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 ...
We are driving pell mell with the lights off down a steep mountain road, at midnight, with a 4-year old behind the wheel...
And Oboma is sending $25 million to Libya (so they can kill Christians and Jews in greater numbers).
Starve the beast. Force them to work for us again. We surround them.
We can survive without big governments money, but it can't survive without ours.
Wouldn't it be wiser to save your income for your own family right now? You're going to need it sooner than you think.
Why simple,...........you just increase his credit line, let him borrow more money and get even further into debt. Duh!
And when he's exhausted his new line of credit?
Well you just do the same thing again and increase his debt limit some more! What a dumb question!
Isn't that the way credit card companies usually work? < /s>
Who cares? We won't have to repay it. Our kids will. But we'll be dead by then and will have had a good time spending all this money on our kids backs. (sarcasm off)
What makes it worse is that we’ve bought very little, if any, economic growth with all of this money we’ve borrowed.
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