U.S. Reaches $16.4 Trillion Debt Limit

You may have been distracted by events related to New Year’s Day and negotiations over the “fiscal cliff” to notice that the United States reached its authorized debt ceiling of $16.394 trillion on New Year’s Eve. Rich Barbieri and Jeanne Sahadi reported on the CNN Money website Monday morning:

It’s official: U.S. debt reached its legal borrowing limit Monday, giving Congress about two months before it must raise the debt ceiling or risk causing the government to default on its bills and financial obligations.

“I can confirm we will reach the statutory debt limit today, Dec. 31,” a Treasury Department official said Monday.

As for increasing the nation’s debt ceiling yet again, U.S. President Barack Obama doesn’t want debate from Congress on the subject. From Reuters this morning:

President Barack Obama vowed on Tuesday to avoid a repeat of last year’s divisive fight with Congress over an extension of the nation’s borrowing authority.

“While I will negotiate over many things, I will not have another debate with this Congress about whether or not they should pay the bills they have already racked up,” Obama said in remarks in the White House.

“I will not have another debate.” Hmm. Back on December 5, Zachary Goldfarb wrote on the Post Politics blog on the Washington Post website:

As part of the fiscal cliff negotiations, Obama has proposed effectively ending the need for Congress to periodically raise the debt limit, which Republicans have rejected.

I wonder if this proposal won’t be pushed again in the near future?

By Christopher E. Hill, Editor
Survival And Prosperity (http://www.survivalandprosperity.com)

Sources:

Barbieri, Rich and Sahadi, Jeanne. “It’s official: U.S. hits debt ceiling.” CNN Money. 31 Dec. 2012. (http://money.cnn.com/2012/12/31/news/economy/debt-ceiling/) 2 Jan. 2013.

“Obama Debt Ceiling Statement: Limit Increase Not Up For Debate After Fiscal Cliff Showdown.” Reuters. 2 Jan. 2013. (http://www.huffingtonpost.com/2013/01/02/obama-debt-ceiling-fiscal-cliff_n_2394164.html). 2 Jan. 2013.

Goldfarb, Zachary A. “Obama on debt ceiling fight: ‘I will not play that game.’” Post Politics. 5 Dec. 2012. (http://www.washingtonpost.com/blogs/post-politics/wp/2012/12/05/obama-on-debt-ceiling-i-will-not-play-that-game/). 2 Jan. 2013.

Tags: , , , , , , ,

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE

happyToSurvive

NEW! Advertising Disclosure HERE
ANY CHARACTER HERE
Buy Gold And Silver Coins BGASC Review Coming Soon. Silver Bars & Coins On Sale! 1 Oz., 10 Oz., 100 Oz., 1 Kilo, Monster Boxes Of 1 Oz. Bars/Coins (500 Ct.)
ANY CHARACTER HERE
BullionVault BullionVault.com Reviewed HERE
ANY CHARACTER HERE
MyPatriotSupply.com Reviewed HERE
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Nitro-Pak Reviewed HERE. Presidents' Day Sale! Save Up To 41% Off Wise Emergency Foods
ANY CHARACTER HERE
Food Insurance Reviewed HERE. Game Day Giveaway! Choose The Winner, Get $50 Gift Card; Buy Select 4-Can Case, Get Free Upgrade To 6-Can Case; Freeze-Dried Food Sampler Pack Now Only $35
<link>Free Pistol Case w/ Bag Purchase @Cheif</link> CHIEF Supply Reviewed HERE. Super Bowl Savings! Free Shipping Over $50 Vs. Clearance Buy 1, Get 1 50% Off Thru 2/7 (Code Needed) ; Fieldtex Products 20% Off Thru 2/29
ANY CHARACTER HERE
bullet proof vests BulletSafe Reviewed HERE
ANY CHARACTER HERE
Not all airguns preform the same in colder weather. Click to learn more. PyramydAir.com Reviewed HERE. Pellet Bowl Super Sale! 10% Off + Free Shipping + Deep Discounts Thru 2/9 (Code Needed)
ANY CHARACTER HERE
Airsoft Megastore Reviewed HERE. 48-Hour Sale! 30$ Off (Code Needed) 20% Off Any Purchase Over $100 (Code Needed)
ANY CHARACTER HERE
Survival Titles Save 20% Paladin Press Reviewed HERE
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes