Monday, April 18, 2011

Geithner-Obama
Treasury Secretary Timothy Geithner and President Barack Obama at the White House. (AP Photo)

(CNSNews.com) - The national debt has passed another historical milestone, topping $14.3 trillion for the first time ever, according to data released by the U.S. Treasury late Monday afternoon.
When the Treasury opened for business on Friday, April 15, according to the Treasury’s Bureau of the Public Debt, the national debt stood at $14.27 trillion ($14,270,792,119,184.89). By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).
Friday’s $34.54-billion jump in the national debt almost equaled the $38.5 billion the Republican House leadership said would be cut from spending for the remainder of this fiscal year by the continuing resolution that the Congress passed on Thursday and President Obama signed Friday.
The federal government is now perilously close to hitting its legal limit on debt.
At the close of business Friday, according to the Daily Treasury Statement published Monday afternoon, the Treasury only had legal authority to borrow another $40.821 billion.
(The legal limit on the debt that Congress and President Barack Obama set last February is actually a bit lower--at $14.2940 trillion--than the total federal debt of $14.3053 trillion that the Treasury reported for the close of business Friday. The total debt reported by the Treasury can exceed the curent legal debt limit of $14.2940 trillion because a small portion of the total federal debt is exempted from the limit. As of the close of business Friday, the portion of the debt that is subject to the legal limit had reached $14.253179 trillion.)

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  • joedoakes202 1 hour ago
    At this rate I we will not even get a cup of coffee . . .

    February 22, 2009

    To The Editor:

    Response to Mr. Geller’s Column:

    The Great Depression did not end as a result of government largess; the Great Depression ended because the US went to war, and in so doing annihilated the enemies ability to produce goods, and thus wage war. By the wars end the only country with any manufacturing capacity was the good old USA. Admittedly, FDR’s policies might well have saved this nation from further erosion, but the birth of entitlement programs of that era, and those that followed, will in the next three decades combined with the interest on our debt, completely drain the productive resources of our nation. That is, our entire federal budget will be equal to those financial promises, and if the next forty-seven months of this administration are anything like the first one - those promises will buy me a cup of coffee, and a doughnut when I begin to rely on them.

    As far as your apparent animus toward Republicans for trying to be, at long last, responsible with the funny money that is the American dollar; the toughest part of any fight is not deciding to do the right thing - it is doing it. Under Minority Whip Cantor the Republican party demonstrated that it is prepared to, at long last, stand for fiscal responsibility. Seven Democrats stood with Republicans on the last “stimulus” vote. While I do not have the responsibility of being director of any part of the Republican party; I am a registered Republican. My party provided the leadership, Abraham Lincoln, that preserved the Union and ended slavery. My party provided the leadership, Ronald W. Reagan, that pulled the United States, and the rest of the world out of the malaise of the 70’s. I’m proud of the Republican party and the spine it is showing against this self-destructive economic philosophy.

    In so far as your assertion that the stimulus bill will create millions of jobs and provide for various forms of alternative energy. Sometimes when it snows I hire my teenage neighbor to shovel; my neighbor is a smart hardworking fellow, he once revealed he is saving it for college. Why? He wants to grow economically, maybe he will decide to sacrifice present wants for a matter of years and realize the goal of coming back to Katonah and raise a family - as I have. That is real job creation; make work projects do not create communities, they destroy them. As for alternative energy, there is only one, nuclear power. At present not one reactor is under construction in the entire United States. All other forms of alternative energy even if we max them out - wind, solar, geothermal, and biomass - do not have the horsepower to do the job. Even if they did we cannot transport enough power from those areas that create it to those that will consume it.

    The only way out of our current situation is to determine what is absolutely necessary and to use the organs of the federal government to fix the damage it caused, and take the rest, and throw it away. In doing that we will end the constant cycle that creates one crises after another. In doing this we will be able to rebuild our banks, our military, our communities, and fund restructured entitlement programs via a vibrant and growing economy. Building modern nuclear power plants, using that clean power to convert domestically produced coal to domestically produced liquid fuel; and continue to support applied science to research solar panel technology to shrink the cost of production, and increase its capacity to generate power and batteries to store it on cloudy days.

    I did not live through the great depression, and I am sorry you had to - I did however, with the help of my older sister, survive a violent alcoholic mother who thought the world owed her something - she was right, but it wasn’t a roof, or a drink - and it certainly wasn’t something a five year old or an eight year old could deliver. There are “eight million stories in the naked city” mine is no worse nor any better than anyones - it is just different. I survived that abuse, I and you, will survive this abuse. Betting against America or an American(especially me) is always a bad bet; especially when our collective back is against a wall. We did it before and we will do it again, I have not a single doubt in my mind as to our ability to overcome this manufactured fiscal disaster or any other for that matter, real or imagined. We know that when we harness everyday wisdom, and apply it to seemingly complex situations we solve them. Since this Nation’s founding we have overcome every single challenge that has been placed in our way - we innovate, we compete, we overcome. And at times go to war to restore the peace or our liberty, and families all across America bear the raw cost of those battles - including mine.

    In fact, I think this nightmare will be fertile ground for any politician, Democrat or Republican, to advocate for fiscal soundness, insurmountable national defense, restructured entitlement programs, and individual State control of the rest. Sir, politics ought not to be about who wins and who looses, or what party prevails, it ought to be about who can best articulate, and promote our shared values, and principles and in doing that lift all citizens up, not a few at the expense of the other. Remember, as President Reagan said, “If we lower our standards we lower the flag.” I say we put the shovels away and grab a bull dozer and a half track and get to work. I say we take our eyes off the politicians and put them back on the business leaders, the engineers, the scientists and the service members who preserve this great country, and all those men and women that make this country move everyday without so much as a thank you. This is where our attention should be, this is where our hope will turn to reality, this is where change will hone the granite that is the impenetrable American spirit.

    Respectfully,

    Joe Doakes
  • toledojim 1 hour ago
    So, the credit card is almost getting to it maximum limit, what do you do. Well, the 1st thing is to cut it up, stop buying, start saving and figure out what you're going to do to start paying it off. I mean it seems to me like pretty normal day to day stuff. But, here's the problem, the liberals; Obama, Geithner and the Democrats can't because if they do it signals that their agenda is a failure. They are trying to spend us into prosperity but fail to understand that it won't work. The only way things are going to be normalized is if and when these people are removed for office. That's really the solution because the Republicans don't have enough of a majority to really do to much of anything and right now the Republicans have no solid leader. Geithner and Bernake should both have been fired at least 6 months ago, but, the smae game goes on. These people in Washington are pathetic.
  • They have to, in their minds, create inflation by any means necessary. War or printing press. If we have to pay our debts bak in non-inflated dollars we will go bankrupt, again in their minds.

    In mine we gently and wisely spend less, regulate less, drill more, and either fight islam right and proper or leave. Because are not going to win this way, and it only ends one way over there and I don't want anymore money and blood wasted for one side of the same muslim/arab coin.
  • I think the 1st thing to do is take off your partisan veil, because obviously you can't see clearly through the veil. Then we can sit down and examine the problems. Both parties are at fault. Was it from 2002-2008, the GOPs had full control; what was done? Debt increased as well and we went in to 2 wars. The first step is for the PEOPLE to realize that DC is as broken as can be; both parties are to be blame. Now that all of us are in the same boat and sinking fast, the question to ask is what do you want to do about it? Do you want to sit by on one side and point the fingers to the other side, conveniently forgotten the George W Bush years?
  • @ Guest...Quit being a moron. The GOP did not have full control from 2002-2008, The Leftists won both the house and senate in 2006 with near filibuster proof numbers, the their numbers were bolstered even more in 2008, plus the presidency.

    These worthless progressives have been in complete control for years now. What is it, over 4 years and counting? They couldn't run an economy if their lives depended on it. Just look at full leftist controlled states such as California, Michigan, and New Jersey. Completely bankrupt. High crime, massive unemployement, and poverty. Did Bush spend a lot? Sure. But Obama along with Pelosi and Reid have made the GOP look like amatuers in the spending department.
  • You need to recheck your facts....the dems were in control of BOTH houses in 2006 on....and if you look at the amount of debt by year spending exploded AFter 2006 when Dems took back control....
  • As the ship is still sinking you still want to argue whose fault it is?


    May 7, 2010

    To the Editor:

    Submarines have always fascinated me. Their role in the last century cannot be overstated. From the simple man powered submarines of the civil war to the USS Nautilus’s journey under the North Pole to the modern submarines that form a critical part of the US nuclear deterrent. As over engineered as these ships are, when a torpedo hits, decisions have to be made to save the ship. Sometimes those decisions have to be made under extreme stress, and the result of the orders leads to the death of fellow crew mates. As one space fills with water, pulling the ship inexorably to the bottom, a sailor in the dry space must close the hatch to save the ship.

    The United States is analogous to a submarine wounded by enemy action. Instead of an enemy firing a torpedo, we, via all of our poor political leadership have fired one upon ourselves. The political classes collective record, how ever well intentioned, has lead us here, through massive spending, borrowing, and making promises to citizens that cannot be met. Character at a point of pressure is the most important asset a leader, officer, or soldier possesses. Why? Because sometimes it is necessary to close the hatch to save the ship. The question to my mind is which party possesses the capacity to do that now.

    While the collusion of both parties are to blame for our sinking ship. It is the Republican party that is desperately trying to close the hatch and save the ship. The Republican party is standing against three pieces of legislation that will forever resign this nation to a continual decline and eventual ruin. The first is commonly understood to be “health care,” this legislation will forever alter a citizens relationship to their government. If it passes medical attention will become a right that must be met by force of law. As the saying goes, if you want to make something expensive, make it free. The failure of this solution to meeting the medical needs of people is deeply felt by those who lost loved ones because the English or the Canadian governments denied vital care. Liberal Democrats have another scheme to launch on the American people this one is called “Cap and Trade” - essentially this nightmare would allow the federal government to tax a citizen when they drive, breath, or turn on the light switch. Kirsten Gillibrand has personally advocated for it in the editorial page of the Wall Street Journal, I assume Senator Gillibrand expects that by creating the next Wall Street scam will lead to voluminous campaign contributions on the back of the American taxpayer. Finally, there is “Card Check,” this gem would eliminate the secret ballot from the process by which a business goes from being a non-union to a union shop. Thus, the Union leadership would be in a position to put massive pressure on those who voted “no.” Republicans have stood, and are standing against all of this - in fact on the “Cap and Trade” front Republicans have earned bipartisan opposition to it.

    All the while the water is rushing into our ship, and the choice must be made in six months; will the citizens of this great nation choose to stand with the leadership of the liberal democratic party, that is trying to keep the hatch open, so we all go down, or will the American people choose to stand with the Republican party, that is trying to close the hatch? I have confidence that the American people are ready to not only support the Republican party, but help close the hatch and save the ship. America is ready to sacrifice all but our liberty and our economic freedom - this has, and will always be true, and has happened in the past, it is “We The People” leading the charge. Right now the only organized political party that has the capacity to close the hatch is the Republican party.
  • elijah1 2 hours ago
    I wonder if anyone is taking bets on how high the debt can go before our economy goes to the point of no return? What's the magic number? How long will this world ponzi scheme continue before a country gets brave enough to call in its loans?
  • Good question ....Many say when the cost of Govt. becomes 60 % of GDP .
    In 1960 only 9.9 % of American's received Entitlements ..Today it is 35.9 % according to the GAO . Near Socialist European numbers .
    Of course they pay $ 9.00 for Gas(a Liter 3 quarts) and a 21 % Value added tax on all Products sold there plus 15-34 % more in taxes than does most Americans .
    Currently we take in 2.55 Trillion a year in taxes while Spending 3.35 Trillion . The nasty little secret that is not counting the Interest on the National debt now at 788 Billion dollars and growing like wild fire .
    When the National Debt hits 17 Trillion in 2014 ... Interest will be over 1 Trillion a year . The Entire Budget of France .
    When the Govt. spends a Dollar that cost is plus 43 cents .
    America's real Problem is 47.4 % of all American's pay little or no taxes but worse get back 21.3 % in Entitlements .
    While the Top 2 % pays 50 % of all taxes and the top 20 % pays 74.2 % in Taxes .
    Currently If the Fed. Govt. took "EVERY PENNY " The top 20 % made for 10 years .It would not put a Dent in the National Debt .
    The only answer is for Govt. to cut spending or we are Bankrupt ....Then the pain really begins because everything goes up meaning
    "" INFLATION , CREDIT CARDS AND INTEREST RATES WILL JUMP BIG TIMES WHILE ALL SALARIES TANK .
  • Imagine what it would look like if the 30% of the U.S. that is on food stamps had to stand in line everyday to get fed (picture the "Great Depression"). Instead, they get debt cards (or similar) and blend into the rest of society. The media gets a free pass to ignore the fact that we're in a greater depression right now.
  • coffee4closers 3 hours ago
    Nothing to see here folks: keep moving along... Litttle Timmy, The Depression Master Bernanke, and The Messiah have it all under