Posted on 03/17/2009 4:04:52 PM PDT by anniegetyourgun
The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.
The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.
The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.
Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, said Tuesday that the numbers could force Congress to make "adjustments" to Obama's $3.6 trillion budget plan.
"It’s very important get a result for the American people and one that has the priorities that have been [announced] by the president in terms of reducing our dependence on foreign energy, that’s in all of our interests, excellence in education, health care reform and dramatic reduction of the deficit,” Conrad told reporters. “Those will be our guiding principles as we go forward, but as I say, we’ve not yet seen CBO’s new numbers. But I think we can all anticipate because they were done substantially later than OMB’s, that they are going to be more adverse. That that’s going to require all of us to make adjustments.”
(Excerpt) Read more at politico.com ...
OH YEAH and what’s the interest on that monstrosity???
If Obama wants to put his ACORN pals to good use, he should have them do a few bake sales and car washes.
Well, since its near 0%, why not borrow another $11 Trillion tomorrow. If interest rates stay near 0, how about $20 Trillion next week. Just think how much money we [the US] will be saving in interest payments!
Spend first Tax later. WHOA!
They can’t blame this one on Bush.
Hussein’s official budget proposal claims - very optimistically - to increase the national debt by nine trillion dollars over the next decade and forecasts interest payments will average half a trillion dollars a year over that period.
Turning this country into Zimbabwe faster than most people would have thought it possible.
Health & Human Services (which includes all of the ‘welfare perks’ and food stamps, rent assistance, a free bus pass, etc.) and Social Security is in there.
YOU do the homework. Find me a better chart, send me a link and I will gladly post it wherever it’s appropriate all over this site and others. :)
These people are just plain CRAZY!
Next year the ARMS mortgages reset, and just what will the USA do then, because we have broke the bank on the sub prime mess...which by the way was created by the morons trying to fix it. AIG was forced by DEMS to take 50% of the subprimes and Glenn Beck showed that today.
Now isn’t that 550 billion interest just for one year? or is it compounded interest over time of debt?
I don’t know.
Just accept the fact that you’re screwed, I’m screwed. Our Kids and Grandkids are screwed and just get on with your life, LOL!
What life? It’s been stolen by the government. The carbon tax raises our electric bills by 60%, it adds at least $1.30 pr gallon to cost of gas, which is an average of $3 pr gallon BEFORE the slowdown of production kicks in that the oil sheiks have done. Next, is the income tax increases for those who make over 250K pr yr. We can’t deduct our non profit donations, as that will be limited. Groceries will be the new money with all the droughts, hurricanes, tornadoes and floods...in fact tonight they showed cows in TX eating cactus since there is not enough grass. OUR retirement investments are now half of their value. The DEMRATS said they were going to take over 401K’S AND pay them with Social Security, which has been raided and on brink of bankruptcy. I’d start smoking and drinking but taxes on that has quadrupled, and God wouldn’t like it.
Now, we are in the eye of the storm, because if we survive the subprime mortgage mess, it will be the ARMS mortgages or the Commercial credit that starts next year...where is that money coming from....75Billion for mortgages won’t cover that. Also, the FDIC will be broke if any of the major banks go down, and noone gets repaid, that’s a fact..
If anyone thinks the Obama team came to power to fix the economy, there is money to be made on swampland in Florida.
So getting on with one’s life may be quite difficult in the years to come.
If small businesses borrow money from Zero, and the economy tanks again, just what are they going to do next time. If the Feds keep printing money the dollar will be worth ZERO, and then converting it will be next to impossible. These are real scenarios, even if we have a short recovery.
We all need to plan long term, and not get caught up in a short recovery that I believe will last less than two yrs.
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Mandatory spending, which includes Social Security, Medicare, and Medicaid spending that is not subject to annual review or budget debate, grew (in inflation-adjusted dollars) from $169 billion in 1965 to $1.45 trillion in 2007 — 58.2 percent of the budget. |
Total Mandatory Spending, Excluding Net Interest, 1965–2007, in Billions |
 Credit to the Heritage Foundation. Reference |
Perfect! :)
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