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The debt ceiling: How high can it go? Will it EVER stop rising?

IS the sky the limit? Or...better question: How long before this house of cards collapeses?

"The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior U.S. Treasury Department official on Tuesday.

The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

The debt is projected to fall within $100 billion of the current cap by Dec. 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.

Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until Jan. 17.

The deal called for raising the debt ceiling by $2.1 trillion to serve the nation's borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request."
http://nbcpolitics.msnbc.msn.com/_news/2011/12/27/9741610-obama-to-ask-for-debt-limit-hike-treasury-official
Obummer when campaigning in 08 slammed Bush for raising the debt ceiling by 4 trillion over eight years. Obummer claimed it was fiscally irresponsible and endangered future generations of Americans. Yet Obummer himself will more than double that amount in just three years. Nothing new about Obummer that has not already been said. Another example of real proof that Obummer is a liar, he is unqualified, he is a full blown hypocrite, he is incompetent and he is a total disgrace to our nation.
 

MaryAnne

Governor
so 60 billion bother you but obamas 5 trillion nearly a peep.
I could live wth 60 billion.The fact is the war cost us much more and was not even paid for.It was done on our credit card.
If Obama is spending 5 trillion to restore our economy I say,"Good for him!" We will get it back many times over when people have jobs again.
 

MaryAnne

Governor
Nothing like listening to right wing hypocrites rant about the national debt.

GOP presidents are responsible for most of it.

The only reason it's rising as fast as it is now is that we are borrowing to keep people from becoming homeless and starving because of an economic collapse caused in no small part by Republican fiscal and economic policies. Policies that the GOP is fighting hard to keep!!!!
Just what I was thinking,Tom.They live in LaLa Land,where down is up and up is down.
 

MaryAnne

Governor
Real simple solution. Repeal all the bush tax cuts and cut defense spending. Never, ever give another tax cut until years of surplus revenues have taken this debt down to less than 5 trillion. Do you want it to go down or are you just braying in the wind? None of you actually wants it to go down because in order for it to really go down, we have to run a surplus for a long, long time. And you know that that means, higher taxes.
That also includes the SS tax.We do not need cuts in taxes.They American people need jobs!
 

Lukey

Senator
The figures I've seen for the total cost of the Bush tax cuts is $2.1 trillion from 2001 through 2009. Of that, about 34% went to the upper 1% (~$0.8trillion) of household incomes.

In the last 6 months, we've agreed to ~$2trillion in budget cuts over 10 years ($1trillion during the agreement to extend the debt ceiling last summer and $1trillion agreed to in November when the Super Committee failed to oerform it's duty).

The top1% lined up for $800 billion in tax cuts from 2001 through 2009 so why is it that people conclude there aren't enough rich to tax to make a difference?

The issue of extending the Bush tax cuts is a relic of the 30 years that supply side economic doctrine held sway over Washington DC.
Current federal revenue exceeds federal revenue levels when the Bush tax cuts were implemented (despite the extended shortfall resulting from the continuing lack of economic recovery under the failed Obama economic agenda):

Revenue.jpg

So the Bush tax cuts haven't "cost" us anything (in the long term). On the other hand, our failure to control spending has cost us $5 trillion:

awww.truthfulpolitics.com_images_us_size_spending_by_president.jpg
 

OldGaffer

Governor
Current federal revenue exceeds federal revenue levels when the Bush tax cuts were implemented (despite the extended shortfall resulting from the continuing lack of economic recovery under the failed Obama economic agenda):



So the Bush tax cuts haven't "cost" us anything (in the long term). On the other hand, our failure to control spending has cost us $5 trillion:

awww.truthfulpolitics.com_images_us_size_spending_by_president.jpg
Nixon tax rates, cut defense 50% over the next 5 years, problem solved.
 
In answer to your original question, how high can it go? Well, if history is any indicator, with Obummer it could go to a Zillion if he gets his way, but I don't know if there is that much money on the planet. But how ever much there is on the planet, Obummer could find a way to spend it, and spend it real fast.
 
Here is how it will end. A jubilee.

Doctrine of Odious Debts.

The Doctrine of Odious Debts was created to further international finance by limiting the ability of governments to repudiate debts. Three conditions had to apply before a sovereign state could repudiate a debt:

(1) The debt must have been incurred without the informed consent of the citizenry of the state.

(2) The debt must not have benefitted the citizenry of the state.

(3) The lender must have been aware of conditions (1) and (2) at the time that the loan papers were signed.
 

degsme

Council Member
What "problem" is it that you are "solving?" The problem of America being the greatest nation on earth?
Want some oats with all that straw you've been assembling?

Why is it that cum laude conservatives can't seem to cite actual fact based data in a comprehensive manner without engaging in name calling?
 
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