Posted on 04/20/2011 4:39:15 PM PDT by Sub-Driver
Federal Borrowing on Pace to Hit Debt Limit in Less Than Week Wednesday, April 20, 2011 By Terence P. Jeffrey
(CNSNews.com) - Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.
As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $ 14.268365 trillion. (The total national debt, including the portion exempted from the legal limit, was $14.3205 trillion.)
This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.
On April 4, Treasury Secretary Timothy Geithner sent a letter to Senate Majority Leader Harry Reid (D.-Nev.) in order to warn Congress that the Treasury was approaching the legal debt limit. In an appendix to this letter, Geithner pointed to the rapid pace at which new debt was accumulating.
“On average,” Geithner wrote, “the public debt of the United States increases by approximately $125 billion per month (although there are significant variations from month to month).”
In a 31-day month, $125 billion in new debt works out to an average of $4.03 billion in new debt per day. At that pace, the $25.635 billion in legal borrowing authority the Treasury had left at the close of business on Tuesday would be exhausted in less than seven days.
(Excerpt) Read more at cnsnews.com ...
Or, to put it another way:
Every single month, the government goes another $407 deeper in debt on behalf of every single man, woman and child in the country.
If you have a 4-person family, that's another $1,628 deeper in debt that the government has gone on your behalf this month, next month, every month.
That's $19,544 per year, "on your behalf."
Bear in mind that this isn't the amount the government is spending on your behalf (that's more than 2-1/2 times as much, or $49,902 per year for every family of four in the country) -- it's how much DEEPER INTO DEBT THE GOVERNMENT IS GOING "ON YOUR BEHALF."
Sadly, we either take control of the GOP and purge it of RINO activities or we watch our country disintegrate.
The Failed State of America©
****** It looks like they intend to blow on through, laws be damned. Totally in keeping with the elites of the country.*****
Fascio-Communism, where the “Exempt Ones” never feel the effects.
Shut it down... force the government into taking the proper action to solve this problem... the SAME action that all successful American families take... we cut expenses and curtail spending so that we can live within our means and stay current with all of our bills... and even pay them off.
LLS
Oh, they won’t have to “shut it down.” If Congress were to FAIL to raise the debt ceiling, that just means they would be FORCED to live WITHIN their means. NO MORE “borrowing” money to pay their bills. The Treasury brings in between $150-$200 BILLION every month. Problem is, last 2 years, we’ve spent upwards of $300 BILLION per MONTH. We’ve BORROWED the money to make up the difference. It’s time to SHUT OFF that gravy train.
So, what happens if the Fed Gov’t CAN’T borrow between $100-$150 BILLION a month to pay for all those programs, goodies, perks, and “non-essential” personnel and programs? Oh well, they’ll have to live WITHIN THEIR MEANS, and BALANCE THEIR BUDGET. They’ll have to CUT all non-essential programs. They might even have to SLASH some sacred cows — you know, REDUCE the amount paid out on various programs like Social Security, Medicare, etc.... They might even have toeuthanize whole departments (Education, Energy to start with), and privatize stupid and failing entities like Freddie Mac and Fannie Mae....Oh, darn.
Let’s put the Fed’s on a diet BY FORCE. NO MORE $3.6 TRILLION Budgets with $1.6 Trillion in Annual deficits! The Debt ceiling goes NO HIGHER! It stops HERE, we borrow NOT ONE COPPER PENNY MORE. Live on the approximately $2 TRILLION in revenues you get a year. That’s MORE than enough for Washington, DC! And it will FORCE BIG FAT Old Uncle Sam to LOSE all that weight he’s gained over the last 100 years!
You know, I think these politicos of both parties are going to make the banksters look like angels. I looked at the supposed super spending cutting budget of Mr. Ryan.
The claim is that he is going to cut 5 or 6 trillion dollars. WHAT A LIE.
http://www.gop.gov/bill/112/1/hconres34
I found that Ryan actually INCREASES THE NATIONAL DEBT BY 5 TRILLION DOLLARS IN THE FIRST TEN YEARS. His deficits run as follows,
Starting in 2012, 995B, 698, 489, 430, 478, 407, 378, 415, 405, 391....for a total of .....5.087 TRILLION DOLLARS IN ADDITIONAL DEBT.
If Congress were to FAIL to raise the debt ceiling, that just means they would be FORCED to live WITHIN their means. NO MORE “borrowing” money to pay their bills. The Treasury brings in between $150-$200 BILLION every month. Problem is, last 2 years, we’ve spent upwards of $300 BILLION per MONTH. We’ve BORROWED the money to make up the difference. It’s time to SHUT OFF that gravy train.
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EXACTLY!!! Hell that would be 100 billion reduction PER MONTH. IN FACT, THAT WOULD BALANCE THE BUDGET 12 X 100B = 1.2 TRILLION. Outstanding. Yes Yes Yes.
NAw, if they blow through it without approving themselves a credit line increase, the creditors will come down like a box o’ bricks.
It’s the only way. And when we come out of it we’ll have real growth. We’ll correct it, the only fear is that that man pulls a Roosevelt and hoodwinks the public into believing that yeah, things are bad but not as bad as they would be without him.
Well, let’s touch base in a week. The rule of law be damned. That’s my call.
The whole Congress has it, just cut expenditures
http://www.rushlimbaugh.com/home/daily/site_021711/content/01125107.guest.html
BDD, Budget Deficit Disorder. It’s akin to Attention Deficit Disorder. It’s a condition where a person is easily distracted, has difficulty staying focused on an individual activity for any period of time, and I’ve looked here, I think the symptoms of BDD, Budget Deficit Disorder, may include being easily distracted, you miss details, you forget things, you frequently switch from one activity to another, have difficulty maintaining focus on one task. You become bored with a task after only a few minutes, unless doing something enjoyable, and you have no ability to listen.
Something has got to give folks.
What makes this so totally dangerous is no one with authority is going to do anything...
We all know the last congress and this regime shredded the laws of the land.
We all know the House is simply too weak, is in cahoots, or simply lacks the integrity to do the right thing.
Trust in the courts to do the right thing continues to deteriorate and as whacko as it seems to say...the fact that We the People have to go to court in numerous attempts to see a simple birth certificate is how deep this corrupted quagmire is.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.—That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, —That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
Ping....frighteningly familiar.
That’s all that I’m saying... get it done by not doing it.
LLS
"Freedom is never more than one generation away from extinction.
We didn't pass it to our children in the bloodstream.
It must be fought for, protected, and handed on for them to do the same,
or one day we will spend our sunset years telling our children
and our children's children what it was once like in the United States where men were free."
President Ronald Reagan
Maybe Boehner didn’t want to shut down the government because he was going to do something far more effective. Close the bank account.
Something to think about...
Recently there was mention of cash on hand, money in the till. It was at a very, perhaps all time low rate.
That adds another dimension to the problem. Even if there is borrowing authority if the cash flows out faster than it comes in, ol Tim has a problem meeting payroll.
“Freedom is never more than one generation away from extinction.
We didn’t pass it to our children in the bloodstream.
It must be fought for, protected, and handed on for them to do the same,
or one day we will spend our sunset years telling our children
and our children’s children what it was once like in the United States where men were free.”
—President Ronald Reagan
I’ve already started telling my daughter what it was like... how our last great heady days came in the 1980s.
Damn, we had a great run...
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