Debt crosses $14 trillion mark

Debt crosses $14 trillion mark

www.financialnewsusa.com

he amount of U.S. debt subject to the country's legal maximum has topped $14 trillion for the first time.

On Wednesday, the amount of debt subject to the cap hit $14.001 trillion at the close of trade, according to the daily Treasury statement released on Thursday.

That means the country is less than $300 billion away from the $14.294 trillion debt ceiling, which is a cap on how much the federal government can legally borrow.

The debt ceiling has become a focal point of the debate over spending and debt. Even though congressional leaders say the cap will be raised, Republicans are vo

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Is the end drawing closer for the US dollar? Will the debt ceiling get raised again?Time to buy silver and gold? Based on the article it seems like it may be the time to start looking at your portfolio and move some of your assets into PMs just in case the dollar does collapse. Hopefully, it does not go bad and the debt ceiling is raised, which is the most likely scenario, IMHO.

www.financialnewsusa.com
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reply to post by habfan1968


Personally I have no idea why they call it a ceiling when they just continue to raise it..
It's merely a term to appease the tax payer and make them believe there really is a ceiling above which our corrupt Government can not spend..

Here's a little history about this "imaginary" ceiling..

The US debt ceiling is $US 5.95 TRILLION, set on August 5, 1997.
Here is the current debt level from the Bureau of the Public Debt.

In 1940, the debt ceiling of the U.S. Treasury was $49 Billion. With a population of 132 million, that's $370 per person. The present debt ceiling is $5,950 Billion. With a population (1996 est.) of 265 million, that's $22,450 per person.

Since 1940, U.S. population has risen by a little over 100%. The debt ceiling has risen by 12043% or 120.5 times. We don't know how high a stack of $100 bills it would make, but here are some comparisons to show you how big a number 5.95 TRILLION really is.

www.the-privateer.com...

It's the "Claytons" ceiling..

They just vote to raise the limit. It happens all the time.
I remember last year how scary the 13 tril mark was.

Oh and when it hit 10 trillion everyone screamed and shouted.

20 trillion will soon come and go and more make believe money will be borrowed in exchange for your rights and freedoms.

Have fun working that off.

Oh yea, pay your taxes too!

reply to post by Kargun


Truth is, the debt ceiling is not the real issue..
The real issues are inflation and the ratio of debt v's GDP...

Pfft 14 Trillion? No problem Heck just get the Federal Reserve to pony up the 9 Trillion they can't account for in fiscal year 2009 alone..

9 TRILLION Dollars Missing from Federal Reserve,Fed Inspector General Can't Explain



And that is not counting the other trillions that the pentagon cannot account for annually

No one seems to care enough about those missing funds, so let the debt climb. Maybe if we are lucky the whole thing will collapse soon and reset the clock

reply to post by zorgon

Allen Grayson is great. I don't always agree with his party but he is a very intelligent man. His delivery and tact is priceless. I always liked this one, he OWNS Bernanke.
www.youtube.com...

reply to post by mtnshredder

Thanks Didn't have that one.

Originally posted by mtnshredder
reply to post by zorgon

 

Allen Grayson is great. I don't always agree with his party but he is a very intelligent man. His delivery and tact is priceless. I always liked this one, he OWNS Bernanke.
www.youtube.com...

I agree but it's hard to say he owned Bernanke when Benny boy is still at the helm...