Federal government has already blown through the legal borrowing limit

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1 - 8 of 8 Comments Last updated Jul 27, 2013
CarlosDanger

Ashburn, VA

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#1
Jul 26, 2013
 
. federal debt has been stuck at $16,699,396,000,000.00 for 68 straight days, according to the Daily Treasury Statement on July 24. That amount is exactly $25 million less than the legal borrowing limit of $16,699,421,000,000.00 set on May 17, 2013. But that’s only part of the story.

A closer look at the numbers actually shows the U.S. Treasury has already blown past the federal legal borrowing limit! And the mainstream media, as usual, is out to lunch. Total Public Debt Outstanding” is already $38.82 billion above the statuary debt ceiling and now at $16,738,106,000,000.00.

Who cares. I say keep printing the money until it's worth less than the paper it's printed on.
COLD HARD TRUTH

Caruthersville, MO

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#2
Jul 26, 2013
 

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CarlosDanger wrote:
. federal debt has been stuck at $16,699,396,000,000.00 for 68 straight days, according to the Daily Treasury Statement on July 24. That amount is exactly $25 million less than the legal borrowing limit of $16,699,421,000,000.00 set on May 17, 2013. But that’s only part of the story.
A closer look at the numbers actually shows the U.S. Treasury has already blown past the federal legal borrowing limit! And the mainstream media, as usual, is out to lunch. Total Public Debt Outstanding” is already $38.82 billion above the statuary debt ceiling and now at $16,738,106,000,000.00.
Who cares. I say keep printing the money until it's worth less than the paper it's printed on.
New name, same Comrade Winston hatred bashing of Obama for being the first black president. You really need a life
Gene wanna be Commie

New York, NY

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#3
Jul 26, 2013
 
COLD HARD TRUTH wrote:
<quoted text>
New name, same Comrade Winston hatred bashing of Obama for being the first black president. You really need a life
And GENE your A Trolling Dick who loves to have your Head Up Commie's ASS where he goes your there following UP HIS ASS!!!!
1961 Alumni Rolla MO

Rolla, MO

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#4
Jul 26, 2013
 
CarlosDanger wrote:
. federal debt has been stuck at $16,699,396,000,000.00 for 68 straight days, according to the Daily Treasury Statement on July 24. That amount is exactly $25 million less than the legal borrowing limit of $16,699,421,000,000.00 set on May 17, 2013. But that’s only part of the story.
A closer look at the numbers actually shows the U.S. Treasury has already blown past the federal legal borrowing limit! And the mainstream media, as usual, is out to lunch. Total Public Debt Outstanding” is already $38.82 billion above the statuary debt ceiling and now at $16,738,106,000,000.00.
Who cares. I say keep printing the money until it's worth less than the paper it's printed on.
CarlosDanger,
Speaking of the Debt Ceiling.

Want to know how many times Congress raised the debt ceiling in recent history?

Want to know who was president when debt ceiling was raised?

Reagan - 18 times
Bush I - 9 times
Clinton - 4 times
Bush II - 7 times
Obama - 3 times

Since: Oct 11

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#5
Jul 27, 2013
 

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Ahh check-mate, CarlosDanger.

Weiner wanna be just got schooled by Alumni 61.
Gene

Caruthersville, MO

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#7
Jul 27, 2013
 

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Gene wanna be Commie wrote:
<quoted text> And GENE your A Trolling Dick who loves to have your Head Up Commie's ASS where he goes your there following UP HIS ASS!!!!
That iphider.com has worked well for you hasnt it Doug?

Any rate, I am not cold hard truth. I am Gene, whats your name? Oh hell nevermind, we all know who you are Doug. Your just too dam stupid to realize it.
COLD HARD TRUTH

Caruthersville, MO

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#8
Jul 27, 2013
 

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Gene wanna be Commie wrote:
<quoted text> And GENE your A Trolling Dick who loves to have your Head Up Commie's ASS where he goes your there following UP HIS ASS!!!!
So your not the vice versa then who follows Comrade? Comrade you're not fooling anyone except yourself with the amount of tasks you take to post under various monikers. Like I told you already. Its the stench of racial hatred you leave behind in every post you make from what ever moniker you post with. You really need a life besides Topix. Pool and kids not good enough for you to use your free time productively? Is this all you really have in life? If it is, then your a sad angry small man.

Gene, please accept my apologies to you for being accused of being me.

Now back to the subject. Good post 61. Way to school the unfortunate under educated souls. Reagan was by far the largest spender in any of our life times, but hailed as the Republican messiah by the media. Same people gripe about the media loving Obama. Guess they neglect how the media played up and adored the famous actor president who should have won a "Oscar Award" for his role as being POTUS
AlvinTostig

Ashburn, VA

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#9
Jul 27, 2013
 
WHERE HAS ALL THE MONEY GONE?
Spending on entitlement programs was about $500 billion per year in 1972 in today’s dollars. If it had increased at the same rate as the gross domestic product, it would now be about $1.4 trillion. Instead, it is now about $2.9 trillion per year. What this means is that there has been about a $1.5 trillion increase in entitlement spending above and beyond gross domestic product growth. This is actually larger than the entire increase in government spending relative to gross domestic product.

This results from the fact that spending on the other categories has been essentially flat relative to the gross domestic product (infrastructure and services), or constitutes a negligible part of the budget for the time being (interest), or actually decreased relative to gross domestic product over the 40-year period (defense).

To clarify: all of the major categories of government spending have been increasing relative to inflation. But essentially all of the increase in spending relative to economic growth, and the potential tax base, has come from entitlement programs, and about half of that has come from health care entitlements specifically.

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