U.S. National Debt Soars Past $14 Trillion

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance the government’s reckless fiscal policies.

-Then-U.S. Senator Barack Obama, speaking on the Senate floor in 2006

I’m all for shooting for the stars. But this is just ridiculous. From the Associated Press today:

The United States just passed a dubious milestone: Government debt surged to an all-time high, passing $14 trillion – $45,300 for every person in the country.

That means Congress soon will have to lift the legal debt ceiling to give the almost maxed-out government an even higher credit limit or dramatically cut spending to stay under the current cap…

Remarkably, about half of today’s national debt was run up in the past six years. It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day President Obama was inaugurated and to $14.02 trillion now.

With a $1.7 trillion deficit in fiscal 2010 alone, and the government on track to spend $1.3 trillion more than it takes in this year, annual budget deficits are adding about $4 billion a day to the national debt. Put another way, the government is borrowing 41 cents for every dollar it spends.

In a letter to congressional leaders, U.S. Treasury Secretary Timothy Geithner said the $14.29 trillion debt limit could be reached as soon as March 31 and “most likely” by May 16. A showdown looks to be brewing over the issue, as Republicans in Congress informed President Obama and Democrats last week they won’t agree to raise the debt ceiling unless specific spending cuts are made.

Source:

“U.S. debt tops $14 trillion, nears ceiling.” Associated Press. 17 Jan. 2011. (http://www.washingtonpost.com/wp-dyn/content/article/2011/01/16/AR2011011604005.html). 17 Jan. 2011.

Tags: Barack Obama, Congress, debt ceiling, Democrats, national debt, Republicans, spending cuts, Timothy Geithner

Monday, January 17th, 2011 Debt Crisis, Deficits, Government, Political Parties, Spending

4 comments on “U.S. National Debt Soars Past $14 Trillion”

Chicago maids on January 18, 2011 at 9:45 AM said:

I just can’t believe that the US has a budget deficit. Its the US that gives out financial aid to 3rd world countries and yet the country that does that is also in debt?!

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- Editor on January 18, 2011 at 10:50 AM said:
  
  Thanks for the comment Chicago maids.
  
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Jim on June 18, 2011 at 10:26 AM said:

THE SOLUTION

Everyone living in United States knows that our country is in trouble. We are headed towards civil unrest and rioting in the streets similar to what is happening in Greece and other areas of the world.

It is almost as if there is a dooms day scenario about to unfold and our leaders are saying run up the deficit. Who cares what our National Debt is because the world is about to end and we will never have to pay it back.

Let us put on our Nostradamus thinking caps! Imagine ourselves 100 years in the future looking back at the fall of the United States of America. What solutions will the Historians say that if we had implemented them could of saved us from destruction.

I believe that in this mindset we can easily agree that the following need to be implemented immediately. Not one or some of these solutions but all.

1) One flat rate tax of 20% for all purchases and services in the United States. Dismantle the IRS.

2) Debit cards must be used for all purchases in the United States. This would insure that taxes are being paid and help regulate any year end tax rebates.

3) For every dollar spent for any new product made in the United States the purchaser would receive a 10 cent rebate at the end of the year. This would create American jobs.

4) Any terminally diagnosed person would have an option to receive a one lump sum payment of $45,000 to go home and die with dignity as opposed to low quality life extension in a hospital at a huge cost to society. This money could be used for a spouse or to help put someone in the family thru college.

5) Legalize all drugs. Regulate this industry. This would get rid of the drug cartels and eliminate all the senseless drug related murders. For forty years the United States has been at War with Drugs and we are still loosing. Do not condone drug usage just regulate it.

Jim Burns
You Tube mynation123

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- Editor on June 23, 2011 at 9:08 AM said:
  
  Thanks for sharing all that Jim
  
  Reply ↓