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Post by privateinvestor on Jul 7, 2011 18:48:37 GMT -5
Oh, we are at 14.289 trillion right now, won't we hit it before Aug. 2nd? Right now the limit is $14.289 Trillion ...who knows what the actual number will be in 3 weeks??
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reasonfreedom
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Post by reasonfreedom on Jul 7, 2011 18:50:54 GMT -5
Oh, we are at 14.289 trillion right now, won't we hit it before Aug. 2nd? Right now the limit is $14.289 Trillion ...who knows what the actual number will be in 3 weeks?? no, the debt is at 14.289 not the limit. Somebody here said the limit was 14.294.
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Post by privateinvestor on Jul 7, 2011 18:53:54 GMT -5
Right now the limit is $14.289 Trillion ...who knows what the actual number will be in 3 weeks?? no, the debt is at 14.289 not the limit. Somebody here said the limit was 14.294. In February 2010, Congress passed legislation to increase the debt limit to $14.29 trillion Do you have the actual debt number as of today?? Is $14.284 trillion the magic number?? At the end of 2010, gross federal debt totaled $13.5 trillion
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reasonfreedom
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Post by reasonfreedom on Jul 7, 2011 19:00:14 GMT -5
no, the debt is at 14.289 not the limit. Somebody here said the limit was 14.294. In February 2010, Congress passed legislation to increase the debt limit to $14.29 trillion Do you have the actual debt number as of today?? Is $14.284 trillion the magic number?? At the end of 2010, gross federal debt totaled $13.5 trillion 14.289 subject to limit. www.usdebtclock.org/
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henryclay
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Post by henryclay on Jul 7, 2011 19:03:41 GMT -5
I have no idea what the interest rate on the debt is, but I just renewed a 6 month CD and the rate was 7/10th of one percent. That means that in 6 months I will have an additional 35 cents on every hundred dollars in the CD. Wow! If the interest costs on the debt are what the article said they are, then we don't need to borrow any more to go belly up. Just raise the interest rate by one precent. That'll take care of the bankruptcy problem overnight. Somebody in Washington better get their heads on straight and start figuring out what we can do without for a change instead of trying to figutre out how much we can borrow to pay for things we don't need and can't pay for in the first place. Now ain't that the most smartest analysis of the problem you've read all day long?
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Post by BeenThere...DoneThat... on Jul 7, 2011 19:05:46 GMT -5
For the record: Recent debt ceiling increases 1997 Republicans voted for- no Tea Party 5.95 Trillion Bush: 2002 " " 6.4 2003 " " 7.384 2004 " " 8.184 2006 " " 8.965 2007 " " 9.815 2008 " " 10.615 2008 " " 11.315 Obama: 2009 Now it's suddenly a problem- Tea Party 12.394 2009 " " 14.294 It is quite obvious looking at history that the republicans are the least fiscally responsible of the two parties, and the tea party is a sham. ...hey... I was complaining about federal spending and national debt long before 1997!!!
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Post by privateinvestor on Jul 7, 2011 19:17:07 GMT -5
In February 2010, Congress passed legislation to increase the debt limit to $14.29 trillion Do you have the actual debt number as of today?? Is $14.284 trillion the magic number?? At the end of 2010, gross federal debt totaled $13.5 trillion 14.289 subject to limit. www.usdebtclock.org/Ok thanx I didn't know it was that close..
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reasonfreedom
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Post by reasonfreedom on Jul 7, 2011 21:17:23 GMT -5
Ok thanx I didn't know it was that close.. yeah, a lot of great info on that site. Check out the state debts. Seriously looking at that site should make you cry.
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floridayankee
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Post by floridayankee on Jul 8, 2011 7:07:39 GMT -5
yeah, a lot of great info on that site. Check out the state debts. Seriously looking at that site should make you cry. My old home state of RI....debt to GDP is at 22.48% and rising. Ouch. FL is at 16.69% and growing as well.
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Value Buy
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Post by Value Buy on Jul 8, 2011 7:18:19 GMT -5
Minnesota state government is basically shut down right now. The state has not disappeared and it is not pretty, but the people are surviving. The message is being sent out. You cannot spend continuously what you do not have.
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Post by privateinvestor on Jul 8, 2011 7:40:45 GMT -5
California is a mess...cities are laying off teachers, firemen, cops and closing parks, libraries and other services while the State Employees Union refuses to even discuss "Pension and Benefit Reform"..... the big elephant sitting on the couch who everyone knows is there but just ignores..
Jerry Brown is now trying to pay the Piper for years of excessive spending on social programs..and doesn't have the money for that so the dems came up with a gimmick to include revenue from future or anticipated windfall tax gains that they hope might occur..or pray will occur...
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floridayankee
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Post by floridayankee on Jul 8, 2011 8:29:59 GMT -5
California is a mess...cities are laying off teachers, firemen, cops and closing parks, libraries and other services while the State Employees Union refuses to even discuss "Pension and Benefit Reform"..... the big elephant sitting on the couch who everyone knows is there but just ignores.. Can you say Greece? Nothing will be fixed until the government is forced to.
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Post by BeenThere...DoneThat... on Jul 8, 2011 10:59:06 GMT -5
>>> Can you say Greece? <<< ...Greece... ;D ...I can also say, "Zimbabwe," "Argentina," "Russia," ...
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Post by privateinvestor on Jul 11, 2011 19:03:44 GMT -5
we can’t put politics aside. Here are a few highlights from today’s press conference: Tackling Our Debt and Deficit What I emphasized to the broader group of congressional leaders yesterday is, now is the time to deal with these issues. If not now, when? I've been hearing from my Republican friends for quite some time that it is a moral imperative for us to tackle our debt and our deficits in a serious way. I've been hearing from them that this is one of the things that's creating uncertainty and holding back investment on the part of the business community. And so what I've said to them is, let's go. And it is possible for us to construct a package that would be balanced, would share sacrifice, would involve both parties taking on their sacred cows, would involved some meaningful changes to Medicare, Social Security, and Medicaid that would preserve the integrity of the programs and keep our sacred trust with our seniors, but make sure those programs were there for not just this generation but for the next generation; that it is possible for us to bring in revenues in a way that does not impede our current recovery, but is fair and balanced. We have agreed to a series of spending cuts that will make the government leaner, meaner, more effective, more efficient, and give taxpayers a greater bang for their buck. That includes defense spending. That includes health spending. It includes some programs that I like very much, and we – be nice to have, but that we can’t afford right now. Asking Very Wealthiest to Pay Fair Share I want to be crystal clear – nobody has talked about increasing taxes now. Nobody has talked about increases – increasing taxes next year. What we have talked about is that starting in 2013, that we have gotten rid of some of these egregious loopholes that are benefiting corporate jet owners or oil companies at a time where they're making billions of dollars of profits. What we have said is as part of a broader package we should have revenues, and the best place to get those revenues are from folks like me who have been extraordinarily fortunate, and that millionaires and billionaires can afford to pay a little bit more… And what I've also said to Republicans is, if you don't like that formulation, then I'm happy to work with you on tax reform that could potentially lower everybody's rates and broaden the base, as long as that package was sufficiently progressive so that we weren’t balancing the budget on the backs of middle-class families and working-class families, and we weren’t letting hedge fund managers or authors of best-selling books off the hook www.whitehouse.gov/blog/2011/07/11/president-obama-tackling-our-debt-and-deficit
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handyman2
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Post by handyman2 on Jul 11, 2011 19:50:59 GMT -5
My question is this. Having watched the debt clock run at blazing speed at what point will the interest alone be higher than our GDP? Counting the debt and interest growth daily we must be close to the ground zero mark or past it currently.
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deziloooooo
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Post by deziloooooo on Jul 11, 2011 21:04:38 GMT -5
It's like a big deal raising the debt ceiling now, holding everything up, oh how, how could we do it, such a terrible thing to do. The fact is, we've raised it over 100 times in the past..no biggie , and this time, there is good cuts in spending we are getting with it, yet still, one side is playing Russian Roulette, wanting to see what happens if we don't do it, and we have a example of what happened , 1979, and only for a short period of time, the penalty was 6/10 of a % increase in our interest rate on our debt..just 6/10 of 1 %,. No biggie right, yet on a 14 trillion debt, not a 800 Billion debt, and who says this time it would only be 6/10 of 1 % increase. Any one here says "so be it", it's the principal of the thing, we have to show em, has to be nuts. Naturally, IMHO of course.
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