    Investor's Business Daily ^ | 3/31/2016 | John Merline
    President Obama’s first budget as president declared that he was ushering in a “new era of responsibility.” His last budget as president shows that he’s presided over an era of unprecedented fiscal irresponsibility. That at least, is what the Congressional Budget Office’s independent analysis of Obama’s budget makes plain.
  • Fed Admits it is the World’s Central Bank – not just the USA Central Bank

    03/30/2016 7:20:38 PM PDT · by dontreadthis · 13 replies
    armstrong economics ^ | Mar 30, 2016 | Martin Armstrong
    Janet Yellen signaled that the Fed is grappling with the problem I have been warning about: the dollar has become the de facto currency and the Fed is indeed becoming the world’s central bank. Yellen has admitted that everyone is lobbying the Fed to surrender its domestic policy objectives for international ones. This is precisely what took place in 1927. Yellen stated that the Fed should worry less about inflation domestically than about global growth risks. She pointed to the slowdown in China and depressed commodity prices, but Europe is a real basket case. She used the words that “caution...
  • Obama Blames Republicans For Slow Economic Recovery

    03/04/2016 4:13:43 PM PST · by Nachum · 38 replies
    daily caller ^ | 3/4/16 | Connor D. Wolf
    President Barack Obama responded to reports of slow job growth Friday by blaming Republicans who have opposed parts of his economic agenda. The Bureau of Labor Statistics (BLS) report found the economy added 242,000 new jobs in February. The latest number highlights a long-running trend of slow, yet positive, economic growth. Obama credits the growth to his agenda but its slowness to Republicans for their opposition to his plan. “The plans that we have put in place to grow the economy have worked,” the president declared in the Oval Office. “They would work even faster if we did not have...
  • Interest costs will make up entire deficit in five years, White House projects

    02/09/2016 10:16:20 AM PST · by aimhigh · 42 replies
    MarketWatch ^ | 02/09/2016 | Greg Robb
    According to the latest White House budget projections, the government's interest costs are expected to more than triple to $787 billion by 2026, as interest rates rise, from $223 billion in 2015. By 2025 and 2026, the government will spend more on interest costs than all non-defense discretionary outlays. Under the White House budget, the national debt will increase from $19 trillion to more than $27 trillion over the next decade.
  • 5 Reasons why the Baby Boomers are the worst generation ever.

    02/07/2016 7:54:04 AM PST · by DeathBeforeDishonor1 · 212 replies
    Philly Mag ^ | 1/15/15 | Gene Marks
    "This is the real reason Washington can’t create a long-term deficit reduction plan. The boomers love their safety nets." Wow, so it looks like we have a budget deal in Washington. A debt ceiling and spending crisis has been averted. It’s good news. But let’s all calm down. It’s only temporary. The agreement does not address the long-term fiscal problems we have. Problems that were mostly created by none other than the “baby boomer” generation. Yeah, you know who you are. You’re tanned and healthy and living way past average life expectancy. You’ve got a defined benefit pension plan from...
  • Federal Debt Just Exceeded $19 Trillion: $58,000 for Each Person in U.S.

    02/03/2016 2:41:30 PM PST · by Olog-hai · 43 replies
    Cybercast News Service ^ | February 3, 2016 | 10:18 AM EST | Romina Boccia
    On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That's more than $58,000 for each person who lives in the U.S. today (including children). The main culprit behind the rising deficits and debt is growing federal spending--especially among Social Security, Medicare, Medicaid, and Obamacare. Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit,...
  • The National debt climbs above $19 trillion

    02/02/2016 10:14:16 PM PST · by Freelance Warrior · 31 replies
    Washington Examiner ^ | 02/01/2016 | Pete Kasperowicz
    The national debt hit $19 trillion for the first time ever on Friday, and came in at $19.012 trillion. It took a little more than 13 months for the debt to climb by $1 trillion. The national debt hit $18 trillion on Dec. 15, 2014. That's a slightly stepped-up pace compared to the last few $1 trillion mileposts. It took about 14 months for the debt to climb from $17 trillion to $18 trillion, and about the same amount of time to go from $16 trillion to $17 trillion. The federal government has been free to borrow as much as...
  • Obama’s Legacy: Runaway Deficits, Debt And Health Costs

    01/28/2016 2:58:12 AM PST · by IBD editorial writer · 5 replies
    Investor's Business Daily ^ | 1/27/2016 | Staff
    The Budget: When President Obama released his first budget plan in 2009, he called it a “New Era of Responsibility.” What he produced was irresponsibility on a historic scale.
  • National Debt? What’s That? Bernie & Hillary Want to Add to it, Republicans Not Addressing it

    01/20/2016 7:23:51 AM PST · by SeekAndFind · 16 replies
    National Review ^ | 01/20/2016 | Michael Tanner
    Does anyone remember the national debt? Judging from the presidential campaign so far, perhaps we should put the debt's image on a milk carton somewhere. In the last Republican debate, there was precisely one question on the debt -- and the candidates answered it by talking about their tax plans. That was far too typical. According to the FiveThirtyEight website, "the deficit" was mentioned an average of two times in the first five televised Republican debates (including the "undercard" debates) by all the candidates -- and the moderators -- combined. And "the national debt" was brought up an average of...
  • The State of the Nation: A Dictatorship Without Tears

    01/13/2016 8:56:06 AM PST · by Perseverando · 5 replies
    The Rutherford Institute ^ | January 11, 2016 | John W. Whitehead
    “There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution.”—Aldous Huxley There’s a man who contacts me several times a week to disagree with my assessments of the...
  • Obama’s First Speech to Congress: We Can’t Pass on to Our Children a Debt They Can’t Pay

    01/11/2016 9:08:33 PM PST · by Olog-hai · 22 replies
    Cybercast News Service ^ | January 11, 2016 | 3:25 PM EST | Terence P. Jeffrey
    In his first speech to a joint session of Congress, delivered on Feb. 24, 2009--a little more than a month after his inauguration--President Barack Obama warned that we have a "responsibility" not to pass on to our children a federal debt they cannot pay. "There is, of course, another responsibility we have to our children," Obama said in that speech. "And that's the responsibility to ensure that we do not pass on to them a debt they cannot pay. That is critical." At this point, a chuckling Obama paused to accept a standing ovation from the chamber. Then-House Speaker Nancy...
  • Obama Preps for Final State of the Union

    12/27/2015 8:54:53 AM PST · by Rockitz · 62 replies
    WeeklyStandard.com ^ | Dec 27, 2015 | Daniel Halper
    Barack Obama is preparing for his final State of the Union Address, which he'll deliver January 12. And the president is not looking to slow down as the end of his presidency nears. "I've got 12 months left to squeeze every ounce of change I can while I'm still in office. And that's what I intend to do," Obama writes in an email to supporters. We've done a lot of remarkable things together this year, and it's because of committed citizens like you that this country keeps moving forward. You keep proving the cynics wrong. On January 12, I'll be...
  • $416,014,000,000: Federal Taxes Set Record in First 2 Months of FY16 […] Still Run $201.1B Deficit

    12/10/2015 5:42:15 PM PST · by Olog-hai · 9 replies
    Cybercast News Service ^ | December 10, 2015 | 3:39 PM EST | Terence P. Jeffrey
    The federal government continued to collect taxes at an unprecedented pace in the beginning of fiscal 2016, raking in a record of approximately $416,014,000,000 in revenues through the first two months of the fiscal year (Oct. 1, 2015 through the end of November), according to the Monthly Treasury Statement released today. In the entirety of fiscal 2015, which ended on Sept. 30, the federal government collected a record $3,248,723,000,000, which worked out to about $21,833 for every person who held a job in the country as of September. The record-setting $416,014,000,000 in taxes that the federal government collected in just...
  • Former U.S. Comptroller: National Debt is $65 Trillion, Not $18 Trillion

    11/10/2015 2:45:28 PM PST · by HomerBohn · 41 replies
    The New American ^ | 11/10/2015 | Michael Tennant
    June, the Congressional Budget Office (CBO) put the U.S. government's debt at a staggering $18 trillion. But according to a former U.S. comptroller general, the actual debt is $65 trillion -- more than triple the official figure -- and it isn't going to improve as long as politicians continue to put their personal and partisan interests ahead of the nation's. David Walker, who served as the head of the Government Accountability Office (GAO) from 1998 to 2008, told John Catsimatidis, host of "The Cats Roundtable" on New York radio station WNYM, that there's much more to the debt than just...
  • $19.6 Trillion Debt Ceiling: Done Deal?

    10/27/2015 6:31:35 AM PDT · by Citizen Zed · 26 replies
    ZeroHedge.com ^ | 10-27-2015 | Tyler Durden
    Last week, when reviewing the next steps in the 2015 version of the debt ceiling "drama" we said that "that the only certain outcome from the melodramatic debt ceiling fight over the next several days, is the following: the US is about to have a brand spanking new debt ceiling, one that should last it until March of 2017: $19,600,000,000,000." Sure enough, with just days left until the November 3rd D-Day when the Treasury runs out of emergency cash and is forced to prioritize debt repayments over government spending, moments ago Politico reported that "congressional leaders and the White House...
  • Sen. Cruz Praises House for Passing the Default Prevention Act (National Debt)

    10/22/2015 6:32:00 AM PDT · by Isara · 7 replies
    Cruz.Senate.gov ^ | October 21, 2015
    We cannot continue to cripple future generations WASHINGTON, D.C. — U.S. Sen. Ted Cruz (R-Texas) today issued the following statement praising the passage of Rep. Tom McClintock’s (R-Calif.) Default Prevention Act in the House of Representatives:“First and foremost, Congress must enact critical reforms to restore fiscal sanity for our nation and reverse the continued upward trajectory of our spending. We cannot continue to cripple future generations. The House took a significant step today in that regard and passed the Default Prevention Act, which ensures that our nation’s debt will be paid in full and on time. “This legislation allows the United...
  • Boehner looking to move debt ceiling bill soon

    10/14/2015 12:41:50 PM PDT · by Alfred O. Bama · 23 replies
    Politico ^ | 10/14/15 | JAKE SHERMAN and ANNA PALMER
    House Speaker John Boehner is looking to move a bill to lift the debt ceiling before he leaves Congress, a tactic aimed at helping his successor, according to multiple sources with knowledge of internal party planning. Timing has not been decided, but the Treasury Department says the nation's borrowing limit needs to be raised by Nov. 5, and Boehner (R-Ohio) would like to resolve the issue before a new speaker is sworn in. Boehner expects to step down Oct. 30. His office declined to comment for this story....
  • The Nation's Budget Outlook Is Worse Than You Think

    08/27/2015 5:24:55 AM PDT · by IBD editorial writer · 16 replies
    Investor's Business Daily ^ | 08/26/2015 | Staff
    Budgets: The bad news is that the country is headed toward $1 trillion deficits in 10 years, according to the Congressional Budget Office. The worse news is that, if history is any guide, this forecast is probably way too optimistic.
  • RANKED: The world's national debts, from safest to most risky

    08/14/2015 6:19:30 AM PDT · by SeekAndFind · 4 replies
    Business Insider ^ | 08/14/2015 | Ben Moshinsky
    Bank of America's Transforming World Atlas has loads of lovely infographics in it, but one of the most colourful is a map of the world's riskiest sovereign debt.The map uses the prices of credit-default swaps, which are derivatives that pay out if a borrower defaults.Here's the map:BAML Sovereign credit-default swaps have been used as a type of insurance against sovereign governments not paying back the money they owe. As with any insurance product, the more expensive it is, the more likely the event you're insuring against will happen soon.