Republicans raise debt ceiling. Again.

[TOVisitor]

4th time.

Yes, the "party of fiscal prudence" has shown absolutely no wish to reign in their spending impulses nor reign in their President.

The vote was 52-44, with all Dems voting against.

The new debt ceiling, raised 4 times during the Shrub's Preidency, is $8.97 trillion.

How much is that exactly?

It's $1,000 each second for 284 years.

Of course, the right wingers here and the "I got mine-ers" don't care.

WORST PRESIDENT EVER.

 

[langeweile]

4th time.

Yes, the "party of fiscal prudence" has shown absolutely no wish to reign in their spending impulses nor reign in their President.

The vote was 52-44, with all Dems voting against.

The new debt ceiling, raised 4 times during the Shrub's Preidency, is $8.97 trillion.

How much is that exactly?

It's $1,000 each second for 284 years.

Sighh!! twice in two days I have to agree with you. One of the reason why i voted Republican, was that they promised fiscal responsibility..they didn't deliver..quiet the opposite.
This is sad...very sad...

 

[Asterix]

4th time.

Yes, the "party of fiscal prudence" has shown absolutely no wish to reign in their spending impulses nor reign in their President.

The vote was 52-44, with all Dems voting against.

The new debt ceiling, raised 4 times during the Shrub's Preidency, is $8.97 trillion.

How much is that exactly?

It's $1,000 each second for 284 years.

Or put another way, $30,000 each for every man, woman, and child in the US. The link shows a chart of how this has gone up during each presidency. Under Bush II, it somewhat resembles a rocket taking off

http://www.cedarcomm.com/~stevelm1/usdebt.htm

 

[Gyaos]

Under Bush II, it somewhat resembles a rocket taking off

The monkey's going to Mars.

 

[langeweile]

Or put another way, $30,000 each for every man, woman, and child in the US. The link shows a chart of how this has gone up during each presidency. Under Bush II, it somewhat resembles a rocket taking off

http://www.cedarcomm.com/~stevelm1/usdebt.htm

sooner or later you have to pay back your debt...I am a firm believer in sooner than later..

 

[assoholic]

..without a good economy you have a crap country, even for those, knock on wood, who still are doing good. What the Republicans have done to the US is not only incompetant but treasonous.
I'll tell you where that money went, to the top 1 per cent of the US's bank accounts.
They have pulled the biggest rip-off in human history. Enron was but the tip of the tip of the iceberg.

 

[sarasota]

..without a good economy you have a crap country, even for those, knock on wood, who still are doing good. What the Republicans have done to the US is not only incompetant but treasonous.
I'll tell you where that money went, to the top 1 per cent of the US's bank accounts.
They have pulled the biggest rip-off in human history. Enron was but the tip of the tip of the iceberg.

While I don't have a crystal ball, I believe this will be proven to be true in the not to distant future. Especially the part about treasonous.

 

[emvee]

I agree with all the previous posts. What troubles me that other than a few economists and tv pundits, the whole issue is rather esoteric to the man in the street, so it never becomes a major issue that forces the leadership into action.

Hopefully action will happen to allow the bubble to deflate rather than pop, like what happened in Asia, Russia, and South America. The shockwave across the world economy cpu;d be devastating.

 

[onthebottom]

Quick,

Which Presidents have not seen an increase in the debt ceiling......

I'm waiting.

OTB

 

[Asterix]

Quick,

Which Presidents have not seen an increase in the debt ceiling......

I'm waiting.

OTB

Why, none OTB. Now tell me. Which Presidents have blown it through the roof?

I'm waiting.

 

[onthebottom]

Why, none OTB. Now tell me. Which Presidents have blown it through the roof?

I'm waiting.

All, so now we've determined that this, like all threads started by TOV is worthless.

OTB

 

[Asterix]

All, so now we've determined that this, like all threads started by TOV is worthless.

OTB

A bit testy tonight, eh? If you prefer not to answer, just say so. You brought it up, afterall.

 

[langeweile]

According to OTB and Asterix..two wrongs equal one right..or what do I miss.

I believe it is irrelevant, fighting over how much each has raised the ceiling or not..misses the point.
More disturbing to me is, that we let our leaders missmange our money like drunken sailors...if you try the same at home or in your business, you will pay for the consequences.
One more reason for less..not more goverment.

 

[Asterix]

According to OTB and Asterix..two wrongs equal one right..or what do I miss.

I can't speak for whatever point OTB was trying to make. My point is that there is bad, and then there is really bad. The debt under Reagan's watch fits the later. George has since expanded it at a rate even Reagan wouldn't have imagined.

 

[WoodPeckr]

Dubya's Fuzzy Math & Fiscal Mayhem

Quick,

Which Presidents have not seen an increase in the debt ceiling......

I'm waiting.

OTB

Quick Facts:

Cater left office with US Deficit of... $1 Trillion
Reagan took that US Deficit to .......$6.5 Trillion
Clinton bagan to pay down US Deficit
Dubya taking US Deficit so far to......$9 Trillion

It looks like the only fiscal conservative POTUS were Carter & Clinton!

Some 'Enron' style economists [bot] say the US economy will grow out of this Deficit! They have been saying that since Reagan's fiscal mayhem.....and guess what, we never grew out of it.....it only gets worse!.....

Dam, just running the US economy
like my failed Texas businesses !!!

 

[someone]

Quick Facts:

Cater left office with US Deficit of... $1 Trillion
Reagan took that US Deficit to .......$6.5 Trillion
Clinton bagan to pay down US Deficit
Dubya taking US Deficit so far to......$9 Trillion

It looks like the only fiscal conservative POTUS were Carter & Clinton!

Some 'Enron' style economists [bot] say the US economy will grow out of this Deficit! They have been saying that since Reagan's fiscal mayhem.....and guess what, we never grew out of it.....it only gets worse!.....

Dam, just running the US economy
like my failed Texas businesses !!!

A quick point WoodPeckr, you have the concepts of the debt and deficit confused. I think you mean debt in the above post. The U.S. budget deficit is bad but I don't think it is that bad.

 

[Asterix]

Also Woodpeckr, when Reagan left office the debt was close to $2.7 trillion, not the $6.5 trillion you quote. You're giving him way too much credit.

 

[WoodPeckr]

History of US Debt

Here are the numbers:

The US Debt To the Penny

Current Amount

03/16/2006 $8,271,005,203,336.67


Current
Month

03/15/2006 $8,270,134,498,375.29
03/14/2006 $8,270,260,017,805.93
03/13/2006 $8,270,385,415,129.52
03/10/2006 $8,270,763,143,272.32
03/09/2006 $8,270,889,116,189.68
03/08/2006 $8,270,020,560,975.99
03/07/2006 $8,270,137,961,985.81
03/06/2006 $8,270,260,474,453.58
03/03/2006 $8,270,568,938,276.67
03/02/2006 $8,270,651,337,575.14
03/01/2006 $8,269,768,312,946.41



Prior
Months

02/28/2006 $8,269,885,515,386.04
01/31/2006 $8,196,070,437,599.52
12/30/2005 $8,170,424,541,313.62
11/30/2005 $8,092,322,205,720.65
10/31/2005 $8,027,123,404,214.36


Prior Fiscal
Years

09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/28/2001 $5,807,463,412,200.06
09/29/2000 $5,674,178,209,886.86
09/30/1999 $5,656,270,901,615.43
09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32
09/30/1993 $4,411,488,883,139.38
09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00


SOURCE: BUREAU OF THE PUBLIC DEBT


Historical Debt Outstanding - Annual
1950 - 2005

Date Amount

09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/30/2001 $5,807,463,412,200.06
09/30/2000 $5,674,178,209,886.86
09/30/1999 5,656,270,901,615.43
09/30/1998 5,526,193,008,897.62
09/30/1997 5,413,146,011,397.34
09/30/1996 5,224,810,939,135.73
09/29/1995 4,973,982,900,709.39
09/30/1994 4,692,749,910,013.32
09/30/1993 4,411,488,883,139.38
09/30/1992 4,064,620,655,521.66
09/30/1991 3,665,303,351,697.03
09/28/1990 3,233,313,451,777.25
09/29/1989 2,857,430,960,187.32
09/30/1988 2,602,337,712,041.16
09/30/1987 2,350,276,890,953.00
09/30/1986 2,125,302,616,658.42
12/31/1985 1,945,941,616,459.88
12/31/1984 1,662,966,000,000.00 *
12/31/1983 1,410,702,000,000.00 *
12/31/1982 1,197,073,000,000.00 *
12/31/1981 1,028,729,000,000.00 *
12/31/1980 930,210,000,000.00 *
12/31/1979 845,116,000,000.00 *
12/29/1978 789,207,000,000.00 *
12/30/1977 718,943,000,000.00 *
12/31/1976 653,544,000,000.00 *
12/31/1975 576,649,000,000.00 *
12/31/1974 492,665,000,000.00 *
12/31/1973 469,898,039,554.70
12/29/1972 449,298,066,119.00
12/31/1971 424,130,961,959.95
12/31/1970 389,158,403,690.26
12/31/1969 368,225,581,254.41
12/31/1968 358,028,625,002.91
12/29/1967 344,663,009,745.18
12/30/1966 329,319,249,366.68
12/31/1965 320,904,110,042.04
12/31/1964 317,940,472,718.38
12/31/1963 309,346,845,059.17
12/31/1962 303,470,080,489.27
12/29/1961 296,168,761,214.92
12/30/1960 290,216,815,241.68
12/31/1959 290,797,771,717.63
12/31/1958 282,922,423,583.87
12/31/1957 274,897,784,290.72
12/31/1956 276,627,527,996.11
12/30/1955 280,768,553,188.96
12/31/1954 278,749,814,391.33
12/31/1953 275,168,120,129.39
06/30/1953 266,071,061,638.57
06/30/1952 259,105,178,785.43
06/29/1951 255,221,976,814.93
06/30/1950 257,357,352,351.04

What me worry
Let the kids pay it !!!

 

[assoholic]

..Cheeney has publicly said deficits do not matter, so how can any-one
be suprised.I want a government to do one thing primarily, keep the economy ok. They have mortgaged your grand kids future. Imagine at this pace what it will grown into. It's becoming ridiculous. Jesus better be coming soon, becuase other wise we are gonna be in big trouble.

 

[Gentle Ben]

and the Brits story on the debt

http://www.timesonline.co.uk/article/0,,11069-2090441,00.html

US spends its way to 28 Eiffel towers: made out of pure gold
From Tim Reid in Washington



IF YOU are worried about how much you owe on your credit cards, this might put things in perspective: America’s national debt limit was increased yesterday to $9 trillion. That’s $9,000,000,000,000 — enough to buy Buckingham Palace 9,000 times.
The increase, passed by Congress, allows the Government to borrow another $781 billion (£447 billion), increasing the national debt limit — the maximum America can borrow — from $8 trillion and $184 billion to $8 trillion and $961 billion.



If the debt ceiling, which is set by Congress, had not been raised by March 24, the Administration would not have been able to borrow more money and the US would have begun to default on its domestic and foreign obligations, an untenable consequence.

The vote to increase the debt limit, requested by the White House, is the fourth since Mr Bush took office. In 2001 the national debt was $5.7 trillion. Today it has ballooned to $8.2 trillion, figures rarely talked about in Washington.

The national debt is the total amount owed by the Government. It is not to be confused with the federal budget deficit, which is the yearly amount by which spending exceeds revenue. When budget deficits are big, the national debt inevitably increases.

When Mr Bush took office he inherited a $236 billion budget surplus. Bill Clinton, his predecessor, had used budget surpluses to pay down some of the national debt in his last two years in office. Mr Bush also inherited some extraordinarily overoptimistic projections. Experts pronounced that budget surpluses would increase to $5.6 trillion over ten years, and there was even heady talk of paying off the entire national debt with the proceeds.

Since then a combination of factors — the September 11, 2001, attacks, unexpectedly low tax revenues, Mr Bush’s tax cuts and runaway government spending — have plunged the yearly budget back into deficit. This year it will reach nearly $400 billion.

What worries many analysts is the amount of US debt financed by foreign governments and banks, particularly in Asia. The national debt is split between publicly held debt — money owed to US and foreign investors — and money owed to branches of the Government. Nearly half the publicly owed debt is held by foreigners. Japan is the biggest creditor, at $668 billion. China, the second-biggest, recently increased its stake by $40 billion to $263 billion.

“We used to have much less held by foreigners,” Alice Rivlin, a former budget director for Mr Clinton, said. “It makes you much more vulnerable to people’s agendas.”

Historically, today’s national debt is the highest in dollar terms, but not as a percentage of GDP. In 1946 it was $270 billion — 122 per cent of GDP.

Today it is 65 per cent of GDP, very close to the postwar high of 67 per cent in 1996.

America has had a national debt since 1791, when it was $75 million. Today it rises by that amount every hour.

$9 TRILLION


Is roughly four times Britain’s GDP

Equates to $1,500 for every man, woman and child in the world

Would buy all the tea in China. In fact it would buy all the tea in the world for the next 2,000 years.


Is enough to solve the Palestinian crisis by rehousing every Israeli and Palestinian family in a £1.5m detached house in Henley-on-Thames

Would build 28 Eiffel Towers — constructed out of gold.