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It’s Official: U.S. Hits $16.4T Debt Limit
The U.S. government on Monday officially reached it $16.4 trillion borrowing limit, a grim reminder of the state of the country’s finances.
Reaching the limit sets up another dispute between the White House and Congress over taxes and spending in the new year.
Treasury Secretary Timothy Geithner says the government will take a series of accounting measures to avoid defaulting on its debt. On Monday, it suspended the issuance of new debt for two government retirement funds.
Last week, Geithner said the measures would save about $200 billion and avoid default for about two months.
Geithner said it is difficult to predict how long default can be avoided because of ongoing negotiations over tax and budget policies.
The debt limit is the amount the government can borrow to help finance its operations.
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The Associated Press contributed to this report. Featured image courtesy Getty Images.
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Comments (47)
Mr Sanders
Posted on January 1, 2013 at 1:39amLet me be Liberal/Progressive for just a few seconds and say…..
What’s the big deal – Let it ride!?
Okay….. I’m back now…..
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timola
Posted on December 31, 2012 at 10:55pmYou got me curious:
US Gross National Product is at a current level of 16.05 Billion
US current debt is 16.35 TRILLION
Estimated population of the United States is 314,155,215
Each citizen’s share of this debt is $52,040.55
If we divide the whole U.S.GrossNationalProduct GNP by every single person in the United States, each person would contribute $51 each. We are all short approx $51,989.
Taxes are just a distraction presented to us.
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timola
Posted on December 31, 2012 at 11:04pmhttp://www.brillig.com/debt_clock/
http://ycharts.com/indicators/us_gross_national_product
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Shenandoahvalleyminuteman
Posted on December 31, 2012 at 10:35pmB.O. Will be borrowing and printing by sunrise. We cannot ever pay back this debt so why not make it larger? I’m worried that my kids are in for a tough time getting started. This thing is gonna bounce hard when it hits the bottom. Your going to hear violins like when the Titanic was sinking…..
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VAHomeschooler
Posted on January 1, 2013 at 1:36amI agree and share your concerns. Every parent wants to think their children’s futures will be brighter than their own. I’m afraid the opportunities in the future will not be as good.
Just curious, are you in the Page area? Do you prep? If so I’d like to find a way to meet.
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Brother Winston Smith
Posted on December 31, 2012 at 10:22pmHad enough yet?
Really?
The Constitution Party.
The Libertarian Party.
State nullification.
NOW!!!!!!!!!
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IntegrityFirst
Posted on December 31, 2012 at 9:21pmThe debt limit is the amount the government can borrow to help finance its operations.
Google Translations:
The amount of money these amoral politicians can steal from us to help fund their corrupt and unconstitutional practices.
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valiant1776
Posted on December 31, 2012 at 9:06pmLiberals and RINOs are idiots. They desire European style socialism but don’t want to pay higher taxes to pay for the crap they want. They can’t have it both ways. We can tax the very rich 100% and it would only help run the US for about 6 months. There’s no freaking way we can afford all this stuff. I heard Obama speak today, and every word that came out of his mouth disgusted me. He was gloating, and the crowd was cheering, because in their pea brain heads, we are going to take away from those with lots of money and pay for the benefits we little folks want oh so bad. That is not America. In America, we are born free and independent. We don’t wait on anybody. We don’t depend on the Government. We are free, not slaves. It made me sick hearing Obama speak to the people as little subjects, no, worse, like little helpless children, who had to obey, wait and depend on their parents to survive and live. I think we’ve reached the point of no return. Patriots, dire circmstances require extreme measures.
Do not consent to any gun control legislation that congress puts forth. It’s all unconstitutional. They may only train, equip and discipline the state militias, for certain specified reasons, but they have no power to infringe on the people’s right to keep and bear arms. None. Do not consent. Do not comply to fingerprints. Do not comply to photos. Do not comply to registration. Do not give them a freaking inch. They intend to confiscate them all.
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Becks_Art_Obama_In_PeePee
Posted on December 31, 2012 at 8:58pm“It’s Official: U.S. Hits $16.4T Debt Limit”
YOU’RE BROKE … AND RIGHT ON SCHEDULE! (Happy New Y̶e̶a̶r̶ World Order, America.)
“The U.S. Constitution? Or Obama’s Communist Manifesto? :: WHICH ONE, AMERICA? You MUST Choose! NOW!!”
http://www.youtube.com/watch?v=u9pYc7pyJug
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Stelex
Posted on December 31, 2012 at 9:06pmIts been chosen, talk ain’t going to change it. Our country is occupied and subverted, the constitution is shredded, the people are paying through the nose with no representation in DC. I’m just curious what we are waiting for, the founders went at it for much less.
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DADDYWOREAWHITEHAT
Posted on December 31, 2012 at 8:40pmHere is the thing. We let voter fraud put him in power in 2008 & apparently didn’t learn anything from that before 2012. The majority DO NOT agree with this mess but we must find a way to stop the voter fraud or it will never stop.
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Norm D. Plume
Posted on January 1, 2013 at 11:05pmPaper ballots, with a cadre of impartial, non-party observers, all voters in that precinct, all heavily armed. None of the ballot boxes must leave the sight of at least three observers, all of whom want to kill each other. No ballot box which has not been under continuous direct observation, will be counted. Ballot boxes will be opened one by one, each ballot counted by no fewer than three people consecutively, and if the counts are not identical, the box is counted again, by all three judges simultaneously, all of whom must agree. If an agreement cannot be reached, a pool of impartial observers (not the same as the ballot box observers, whose attention must remain on the boxes and their storage,) will look at the ballot. A 2/3 majority of those observers’ opinions will carry the ballot.
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Norm D. Plume
Posted on January 1, 2013 at 11:07pmOh, and strict photo ID.
No automatic enrollments. Make it known — drive the streets with a car with a PA making the announcement, if necessary — that this is the case. Spam it everywhere. If you want to vote, you MUST ACT.
Staining purple ink on the fingers after voting, seemed to be effective in Iraq.
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progressiveslayer
Posted on December 31, 2012 at 8:37pmThe maniacal Marxist mulatto POS doesn’t care what our national debt is he’s determined to end the middle class and he’ll do it through hyperinflation. He detests this country as founded and he’s determined to destroy our republic and with the help of a complicit congress I’m afraid he’ll succeed. He recently signed an EO authorizing a raise for a congress with an 18% approval rating! Does that sound like a man who cares one whit about the American people? That’s just one example,the health care disaster is the worst and there’s many more incidents that illustrate that he isn’t concerned in the least what we (his bosses) care about. We’re dealing with a narcissist a man who actually believes himself to be God and he’s most likely insane and that’s a very dangerous mix. There’s no telling what he’ll do next but whatever it is rest assured it’ll be bad for America.
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Stelex
Posted on December 31, 2012 at 8:35pmAh yes the fictional debt limit. Wonder what would happen if we ever really hit it, and I mean really hit it. We will never know. Raises for public sector workers as we come up on the debt limit. Genius. Watching Obama play the American people is like watching Segovia. No I’m not talking people here, just the other 300 million lemmings doing as told.
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progressiveslayer
Posted on December 31, 2012 at 9:06pmThe gold standard which we will be returning to because of a maniacal federal reserve, will put an end to this debt ceiling BS.
https://www.youtube.com/watch?v=kNdsOWB5YlM
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Stelex
Posted on December 31, 2012 at 9:46pmSlayer, the fix is in, we the people have been sold out. Forget the gold standard, pretty soon there will be no physical money, all electronic. Nothing could go wrong with that………right????
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hannah
Posted on December 31, 2012 at 8:19pmObama is so happy right now he can hardly stand it. He is laughing his a$$ off at all the dummies around him. He wants America in the toilet and that’s exactly what he got while the rest of the morons stood there with their mouths open going “what just happened”? I’ll tell you what happened, you all got screwed by your dictator, have fun now, with no money to live on because in obamaland, he gets it all in the name of taxes.
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kindling
Posted on December 31, 2012 at 8:06pmBy what ever percentage the taxes go up that same percentage of Federal workers should be cut. Can you believe Obama is giving those around him a raise? WHAT AN A$$! This man is completely without any shame. He is like a toddler in a candy shop that has progressive parents that refuse to tell him no. No shame, no accountability, no boundries. Complete narcissist!
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DADDYWOREAWHITEHAT
Posted on December 31, 2012 at 8:37pmAnd yet with voter fraud we cannot seem to get them out of power. Seems like we need to devote a little more attention to that voter fraud problem
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ProudInfidelToo
Posted on December 31, 2012 at 7:45pmThis is just the start. For more of what’s coming, read this article. http://www.canadafreepress.com/index.php/article/52005?fb_action_ids=559093717438189&fb_action_types=og.likes&fb_ref=.UN_Ppfptcgs.like&fb_source=aggregation&fb_aggregation_id=288381481237582
Maranatha!!!!!
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GoodCook
Posted on December 31, 2012 at 7:43pmAnd yet he raises Federal salaries as we togon down the fiscal cliff. Totally irresponsible human being.
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civilwarcometh
Posted on December 31, 2012 at 8:00pmIt’s all the tea partys fault! Oh wait http://weaselzippers.us/2012/12/31/top-progressive-group-emails-all-senate-house-dems-demanding-they-oppose-fiscal-cliff-deal/
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LeadNotFollow
Posted on December 31, 2012 at 7:41pmThanks a lot for nothing, President B. Hussein Obama.
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Salamander
Posted on December 31, 2012 at 7:30pmIf we can’t run OUR GOVERNMENT without borrowing, then maybe we ought to rethink whether we should have a government–at least in it’s present state of disrepair! Eliminate Commerce, Education, Agriculture, HUD, etc., immediately and in their entirety! Wonder Bread closed shop in less than a week–shuttered! Surely Congress can shut down the bleeding with the stroke of a pen! Then, get IRS under control, stop cutting ‘payroll taxes’ on one side of your mouth and complaining that ‘Social Security’ is failing at an even greater rate! Duh! Even a MORON could understand THAT MATH! Kill ObamaCare (supported by Unions (not union labor, but union management), and AARP (self-serving)) Once, the bleeding stops, take a deep breath, and let’s work together trying to recast this mess we have made of the greatest legacy the World has ever seen, a mess that took only 100 years to make! Heck, in another 200 years, we could have the UTOPIA everyone wants! But we’ll only get their through innovation, courage, commitment, independence, etc. Right now we are suffering over management! There is a saying that a camel is a horse designed by committee! Right now, The United States of America is being designed by committee–and it won’t work! Turn us loose, get out of the way, and EVERYONE THAT WANTS A JOB WILL HAVE ONE! We’ll be able to take care of our sick and infrim, but we WON’T take care of the featherbedders!
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katzkiner
Posted on December 31, 2012 at 7:23pmI really miss the good ole days when adults ran this country. These guys are incompetent and reckless. They jack this up and bring another debt downgrade, the EBT and unemployment STOPS. The rioting starts and you will need those assault rifles and hi-cap mags.
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civilwarcometh
Posted on December 31, 2012 at 7:19pmSo why do people keep paying taxes? If you are going to keep feeding them you have no right to say anything. I only say this because it is clear you KNOW what is going on yet you continue to support it..STOP IT!!!! Don’t feed the BEAST.
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FloridaFarmGirl
Posted on December 31, 2012 at 7:14pmSo be it. I can’t see much that my family got for this disaster. Quit paying federal taxes! Claim exempt for federal taxes in 2013 and let it fall apart so that the sane people can take our country back!! They can’t take all of our guns and put us all in jail. Enough is enough.
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leftcoastslut
Posted on December 31, 2012 at 7:12pmchanging my status from Married “0″ to married “9″. I’ll keep my money, thank you. see you in April 2014…..
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DADDYWOREAWHITEHAT
Posted on December 31, 2012 at 8:13pmLeftcoast why not married & 99? IRS NO LONGER requires employers to report those who claim M-10 or more. Check it out!!!
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GuruMeditation
Posted on December 31, 2012 at 7:03pmSomething to be proud of.
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Chromo200
Posted on December 31, 2012 at 7:03pmBig deal .. all we have to do is raise it so that we can borrow more and spend more … and if we can tax people more so as to spend more. The more we spend, the happier we will be. You know the Old Democrat song “Happy Days are Here Again”
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Snowleopard {gallery of cat folks}
Posted on December 31, 2012 at 7:00pmNow watch for Obama to make a midnight power grab over the debt limit as he declared he would in the last debt-debatable.
He seeks the end of the Republican party, and has all but succeeded, plus the ability to ’cause any good emergency that should never be wasted.’ He is mad, utterly insane to the core of his being, and will do anything to ensure the end of our Republic.
I give the odds of such an executive order being signed by Friday at 90%.
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DADDYWOREAWHITEHAT
Posted on December 31, 2012 at 7:59pmYou mean like yet another executive order?
Who needs congress when we have a king?
I can see a big budget saving if we eliminate all of congress. They are all there in name only to spend the office budgets anyway.
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The-Monk
Posted on December 31, 2012 at 6:57pmWell…. that didn’t take long to reach.
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CatB
Posted on December 31, 2012 at 7:19pm@MONK … not when the kids (takers led by Dems and Obama) have stolen the parents (taxpayers and responsible citizens) credit card. Forward .. over cliff and into the abyss.
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DADDYWOREAWHITEHAT
Posted on December 31, 2012 at 6:50pmAwwww. So many cronies to pay back. So little time.
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Snowleopard {gallery of cat folks}
Posted on December 31, 2012 at 7:01pmEnd game, Obama wants an economic collapse, and so it now is at hand. How long until the unions and Occupy groups will begin massive riots, and do not forget the major port strike the longshoresman unions are planning…
The timing is no coincidence.
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1TrueOne55
Posted on December 31, 2012 at 7:05pmYeah and any increases in SS due to inflation will probably be put on hold also etc etc etc. And he is no Harry Truman, he used the Nukes on Japan and Obama can’t even use the Army to protect our CIA compound in Libya that he setup to run guns to Syria via Turkey for the Saudi Arabian King.
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CatB
Posted on December 31, 2012 at 7:37pmH*ll … he isn’t even Carter .. and I thought he was (and he was) bad.
Forward over cliff and into the abyss!!
Happy New Year.
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