Here We Go Again: US To Breach "Transitory" Debt Ceiling On Monday

Here We Go Again: US To Breach "Transitory" Debt Ceiling On Monday

www.zerohedge.com

on Monday.

That's right: as of yesterday, total US debt was $14.717 trillion (obviously an all time record, and every day closer to parity with US GDP), while debt subject to the ceiling was $16.772 trillion, or just $22 billion below the total before someone has to go ahead and commence the whole debt ceiling fiasco from scratch.

(visit the link for the full news article)

09/08/2011 17:45 -0400

we are positive that not one word will be uttered to inform the public that as of this moment Harry Reed has already started the process of the next $500 billion debt ceiling expansion, one which will bring total US debt-to-GDP to over 100% for the first time since the post-WW2 period.

www.zerohedge.com
(visit the link for the full news article)

Wasn't the debt ceiling put in 3 fases?
So if I am correct fase 2 will be in effect.

It's all good. Obama and his supporters told me. Republicans too, assured me that the 21 billion to be cut in 2012 (now forget it if they pass the ``stimulus bill``) would totally fix things.

No party can cut the deficit. Know why? Cutting the deficit means cutting GDP... and you can't have that, or you're gonna lose an election.

Cutting the deficit to 0 would probably cut GDP by 15%. In a year. The 2008-2009 ``crash`` cut GDP by what... 4-5%? And it was ``terrible``... now just imagine what happens if the GDP drops 3 times that? Ya think people are gonna be mad?

Thing is, at one point, it's gonna be forced to happen. Of course the government is doing everything it can to delay it as much as they can, stealing as much money as they can during that time. You can be sure that once it goes boom, they'll go to South America or blame it on China or the terrorists or something.

reply to post by Vitchilo


Well, I did notice that the news of a new terrorist threat was put out there. Distraction until Reed can do his work?