U.S. National Debt Tops Debt Limit

[The Northerner]

Source: CBS

The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.


Read more: http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml

[villager]

1. But don't you *think* of touching war funding!

n/t

[FiveGoodMen]

4. Just disgusting, isn't it?

[wtbymark]

2. thanks chimpy and Co.

[bbinacan]

3. Plus Obama and company. n/t

[Deja Q]

5. Only for saving car companies and banks that now refuse to pay back...

:(

Chrysler's bombshell (all over LBN a day or two ago) was saddening...

[harmonicon]

7. saddening, maybe, but surprising in any way?

That was throwing money away - all of this shit was. Shouldn't rule #1 in most of these cases be "don't throw good money after bad"?

[bemildred]

6. Just think, we can all be like California soon.

Heck, we can be like Zimbabwe.

[Deja Q]

8. We're not there yet, and I had no idea you were enthused at such a notion...

[bemildred]

9. Well, enthused is not the right word, I do expect it.

It is clear that the people running this country are pretty much the same calibre as Mugabe. You know: "Fuck You Jack, I've Got Mine!"

[Psephos]

19. you sure got that right n/t

[Downwinder]

10. How much is the overlimit fee, or is that an overdraft? n/t

[Endangered Specie]

11. mmm, just imagine if the debt was on a credit card...

30% APR!

[OhioChick]

12. Cut the war funding. n/t

[reformist]

13. Has anyone dared to suggest tax increases? n/t

[Javaman]

14. We will soon be at a point of geometric progression.

they won't be able to raise the ceiling fast enough to meet the growing debt.

How much is the dollar worth again?

[fasttense]

15. So, how many times under the bushes did we have to raise the debt limit?

Let's all worry about our national debt and forget about helping the middle class and poor recover from the 2nd Republicon Great Depression.

[FiveGoodMen]

16. Doesn't have to be one or the other.

If we get out of the goddamned wars, stop handing money to too-big-to-fail banks, tax the people who've got the most money, we can afford things again.

We haven't suddenly run out of resources, we've just let a few people hoard them all.

Time for that to stop.

[roamer65]

17. Even if you think you have zero debt, you still owe over $39K...

if you are an American citizen. It is your share of the national debt.

[ozone_man]

18. Wow! I thought $6T was a lot.

What was that like two years ago? I thought Bush was a big spender, but Obama is in a league of his own. Taking good care of his Wall Street buddies, and ramping up the military industrial complex. At least he isn't going to spend another trillion to bail out the insurance industry. Oh wait, yes he can.