U.S. National Debt Tops $7 Trillion for First Time

[jburton]

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20040218/bs_nm/economy_treasury_debt_dc

U.S. National Debt Tops $7 Trillion for First Time
February 18, 2004 6:09:00 PM ET

By Jonathan Nicholson

WASHINGTON (Reuters) - The U.S. government's national debt -- the accumulation of past budget shortfalls -- totaled more than $7 trillion for the first time as of Tuesday, according to a Treasury Department report.

In its daily financial statement released on Wednesday, the Treasury said the U.S. debt subject to a congressionally set limit totaled $7.015 trillion, up from $6.983 trillion on Friday. The government was closed on Monday for the Presidents Day holiday.

While passing the $7 trillion mark itself has little practical significance, not unlike a car's odometer rolling over, it may signal some tough political times for President Bush's administration on fiscal policy.

The government debt ceiling stands only a few hundred billion dollars ahead at $7.384 trillion, and Treasury would need Congress's blessing to borrow beyond that. Treasury officials say they expect the limit to be hit sometime between June and October.

more-

[burrowowl]

1. And the Pentagon and GAO

still don't know where 2.3 trillion bucks went as of 2000 and I think it has gone to 3.2 or something trillion since then.
Ah! The anti-ballistic missile system is real neat too.

[Erika]

4. Thanks to Bush & His Tax Cuts to the Wealth

W has redistributed out wealth completely and left the working class and the low income to pay for it by service cuts for generations. ABB...anyone but Bush.

[Mountainman]

6. Basically we work to pay taxes that Bush then doles out to his friends

This administration's sole reason for being is to transfer wealth from the majority to a few wealthy friends via the federal government.

[Submariner]

2. Coincidence

I was just looking at this 'debt'clock' a couple of days ago and wondering when the $7 trillion mark would be reached.

http://www.uwsa.com/uwsa-usdebt.html

[ConcernedCanuk]

3. hmmm -not looking too good !

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What should be scary, who does the USA owe it all to ?

The National Debt has continued to increase an average of
$1.77 billion per day since September 30, 2003!

Presently reads:



Handy bookmark -

http://www.brillig.com/debt_clock/

hmm - updates every time I reload the page, I better hurry up - it went up a few million just while I'm typing !!

Just for comparison later,

right now it reads 7,033,516,972,621.83

oops, another 8 million !!!

SENDING without spellcheck

[ConcernedCanuk]

5. National debt increased $929,4414,821.83 since last post - is that OK ??

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7,033,516,972,621.83 when I origonally posted

7,034,446,387,443.40 this post
(will be more by the time anyone reads this - updates when page is loaded)

That's alot of money ! almost a BILLION in 12 hours - yikes !

Anyone have any idea when the deficit might go DOWN ?

Definitely hafta be AB (AfterBush) I would imagine - -

[54anickel]

7. Shrub's just singing "This could be the start of something big".

[ramapo]

8. What would Reagan say?

Remember when he went after Carter for the $1 Trillion debt. I think he claimed the pile of $1 bills would be 60 miles high.