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US Debt Passes $14 Trillion, Congress Weighs Caps

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posted on Jan, 15 2011 @ 02:54 PM
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US Debt Passes $14 Trillion, Congress Weighs Caps


abcnews.go.com

The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.

That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.
(visit the link for the full news article)




posted on Jan, 15 2011 @ 02:54 PM
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Well, thats a ton of money, and the article says that half of the national debt was run up in only the past 6 years. Will congress increase the debt ceiling cap, or will they start massive cuts?

According to the article, every person owes $45,300.

The article goes on to talk about how Republicans are planning to lower the debt and how defeating the debt has become a priority.


Already, both sides are blaming each other for an approaching economic train wreck as Washington wrestles over how to keep the government in business and avoid default on global financial obligations.


abcnews.go.com
(visit the link for the full news article)
edit on 15-1-2011 by buni11687 because: (no reason given)

edit on 15-1-2011 by buni11687 because: (no reason given)



posted on Jan, 15 2011 @ 03:22 PM
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How about this spend happy government get out of the war business for a few years and save trillions there?

How about we start charging foreign nations we are defending for their defense?

South Korea, Israel, Saudi Arabia?

Among others.

Send them bills for their defense for exactly what it has cost us, and while you're at it send Kuwait a bill for their liberation, let the Iraqis pay for their liberation as well, they have a large enough oil reserve to do it now.

Take some of that money and invest in American manufacturing and agriculture, as well as alternative energies and put Americans back to work in the process.

It's simple actually, America first... The rest of the world can pay!

Stop spending trillions in foreign nations while getting absolutely NOTHING in return for it.

Some say you cannot expect the government to run like a for profit business.

Bullcrap!

Why can't we?




edit on 15-1-2011 by Fractured.Facade because: (no reason given)



posted on Jan, 15 2011 @ 03:22 PM
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They will just raise the debt ceiling and everything will continue exactly like it has been. I don't know why we even bother looking at the debt numbers, they don't matter anymore. 14 trillion is the same as 150 quadrillion. Both numbers impossible to fathom. Both impossible to ever pay off. So who cares if they add another 5 trillion? It's not going to change anything. And that's what they will do, because its the easy way out.



posted on Jan, 15 2011 @ 03:27 PM
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reply to post by buni11687
 


Well...............

ROCK
If they don't raise the ceiling, the political backlash will be severe, government programs will have to stop and restructure, government will be hard-pressed to function at all, and many people will suffer.

HARD PLACE
If they DO raise the ceiling, all those Republicans that support it will lose their Tea Party backing, and will be guilty of backpedaling on their promises, more violence like Jared Loughner is possible, the groundswell of opposition to the government will continue to grow, we all go farther into debt, inflation continues, the Fed retains control, and the rest of the world continues to surpass America in economics. Government will be hard-pressed to function at all, and many people will suffer.

The elected representatives are screwed, and hopefully they just follow their morals and consciences. The whole house of cards is going to tumble either way, the only good advice to these politicians is to follow your conscience and make sure you can sleep at night!

2011 through November 2012 is going to be full of political and economical turmoil.

Edit to add:
U.S. Debt Clock
It is an unstoppable runaway train full of economic explosives, and we can only wait and see where it crashes!
edit on 15-1-2011 by getreadyalready because: (no reason given)


Edit again to add one more interesting note:
On that Debt Clock, you will notice that the U.S. Total Personal debt surpasses the Government Debt. Therefore, obviously the American populace is no smarter than the government, and we are in no position to be critical of their decisions! They are running an empire, we are just running our households, and we are doing a worse job than they are!
edit on 15-1-2011 by getreadyalready because: (no reason given)

edit on 15-1-2011 by getreadyalready because: (no reason given)



posted on Jan, 15 2011 @ 03:53 PM
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There is no more shock value in the term Trillion, if people were even slightly able to comprehend what this means for this country this thread would already have a hundred flags.

Trillion here, trillion there, Trillions!

I think in the minds of most Americans they hear trillions and think millions, either way, it doesn't matter to them, life goes on.

But for how long?

Economic collapse and the continued fall from a global super power will impact the lives of every American eventually.

To cap spending will do nothing to alleviate the growing debt... It is nearly at the point where no matter what they do it is going to be bad.

I've posted in this thread some common sense things that can be done, obviously our government has no common sense, and will be looking at cutting spending in ALL of the wrong places.

Ultimately it will be the burden of the American people, we will suffer the consequences while the government continues to find ways to pay for itself and its insane spending where it wants to. They will cut social spending but never consider cutting military spending or any legislative pet projects and funding for more PORK that benefits no American in the private sector.

They will destroy our way of life, the American dream, and the economy to fund their budgets the way they see fit, because they all have only their interests in mind and not the interests of the American people.

Goodnight America. Sleep well.



posted on Jan, 15 2011 @ 09:37 PM
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Nationalize the Federal Reserve. Tie the price of agricultural products to the price of oil and legalize cannabis and create the hemp industry. Start consuming our oil from Alaska, Montana and the Dakotas to minimize our dependence on foreign oil. Withdraw all troops from international territory and the disband the standing Army, distributing the leftover bases and weaponry amongst the states' own National Guard regiments. Create at least 50,000 miles of the most high tech mag-lev rail technology available for both optimal freight and passenger travel. Create Geo-Thermal power plants and harness tidal energy. Leave the United Nations. Reform the congressional districts so to lower the current average of 700,000 people per district to 215,000.



posted on Jan, 15 2011 @ 09:49 PM
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I would rather die first and hope i do.

But it is funny to hear someone say they want to legalize pot AND drill ANWAR in the same breath!!



Originally posted by Tgautier13
Nationalize the Federal Reserve. Tie the price of agricultural products to the price of oil and legalize cannabis and create the hemp industry. Start consuming our oil from Alaska, Montana and the Dakotas to minimize our dependence on foreign oil. Withdraw all troops from international territory and the disband the standing Army, distributing the leftover bases and weaponry amongst the states' own National Guard regiments. Create at least 50,000 miles of the most high tech mag-lev rail technology available for both optimal freight and passenger travel. Create Geo-Thermal power plants and harness tidal energy. Leave the United Nations. Reform the congressional districts so to lower the current average of 700,000 people per district to 215,000.

edit on 15-1-2011 by princeofpeace because: (no reason given)



posted on Apr, 19 2011 @ 01:24 PM
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Our debt is at it's highest ever and there is no sign of a solution coming from this administration. Now I am all for sticking up for the little guy or taking out a dictator, and/or giving financial help where needed to countries that are less fortunate, but we can't afford to do that right now. In your opinion, what would happen if we temporarily brought home all our troops and stopped giving any foreign aid...at least until we get back on our feet? How much would that save our country and how long would it take to get out of debt if we applied all the savings to our debt? I am sure there are pros and cons to doing this...hopefully the pros would out weigh the cons. Thank you in advance for your response.



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