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US debt passes $14 trillion, Congress weighs caps
Associated Press ^ | January 15, 2011 | Tom Raum

Posted on 01/15/2011 8:42:37 AM PST by John W

WASHINGTON – The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.

That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.

Today's debt level represents a $45,300 tab for each and everyone in the country.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS:
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1 posted on 01/15/2011 8:42:38 AM PST by John W
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To: John W
What does one TRILLION dollars look like?
[Free Republic]

2 posted on 01/15/2011 8:45:12 AM PST by 1rudeboy
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To: John W
US debt passes $14 trillion,

China Annexes US

3 posted on 01/15/2011 8:45:54 AM PST by bunkerhill7
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To: John W

[It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day Obama was inaugurated and to $14.02 trillion now.]

Why don’t they ever mention the increase that occured in the GOP Congress vs. the Pelosi Congress?


4 posted on 01/15/2011 8:47:28 AM PST by KansasGirl
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To: John W

5 posted on 01/15/2011 8:49:31 AM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: bunkerhill7
China Annexes US

Think again. China does not have the ability to lend that much money. $14 trillion is about 2½ times China's entire GDP. The last $2.6 trillion added came straight from the Federal Reserve. It will never be paid back because Timothy Geithner does not have the discipline (nor the integrity) to do so. A large chunk of the remainder came from Social Security tax receipts. They wrote it down on paper just to be able to make the Social Security Trust Fund balance sheet look good, but that money will never be paid back either.

At this point, all we can do from here is to balance our budget. Do that, and the remainder will take care of itself. If we continue on as we are going now, the debt that China holds will become worthless. Will they retaliate? Not any more so than they are already trying to destroy us. But the days of any one else financing America's debt is over. Once our national debt exceeds our GDP (which could happen this year), it will be nearly impossible to recover. And we can all thank Nancy Pelosi and Harry Reid for that.

6 posted on 01/15/2011 8:57:41 AM PST by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: Oldeconomybuyer

My response also happens to be your tagline. God bless Maggie Thatcher.


7 posted on 01/15/2011 8:58:45 AM PST by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: John W

DON’T RAISE THE LIMIT

CUT SPENDING


8 posted on 01/15/2011 9:04:13 AM PST by Carley (THE MEDIA UNDERSTANDS CREDENTIALS BUT DOES NOT UNDERSTAND PRINCIPLES)
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To: John W

Also pity the states that were paid to keep the unemployment checks coming...

The feds will charge them $1.3 billion in interest come fall on the billions they have borrowed from Washington to pay unemployment benefits during the downturn.


9 posted on 01/15/2011 9:06:03 AM PST by TribalPrincess2U (demonicRATS= Obama's Mosque, taxes, painful death. Is this what you want?)
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To: Oldeconomybuyer

Since this was said...Obama and family continue to spend, spend, spend
on needy things like trips, vacations.

I bet if GW had a frickin’ cup of coffee in a restaurant in Crawford, the left would want to know who paid for it, yet this bot spends as much as he wants on our backs.


10 posted on 01/15/2011 9:09:48 AM PST by TribalPrincess2U (demonicRATS= Obama's Mosque, taxes, painful death. Is this what you want?)
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To: John W

[inflamed by the passions of tea party activists and deficit hawks. ]

You mean it wasn’t inflamed by spendthrift politicians who bankrupted us?


11 posted on 01/15/2011 9:13:11 AM PST by DaxtonBrown (HARRY: Money Mob & Influence (See my Expose on Reid on amazon.com written by me!))
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To: TribalPrincess2U

“Hope you can spare some change”


12 posted on 01/15/2011 9:15:35 AM PST by corlorde (New Hampshire)
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To: John W

This is so sad. Any “cap” will be taken off once the Dems have majorities again. Which they will after the Republicans screw up.


13 posted on 01/15/2011 9:15:59 AM PST by whitedog57
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To: lonevoice

The choice is so obvious . . . CUT the spending!!!!! We shouldn’t even have to debate this in the House. There really is no choice here; the government has to stop spending, period. Slashing all government programs by at least 10% would be a small step in the right direction. I think we can also do without the EPA, the Department of Education, etc. by giving the state and local governments more power to regulate themselves.


14 posted on 01/15/2011 9:21:58 AM PST by Pride in the USA
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To: John W

Today’s debt level represents a $45,300 tab for each and everyone in the country

I didnt spend it so they can go to Hades. I live within my budget.


15 posted on 01/15/2011 9:28:36 AM PST by sheana
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To: John W
$45,300 per person

But if you spread the debt over the real producers, it's probably $150,000.

16 posted on 01/15/2011 9:41:49 AM PST by ProtectOurFreedom
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To: John W

if anyone thinks there is any other outcome than congress raising the debt limit again, they have not been paying attention for the past 40 years.

congress will continue raising the debt limit as long as they can do so. there is obviously no political will to contain spending.


17 posted on 01/15/2011 10:01:32 AM PST by vmpolesov
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To: John W
Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap

Ooh! Ooh! I know the answer to this one!

18 posted on 01/15/2011 10:18:29 AM PST by denydenydeny (Power always thinks it has a great soul and vast views, beyond the comprehension of the weak-Adams)
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To: whitedog57
This is so sad. Any “cap” will be taken off once the Dems have majorities again.

With Obama in the White House, the 'cap' holds no meaning. If the GOP House refuses to raise it, Bernanke will simply 'give' Obama the money out of the Fed. This Administration had already exceeded the debt ceiling in advance of the last time they decided to raise it.

19 posted on 01/15/2011 10:24:30 AM PST by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: John W

.. and the band played on.. glub glub


20 posted on 01/15/2011 10:37:03 AM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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