National debt hits record $11 trillion

National debt hits record $11 trillion

Posted in the Top Stories Forum

Since: Apr 07

Centreville, VA

#1 Mar 18, 2009
The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.

The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.

The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.

Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, said Tuesday that the numbers could force Congress to make "adjustments" to Obama's $3.6 trillion budget plan.

"It’s very important get a result for the American people and one that has the priorities that have been [announced] by the president in terms of reducing our dependence on foreign energy, that’s in all of our interests, excellence in education, health care reform and dramatic reduction of the deficit,” Conrad told reporters.“Those will be our guiding principles as we go forward, but as I say, we’ve not yet seen CBO’s new numbers. But I think we can all anticipate because they were done substantially later than OMB’s, that they are going to be more adverse. That that’s going to require all of us to make adjustments.”

Since: Apr 07

Centreville, VA

#2 Mar 18, 2009
Contributions To Obama Campaign Track Bailout Money.

“In receiving $43.5 billion for their investment of just over $3.3 million, it looks like the banks that gambled on Wall Street certainly got their money’s worth out of their investment in Barack Obama.

Barack Obama’s lack of leadership in a down economy has now hit crisis proportions, as his claimed inability to block millions of dollars in bonuses for executives of bailout recipient AIG has caused even his supporters to turn on him.

But while the ire of Congress and the media focus are on the $165 million that AIG paid out in bonuses to their executives, the president is hoping you won’t notice the $100 billion in taxpayer bailout dollars that AIG paid out to other banks, including $58 billion to foreign banks and $36 billion given to French and German banks alone.

The Obama administration is allowing AIG to bail out the rest of the world with your tax dollars.

So by all means, the president is happy to have you railing at “evil” but relatively small potatoes AIG executive bonuses, as it points your outrage away from his own far more costly executive abuses.

And of course, the re-distributor-in-chief hopes you won’t notice where much of the rest of the AIG bailout cash is being spent.

While $58 billion of your tax dollars — or more accurately, your children’s tax dollars — are being used to pay foreign banks, a substantial portion of that money ($43.5 billion) is being used to pay American banks, including Goldman Sachs, Merill Lynch, Bank of America, Citigroup, Wachovia, Morgan Stanley, AIG International, and JP Morgan.

The following recipients of President Obama’s trickle-down-to-my-donors bailout plan rank among his top 20 contributors to his 2008 presidential election campaign, according to Open Secrets:

Goldman Sachs:$955,473

Citigroup:$653,468

JP Morgan Chase & Co.:$646,058

Morgan Stanley:$485,823

Bank of America:$274,493

Wachovia:$214,151

AIG:$112,170

Lehman Brothers, which did not survive long enough to join the list of banks leaching off the work of the American taxpayer, also gave the Obama campaign $276,088.

Individuals identifying themselves as working for the banks above gave Barack Obama’s presidential campaign $3,617,724.

In other words, more than 3.6 million reasons for the president to help focus the media’s glare on the relatively minuscule $165 million in AIG executive bonuses, and away from their $43.5 billion portion of $100 billion of taxpayer dollars the administration, by design or incompetence, filtered to other banks through AIG.
Curtis Lowe

Montgomery, AL

#3 Mar 18, 2009
And all I got was this lousy t-shirt.

Since: Apr 07

Centreville, VA

#4 Mar 18, 2009
To use a current cliche, frequently deployed to humiliate bankers and CEOs: He doesn’t get it. Barack Obama, that is.

He just doesn’t get it, and nor do millions of others who are following the U. S. President on his long destructive march against bankers and corporate executives for their alleged ‘recklessness and greed.’...

The leading government-created disaster behind the financial crisis is U. S. housing policy and the multi-trillion dollar securitized mortgage market created by the U. S.-government backed mortgage agencies known as Fannie Mae and Freddie Mac.

In comments in 2007, Mr. Bernanke reported that the two agencies, with $5.2-trillion in mortgage obligations, posed a systemic risk.”

In recent weeks, reports from U. S. Fed Chairman Ben Bernanke, the International Monetary Fund and former Fed Chairman Alan Greenspan added to the already mountainous body of evidence that MASSIVE GOVERNMENT FAILURE created a monetary-and policy-driven house of cards

Botched regulations, distorting accounting rules, misguided monetary policy, over-stimulative government policy -- the list of state policy failure behind the crisis is long and much more significant than any of the individual deals done by AIG Financial Products. They sold products that made sense under the monetary and regulatory regimes established by governments all over the world. Market players do that. Bankers are not responsible for systemic risk.

http://www.financialpost.com/opinion/columnis...

“Google Operation Northwoods”

Since: Aug 10

** 9-11 was an inside job **

#7 Feb 10, 2013
Another words the govt has a bottomless cup and a never ending debt ceiling.

Wouldn't it be nice if we all could share this practice. It would alleviate the poor, if we were all never ending rich.

As long as numbers can be transferred thru the web, cash is an item of the past

“Google Operation Northwoods”

Since: Aug 10

** 9-11 was an inside job **

#9 Mar 15, 2013
Why are you deleting the posts.
People have a right to know the truth

“Google Operation Northwoods”

Since: Aug 10

** 9-11 was an inside job **

#11 Mar 18, 2013
Google 'debt clock'...
Choose the first site on the list

“Google Operation Northwoods”

Since: Aug 10

** 9-11 was an inside job **

#12 Mar 18, 2013
59 trillion and counting
Doctor REALITY

Little Rock, AR

#13 Mar 18, 2013
How will America's debt problem be 'fixed'??...When America sells it's soul to the devil's one world government system. Make way for your 'king',all ye' who rejecteth the Lord!!

“Google Operation Northwoods”

Since: Aug 10

** 9-11 was an inside job **

#15 Mar 24, 2013
Doctor REALITY wrote:
How will America's debt problem be 'fixed'??...When America sells it's soul to the devil's one world government system. Make way for your 'king',all ye' who rejecteth the Lord!!
That's what the UN stands for.... one world govt., Controlled by the US

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