Posted on 07/07/2010 7:19:04 AM PDT by TigerLikesRooster
US Ends June With $13.2 Trillion In Debt, Adds $210 Billion In Total Debt, On Track To Breach Debt Ceiling In Under Six Months
Submitted by Tyler Durden on 07/06/2010 16:25 -0500
In case one is wondering why the House Democrats attached a document to the emergency war supplemental bill that "deemed as passed" a non-existent $1.12 trillion budget, which basically allows the ruling party to start spending money for Fiscal Year 2011 without the constraint of an actual budget, here is the answer: on June 30, the US closed the books with just over $13.2 trillion in total debt, an increase of $210 billion in one month, or $2.5 trillion annualized. There is just $1.1 trillion left on the ceiling. As we have long been warning, at the current run rate, the ceiling will be breached in under six months, or just around November 2. More disconcerting is that the monthly debt roll continues to be in the "ridiculous amount" category, hitting a total of $660 billion, of which $583 billion was rolling off Bills (we are not sure what the $19 billion im "GSE investment" was for, but we are fairly sure the words Ponzi and Perpetuation are part of it). Of course, if America knew that according to the Obama non-existent budget the debt ceiling would be breached in 2010, it may not have a favorable reception among those few who are still willing to vote for either party of the bipartite farce that passes for a government.
(Excerpt) Read more at zerohedge.com ...
P!
We are toast!!!!
What the heck, let’s just print the money and pay it off. Woopee, happy days are here again!
the enormous boost to a $14 trillion debt ceiling (I believe it was set at $11.8 trillion under Bush) was supposed to carry the democrats through the election without having to ask for another raise - until after the election
these ridiculous vain arrogant stupid congress people and our nutty “potus” are acting like 8 yr olds with stolen credit cards- America’s credit cards
an increase of $210 billion in one month
THAT’S $7,000,000,000 (7 BILLION) every day, in new debt !!!!!!!!!!!!!
But F-22 fighters costing $120 million each cost too much to order just 5 ... and must be shut down
putting 25,500 people out of work
and the tools and dies MUST be destroyed NOW
I wonder why ........................
So does this mean that Obama is now running monthly deficits that are almost as large as Bush's highest yearly deficit?
Sure, why not...It’s only going to hasten our economic demise...
They can only gloss it over so many times...
I remember a time when approaching our debt ceiling was a big deal. No more. Now they just routinely pass a bill to raise it and go right on with their wasteful, uncontrolled spending of our money to buy votes.
ping
Shades of ‘Atlas Shrugged’:
Then Lawson said softly, half in reproach, half in scorn, “Well, after all, you businessmen have kept predicting disasters for years, youv’ve cried catastrophe at every progressive measure and told us that we’ll perish—but we haven’t.” He started a smile, but drew back from the sudden intensity of Rearden’s eyes.
Reardon had felt another click in his mind, the sharper click of the second tumbler connecting the circuits of the lock. He leaned forward. “What are you counting on?” he asked; his tone had changed, it was low, it had the steady, pressing, droning sound of a drill.
“It’s only a matter of gaining time!” cried Mouch.
“There isn’t any time left to gain.”
“All we need is a chance!” cried Lawson.
“There are no chances left.”
“It’s only until we recover!” cried Holloway.
“There is no way to recover.”
“Only until our policies begin to work!” cried Dr. Ferris.
“There is no way to make the irrational work.” There was no answer. “What can save you now?”
“Oh, you’ll do something!” cried James Taggart.
We are so screwed too...
You’ll be at 100 percent from 62, not counting social security by November.
Bank on it.
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