America Maxes Out Its Credit Card Again - Treasury To Raise Debt Limit By Another $1.2T On Dec. 30

Zero Hedge ^ | 12/27/2011 | Tyler Durden

[SeekAndFind]

You didn't think US consumer confidence could be bought for free now did you?

• U.S. TREASURY SAYS DEBT LIMIT TO BE RAISED BY $1.2 TRILLION
• U.S. DEBT TO BE $100 BLN WITHIN LIMIT ON DEC. 30, TREASURY SAYS
• STEPS FOR INCREASING DEBT LIMIT UNDER 2011 BUDGET CONTROL ACT

And the piece de resistance that 100% debt to GDP brings:

• OBAMA ON DEC. 30 LIKELY TO ASK CONGRESS TO RAISE DEBT LIMIT

Just as we thought the circus was over if only for a few weeks. Also, this means that in a few days, the US debt ceiling will be raised from $15.194 trillion to $16.394 trillion. As a reminder, US GDP was just revised down to $15.176 trillion.

[jimbo123]

Courtesy of:

[TomGuy]

Awwwww

Golly

Geee

Darnit!

And Congress is on their Christmas Holiday break until what, February?

[wastoute]

I always found intersecting lines interesting in math. Here we have falling GDP and rising debt. Didn’t economists used to have a warning about this? Shouldn’t there be a light at this intersection? Isn’t intersections where most traffic fatalities occur?

[tcrlaf]

HOPEY-CHANGEY!!
The debt limit was supposed to last until after the 2012 elections.

When the FED started buying securities to prop up the stock markets, I knew it wouldn’t last long.
It didn’t.

[Gaffer]

Hey! It was Christmas, dude! We can pay that shit off in January when our checks come!.....er, forgot about the Newports, the forties, the lotto and the Huggies....let’s make that February.....no, wait....the loan payment on the car title is due then....Okay...Okay...that refund anticipation loan for my EITC check will be here by March....Yeah....March...that’s it - we can make a payment on it in March....shit, they gonna charge up my EBT on March 1, anyways.......we rollin’ in it!

[Farmer Dean]

Now there’s a group of my favorite a-holes.

[rbg81]

That was quick, wasn’t it? And the borrowing is only gonna accelerate from here.

Our politicians have decided that Americans can’t be allowed to feel any pain whatsoever. Whenever someone proposes to cut (or not extend) any kind of benefit, the gallery of sobbing victims comes out for display. Of course, when the money tree is barren, its hurt like a real SOB.

[cripplecreek]

Zombie government eats everything but brains.

[Smokin' Joe]

Zombie government eats everything but brains.

In the current political climate, it'd starve to death trying to live off brains.

[Psycho_Bunny]

High Treason.

[cherry]

hate them all.....

[Jukeman]

Woooo Boy! What was it - October when the one for all seasons was done? Is there any sanity or sense of responsibility left amongst the leadership of this republic - any at all? Money is being thrown around like pebbles in a windstorm and corruption has run amok. Who is getting all of this money? Well, I know, but is there no honor left? God help us!

[verga]

The only difference between these @$$h@t$ and group of drunken sailors, is that the sailors are forced to quit when they run out of money

[Jukeman]

My wife and I are about seventy years old and struggle to keep our little farm afloat. Don’t know how much longer we can manage and it just kills me to see the lack of economic fortitude or sanity possessed in government at any level. Money is blowing out of the windows like paper in a hurricane and who knows where it goes. This country is trouble. “God, bend down and hear our prayer O’ Lord and answer us for we are deep in trouble”.

[BenKenobi]

Assuming that state/local debt remains at 20 percent, and GDP remains flat this year this brings it up to 129 percent of GDP when all are combined.

This exactly matches the peak in 1946. The combined federal debt of 109 percent is slightly above the peak of 102 percent. Again, this assumes no change in the GDP.

[The Duke]

$1.2 trillion divided by 80 million taxpayers = $15,000 borrowed in the name of each US taxpayer. If you’re a household with two taxpayers Obama just borrowed $30k in your name.

[notaliberal]

And these stupid idiots in Washington gave an increase in monthly benefits of 3.6 percent to ss recipients!!!!!!!!!!!!!

[Jack Hydrazine]

The people at the top in all three branches of government are certifiably and criminally insane because no one with an ounce of common sense and decency would be doing something like this.

[Dryman]

While he is ON VACATION.

The _resident asks for Credit extension?

I think there may be a joke in this somewhere.