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POLITICS: US: Debt to hit $8.2 trillion on Monday

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posted on Nov, 18 2004 @ 04:54 PM
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The senate voted along party lines today to increase the debt ceiling and passage is anticipated in the House by the end of the day. This was an anticipated post-election development. The debt ceiling will be raised by over $800 billion to $8.18 trillion dollars.
 



www.boston.com
The 52-44 vote, mostly along party lines, was expected to be followed by House passage today. Enactment would raise the government's borrowing limit to $8.18 trillion -- more than eight times the total federal debt that existed when President Reagan took office in 1981.

The government reached its $7.38 trillion borrowing cap last month, and since then the Treasury Department has paid federal bills by taking cash from a civil service retirement account, which it plans to repay.

''We are nearing the end of our rope, and it is critical that Congress act," said Treasury spokesman Rob Nichols.

The Senate took its debt-limit vote as congressional bargainers used the lame-duck session to continue writing a giant $388 billion spending measure to finance scores of agencies over the next 10 months.


Please visit the link provided for the complete story.


Begining on Monday treasury bills will be sold to international markets to raise cash. Meanwhile that cash is worth less and less with the dollar hovering at record lows.

This Friday there is a G20 meeting where no doubt the state of the US dollar and record debts and deficits will be discussed.

The march toward US bankruptcy continues appace.
.

[edit on 18-11-2004 by Banshee]




posted on Nov, 18 2004 @ 04:57 PM
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who breaks the bank, bankrupts the US which means bankrupts the world. If he keeps spending money like a drunken sailor everything we have will be worthless. Today is the day to start buying gold, and lot's of it.



posted on Nov, 18 2004 @ 04:58 PM
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I guess that is where the President is planning to get his money to attack Iran, in the future.



posted on Nov, 18 2004 @ 05:02 PM
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... or canned and preserved food, along with a decent system for purifying water. Some of the less experienced young urban population could also brush up on hunting and gathering skills, as looting is immoral and too risky under martial law.



posted on Nov, 18 2004 @ 05:12 PM
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I'm set then, my mother still has all her Y2K rations, of course, now that I am on my own she may not wqant to share.... is rat any good? I can get them with a .22.



posted on Nov, 18 2004 @ 05:13 PM
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Probably a good time for the American investor to look at some foreign currencies as the greenback is losing value...

but, if the American economy goes under, god help us all...



posted on Nov, 18 2004 @ 05:18 PM
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There is a very good book about survival called Primitive Wilderness Living & Survival Skills: Naked into the Wilderness. Learn how to at least make fire and to be able to build and use traps.

[edit on 18-11-2004 by cryptorsa1001]



posted on Nov, 18 2004 @ 05:20 PM
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So much debt. This kind of spending makes Dubya look like a liberal. At least Clinton had a balanced budget. Sure we can't be forced to pay (thousands of nukes defending us) but we can be economically screwed if nessesary. Let's just hope in 2008 the US will vote for a president with a competent budget.



posted on Nov, 18 2004 @ 05:23 PM
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one solution get the money away and go into a space world like in startrek
there is no money there.
no money no debt.



posted on Nov, 18 2004 @ 05:25 PM
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People you have to remember that Mr. President in the white house is running our country like he did his failed business.

And on the other hand having a father that was president would have help, don't you think?

Mr. Bush has never known how to keep a budged probably in his life because daddy always came to the rescued; I wonder who is going to rescue him now.

Or for that matter who is going to rescue us the people of this country.


I think I am going to start a vegetable garden in my back yard.



posted on Nov, 18 2004 @ 05:29 PM
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I'm taking my money out of the bank. Then I'm going to invest all of it in the defense industry. Under Bushes budget I'll be richer than Bill Gates in a matter of weeks.



posted on Nov, 18 2004 @ 05:34 PM
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so Gools my friend, remind me once again why we Canadians bother repaying our own national debt, at the rate of about 8 billion a year?


It's all going to crash anyway...



posted on Nov, 18 2004 @ 05:40 PM
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Originally posted by GrndLkNatv
Today is the day to start buying gold, and lot's of it.


That story a while back about the Rothschilds ceasing to trade gold futures and giving up its chair on the price fixing board in London keeps surfacing in my mind. I think they see what is comming and are hoarding whatever they got.

The price will go through the roof and the Rothschilds will once again be in a position to bail out governments in trouble. Will they choose the Petrodollar or the Euro?

I wish I had some cash to speculate on gold...

.



posted on Nov, 18 2004 @ 05:44 PM
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Originally posted by Otts
so Gools my friend, remind me once again why we Canadians bother repaying our own national debt, at the rate of about 8 billion a year?


It's all going to crash anyway...


Touch!




posted on Nov, 18 2004 @ 07:49 PM
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Before we give up the ship:

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $37,600. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy considerably greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, lay off surplus workers, and develop new products. At the same time, they face higher barriers to entry in their rivals' home markets than the barriers to entry of foreign firms in US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment, although their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The years 1994-2000 witnessed solid increases in real output, low inflation rates, and a drop in unemployment to below 5%. The year 2001 saw the end of boom psychology and performance, with output increasing only 0.3% and unemployment and business failures rising substantially. The response to the terrorist attacks of 11 September 2001 showed the remarkable resilience of the economy. Moderate recovery took place in 2002, with the GDP growth rate rising to 2.45%. A major short-term problem in first half 2002 was a sharp decline in the stock market, fueled in part by the exposure of dubious accounting practices in some major corporations. The war in March/April 2003 between a US-led coalition and Iraq shifted resources to military industries and introduced uncertainties about investment and employment in other sectors of the economy. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade deficits, and stagnation of family income in the lower economic groups.

www.nationmaster.com...&int=-1



8 Billion.......Owed mostly to US taxpayers and Investors?


GDP (PPP) (Top 10 Countries)
1. United States $9,612.7 billion
2. China $5,019.4 billion
3. Japan $3,394.4 billion
4. India $2,395.4 billion
5. Germany $2,062.2 billion
6. France $1,426.6 billion
7. United Kingdom $1,404.4 billion
8. Italy $1,363.0 billion
9. Brazil $1,299.4 billion
10. Russia $1,219.4 billion




Debt - external (Top 10 Countries)
1. United States $862 billion (1995 est.)
2. Brazil $222.4 billion (2002)
3. Australia $176.8 billion (yearend 2002 est.)
4. Argentina $155 billion (2001 est.)
5. Russia $153.5 billion (yearend 2002)
6. Mexico $150 billion (2000 est.)
7. China $149.4 billion (2002 est.)
8. Korea, South $135.2 billion (yearend 2002 est.)
9. Indonesia $131 billion (2002 est.)
10. Iraq $120 billion (2002 est.)
Total $2.26 trillion
Weighted Average $240.29 billion



I wouldnt be to spooked yet....



posted on Nov, 18 2004 @ 08:53 PM
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Originally posted by edsinger

Debt - external (Top 10 Countries)
1. United States $862 billion (1995 est.)
2. Brazil $222.4 billion (2002)
3. Australia $176.8 billion (yearend 2002 est.)
4. Argentina $155 billion (2001 est.)
5. Russia $153.5 billion (yearend 2002)
6. Mexico $150 billion (2000 est.)
7. China $149.4 billion (2002 est.)
8. Korea, South $135.2 billion (yearend 2002 est.)
9. Indonesia $131 billion (2002 est.)
10. Iraq $120 billion (2002 est.)
Total $2.26 trillion
Weighted Average $240.29 billion

I wouldnt be to spooked yet....


Those figures for the US are a little old Ed.

According to the BEA, foreigners own about $1.5 trillion of government and treasury securities.
They own about $10 trillion in US assets.


www.bea.gov...
2003 figures in millions:



[edit on 18-11-2004 by AceOfBase]



posted on Nov, 18 2004 @ 09:04 PM
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Quote: "Beginning on Monday Treasury Bills will be sold to International Markets to raise cash."

You see THIS is the Root of the Problem. NWO Nuts I now give you permission to chime in. Ever wonder why the U.N. & I.M.F. & other such "International Bodies" have so much Power & Influence over our Nation & our Politicians!!! Soon the "U.S." will be PowerLESS!

The Congress is a bunch of Losers!



posted on Nov, 18 2004 @ 10:16 PM
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Not how much is owned, but foreign held debt! There is a big difference. Ownings could be stocks and therefore risk. Debt is treasury bills, and the numbers are around 2 trillion now. Most if the 7+ trillion we owe, we owe to ourselves.



posted on Nov, 19 2004 @ 12:35 AM
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What about the first paragraph didnt some of you understand?


The senate voted along party lines today to increase the debt ceiling and passage is anticipated in the House by the end of the day. This was an anticipated post-election development. The debt ceiling will be raised by over $800 billion to $8.18 trillion dollars.
This is basic knowledge of American government here, which is that CONGRESS CONTROLS THE BUDGET!!!!
YET,
GrndLkNatv says,


George W. Bush may be the pres who breaks the bank, bankrupts the US which means bankrupts the world. If he keeps spending money like a drunken sailor everything we have will be worthless.

Then Marge chimes in,


I guess that is where the President is planning to get his money to attack Iran, in the future.

And cyberdude78 blindly follows along with,


Let's just hope in 2008 the US will vote for a president with a competent budget.

Back to marg misplacing buget control again with,


Mr. Bush has never known how to keep a budged probably in his life because daddy always came to the rescued; I wonder who is going to rescue him now.


Hmmm, now what can i infer from reading all this?
Either some people really are ignorant when it comes to understanding how our government really works
OR
that some people only interpret what they want to hear when they read a sentance that spells out WHO just raised the deficit spending limits, yet they overlook this to pass the buck to someone that doesnt control the budget.
OR
some people are soo blinded by party loyalty and hatred for the "other guy" that they can only ever spew their frustrations by trying to link every evil they see to their target person of hate, weather it will stick or not.

What other conclusions can a reasonable person reading this thread make about the seeming lack of understanding expressed here? (mabey that its ok to LIE to make a point?)
The article starts with "CONGRESS DID THIS" and yet several people jump from an act by congress to Presidential accountabillity? Its NOT the Presidents job to create or submit a budget, balanced or not...its congress's job (house and senate).

Debt schmet....who's gonna come over and collect? This nation has had debt before and will again....so have most of our housholds.....somehow things will keep going despite this debt.
But oh yeah i forgot
no thread is complete without a Bush bash.....


Learn basic civics before you try to become a political analyst!!!!



posted on Nov, 19 2004 @ 12:39 AM
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How is this for a possibilty? Get enough foreign countries to fianance your debt and then just say "whoops.. sorry.. can't repay you" and watch the foreign banks and governments fold because of a lack of cash.



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