Showing posts with label debt ceiling. Show all posts
Showing posts with label debt ceiling. Show all posts
Tuesday, August 30, 2011
Saturday, August 6, 2011
Wednesday, August 3, 2011
Tuesday, July 26, 2011
Sunday, July 24, 2011
Saturday, July 23, 2011
Monday, July 4, 2011
Tuesday, June 7, 2011
Wednesday, May 18, 2011
Cartoon: Debt Ceiling
It is for that reason I am 100% confident that Congress will do the wrong thing and raise the debt ceiling for the 75th time in 50 years. In the end there will be some kind of phony compromise with each side claiming victory. But while the politicians celebrate another dodged bullet, the U.S. economy will continue to be shot full of holes.
Wednesday, April 20, 2011
Friday, April 15, 2011
Tuesday, March 1, 2011
Thursday, October 29, 2009
source
Thursday, September 17, 2009
Debt Ceiling
Congress has raised the debt ceiling four times in the past two years and will probably have to do it again in the next month.With the government borrowing record amounts of money, the nation's current debt ceiling of $12.1 trillion will be pierced soon.
That ceiling is the cap on how much the country allows itself to have in debt. In credit card parlance, the ceiling is the U.S. credit limit. At the end of August, U.S. debt totaled $11.8 trillion. That's roughly $349 billion shy of the statutory limit.
The ceiling is meant to serve as a brake on spending because lawmakers would have to think very seriously before they breach the limit and take a very difficult political vote to do so. In reality, lawmakers really don't have a choice but to raise the ceiling and they know it.
Put simply, if they don't raise the ceiling, the country will go into default on its debt. The domino effect would be painful, to say the least.
read the CNN article
Monday, September 14, 2009
National Debt and the Debt Ceiling
Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”
source
My thoughts: Administrations may have changed, but words still ring true.
Thursday, September 20, 2007
Debt Ceiling: $8.965 trillion
"Treasury Secretary Henry Paulson told Congress on Wednesday the government will hit the current debt ceiling on Oct. 1.
He sought quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil.
The limit is $8.965 trillion. Unless Congress votes to raise it, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due."
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