Barrio Bajo Señor
Because we weren't running $1.5+trillion deficits every year. People are finally starting to wake up to the reality we are headed towards, and this is the only way those deficits will ever be reigned in.congress raised the debt ceiling. i am just sitting here wondering why this same outrage wasnt voiced from 2000 to 09. or shoot when reagan did it in the 80's
didnt see anything racist in what you posted. i am just wondering why its all of a sudden a bad thing. cause when obama said the same things being said now back in 06. he was laughed at and then it was explained we cant go into default. so what was the magic # where enough was enough? or was it that fox news told you it was a bad thing? and whats worse? not paying the bills or getting a second job and cutting spending at home? or do we take corp america's way out and just file bankruptsy? i mean if its good enough for gm/trump/kmart it ahs to be good for the country. just dont do it yourself.Because we weren't running $1.5+trillion deficits every year. People are finally starting to wake up to the reality we are headed towards, and this is the only way those deficits will ever be reigned in.
But that's not what you want to hear, I'm sure. Just get it over with and call us all racists.
and here is an article on npr about the debt ceiling in 06The 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 our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.
Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
its the same bs. just this time its a d and not an r. back then the same people complaining about playing politics are the same ones complaining today about how bad it is to raise it.Faced with a potential government shutdown, the Senate votes to raise the nation's debt limit for the fourth time in five years. The bill passed by a 52-48 vote, increasing the ceiling to $9 trillion. The bill now goes to the president.
The debt now stands at more than $8.2 trillion.
Like many cash-strapped Americans who have maxed-out credit cards, the federal government has hit its limit for borrowing funds to keep operating. If the limit isn't raised, the government likely will run out of borrowing authority within days, risking a shutdown.
When President Bush took office five years ago, the national debt was at $5.6 trillion; since then, big budget surpluses have collapsed into huge deficits, and the debt has shot up nearly 50 percent.
Few lawmakers, though, wish to be on record as authorizing more debt — the House goes so far as to hike the limit automatically. And Senate Democrats are telling their Republican counterparts not to expect any help from them, particularly in an election year.
If any amendments are attached to the Senate's debt measure, the House would be forced to vote on raising the limit — the last thing many lawmakers seeking re-election want to be on the record as doing.
Treasury Secretary John Snow wrote congressional leaders last week, imploring them to immediately raise the $8.2 trillion debt limit. The House has put the new limit at $9 trillion.
9 trillion in 06. its now at 14 trillion.. yup we just now woke up. lolFederal debt has risen from $542 billion to more than $8 trillion since 1975. Debt as a percentage of Gross Domestic Product, once at 34.7%, is now above 60%
Originally Posted by Sooner_Will_Survive
so what was the magic # where enough was enough?
Roughly 14.3 trillion dollars.