US deficit for the first 8 days of June? $45 billion

This is gonna be epic once congress raises the debt ceiling... the debt is probably gonna jump by 300-400 billion on the first day.

US Treasury Burns $90 Billion in 8 Days

More scary stuff from the US Treasury which has resumed living auction to auction, even as it has plundered over $80 billion in G and CSRD retirement fund money to provide cap under the debt ceiling, a number which will eventually rise to $270 billion by August 2nd. In the meantime, here's the math: in the first 8 days of the month of June, the Treasury has seen its cash balance decline from $112.6 billion to $23.5 billion: a solid burn rate of $90 billion in just over a week. So how does one reconcile this data? Simple - in June the Treasury has collected $44 billion in withheld individual income taxes (and a whopping $400 million in corporate tax), while spending double that, or $89 billion.

Spending : 89 billion in 8 days. ($4 trillion annualized)
Deficit : 45 billion in 8 days. ($2.05 trillion annualized)

And Obama wants another ``fiscal stimulus``....

Spending : 89 billion in 8 days. ($4 trillion annualized)
Deficit : 45 billion in 8 days. ($2.05 trillion annualized)
Realizing it doesn't matter anymore because this whole world is going to hell, and you decide to sit back with your glass of cognac and cheap cigar while perusing ATS with a smirk on your face: (Priceless)

Originally posted by Vitchilo


Spending : 89 billion in 8 days. ($4 trillion annualized)
Deficit : 45 billion in 8 days. ($2.05 trillion annualized)

And Obama wants another ``fiscal stimulus``....

Yeah, I almost threw up when I read an email a friend sent about the whole 8 day total ...... and hoped it was a hoax when I heard about the new stimulus thing... ugh. I dont know about you, but Id be highly stimulated if there was a bipartisan agreement on cutting the fat. Probably too late at this point anyway...

Check this out:
www.businessinsider.com...

Seems progressive dems and new dems cant come to an agreement. I guess any consensus between the repubs and dems is a definite fantasy...
Im gonna say it again.. we're screwed.

Originally posted by v1rtu0s0
Spending : 89 billion in 8 days. ($4 trillion annualized)
Deficit : 45 billion in 8 days. ($2.05 trillion annualized)
Realizing it doesn't matter anymore because this whole world is going to hell, and you decide to sit back with your glass of cognac and cheap cigar while perusing ATS with a smirk on your face: (Priceless)

Virt, you must tutor me on this "Virtuoso Cognac Method of Weathering the Financial Crisis" ( that may need a thread) .... I need a change of attitude concerning it as I think Im developing an ulcer. 50% of the time Im on the "ride the wave and see where you end up" side of the fence.. and then the other half of the time Im running in circles foaming at the mouth screaming FINANCIAL DOOOOOOM!!!

reply to post by Vitchilo


I'd like a day by day breakdown of exactly what the government spends it's money on. I know it's improbable to ever see such a breakdown, but it would certainly be interesting.

And assuming that the government will be .. erm .. well .. you know, responsible.. *laugh, shake your head, roll your eyes, I know* they will replenish the pension and retirement accounts they are stealing from. I mean borrowing. Once the debt ceiling is raised. That would mean by August we would see a historic level of borrowing.

If they raise the ceiling they should probably plan for our current rates of borrowing and opt for 6+ trillion at once.

reply to post by Rockpuck

If they raise the ceiling they should probably plan for our current rates of borrowing and opt for 6+ trillion at once.

Yeah... Zerohedge thinks they will raise the debt ceiling by 200 billion increments... And the current thinking is that they will raise it by about 2 trillion, they will need to raise it against end of 2012 early 2013...

If the US makes it financially alive there... which I doubt very much.

Originally posted by Rockpuck


If they raise the ceiling they should probably plan for our current rates of borrowing and opt for 6+ trillion at once.

Oh now they HAVE to raise the ceiling. See how nicely that works out? I am really coming around to the "controlled demolition" idea of what is really happening. They are simply NOT this stupid..

Oh I too would love an exact accounting.. you know, transparency and all..

Originally posted by v1rtu0s0
Spending : 89 billion in 8 days. ($4 trillion annualized)
Deficit : 45 billion in 8 days. ($2.05 trillion annualized)
Realizing it doesn't matter anymore because this whole world is going to hell, and you decide to sit back with your glass of cognac and cheap cigar while perusing ATS with a smirk on your face: (Priceless)

reply to post by Vitchilo


By that time the two entitlement programs Medicare and Medicaid will be out of funds, that is why the healthcare reform is so important.

reply to post by marg6043


Most likely they are pulling a Clinton and stealing money from Social Security. Then again, Medicaid does disappear by 2014 when it's incorporated into Obamacare, perhaps they will be looting those coffers? Either way, they are stealing from somewhere, we know it's pensions and some form of welfare. Social Security is easiest to manage though .. they can always save money on SS payments by artificially lowering inflation rates and thus the rate adjustment of payouts to seniors.

Yay for government!

reply to post by Rockpuck


If the Obamacare gets to pass a supreme court decision, but then again I think the seniors will eat Obama first.

I got the feeling that if the supreme court strike Obamacare is going to become universal care.

But! But! But! If interest rates remain low, there is absolutely no worries about increasing debt because the US can easily continue making the interest repayments, unlike the past.....

S&P is 'Dead Wrong' about US Debt: Pro

See? So youse can party like there's no tomorrow!!!!