U.S. Treasury says likely to hit debt limit in Oct

[Anus Retainus]

http://channels.netscape.com/ns/news/story.jsp?id=2004071417480002348749&dt=20040714174800&w=RTR&coview=

<snip>
The U.S. government will likely reach its federal debt limit in early October, a top Treasury official said in written remarks, giving fresh details on when the politically sensitive ceiling will need to be raised.

The $7.384 trillion debt limit may need attention before the November election, Timothy Bitsberger, Treasury's nominee for assistant secretary for financial markets, said in a document obtained by Reuters on Wednesday.

"It appears very likely the limit will be reached sometime in late September or October, with the most likely date being early October," Bitsberger said in the submission for the record after his Senate confirmation hearing last week.

<snip>
The government's statutory debt was $7.220 trillion as of July 12, according to Treasury data.


Treasury Secretary John Snow has urged Congress to move speedily to raise the limit, in what is likely to be a contentious election-year vote on the country's rising debt. He has asked Congress to act before its August recess.

</snip>

Brother, can you spare a Trillion? This hole is getting too big to dig out of!

[Don_G]

1. Limit? What Limit?

[jean]

2. Having lived his entire life being bailed out by deep pocketed

cronies, bush sees this chart and thinks there is no bottom.

[delete_bush]

5. Or maybe he's thinking (I know) it's

like golf, the lower the "score" the better.

[Jack from Charlotte]

22. In October when the Debt-Limit Increase has to be passed, Kerry ...

should say the following:

" Who remembers where they were in 1969? I just got back from COMBAT DUTY I'd volunteered for in Viet Nam. Richard Nixon was president and he was the last republican president that gave us a balanced budget.... 35 years ago. Now we have another republican president who's given us the largest decicits in US history. It's time to change that."

[fearnobush]

3. Isn't it amazing how the so called fiscal conservatives vote repuke

in some tragic mis-guided belief that the GOP are better at balancing budgets?

[Jack from Charlotte]

21. Exactly. The last Repug pres to have a balanced Budget was....

Richard Milhouse Nixon. It was in 1969, I think. That was 7 president's ago.

35 years ago.

[AwareOne]

6. This chart needs to be blown up to billboard size

and displayed on every major highway. Do you think Clear Channel would rent some space?

[Minstrel Boy]

15. I knew it was bad, but when I see it graphically represented

it almost makes me hyperventilate.

That's some scary, crazy shit.

The scariest and craziest part: they know they're bankrupting America.

[xchrom]

4. we haven't lowered taxes enough for rich people!

as soon as we do that they'll spend us out of debt -- just like with reagan.

that's how it went wasn't it?

[mike_c]

7. what exactly is the point of a "debt limit" that is summarily raised...

...everytime the Federal debt hits it?

[The_Casual_Observer]

8. Nothing will be done about this until after the election.

The republicans will definitely want to keep this out of the news.

[Anus Retainus]

9. If they can last 'til then

If they reach the limit before then, they can't spend any more than that and'l have to shut down the government again (ala Gingrich).

[The_Casual_Observer]

10. They will invent some kind of "wartime continuing resolution"

or something. They probably expect or will create something really shitty to come along as a distraction in the mean time anyway.

[UpInArms]

11. are they complaining that they haven't given enough

tax cuts out yet? Do we have the government small enough to stick it in the bathtub and drown it yet?



The estimated population of the United States is 294,563,248
so each citizen's share of this debt is $24,683.17.

The National Debt has continued to increase an average of $1.69 billion per day since September 30, 2003

We're only $129,246,123,335.69 away from hitting the debt ceiling!

[cornfedyank]

12. and counting

http://www.brillig.com/debt_clock/

don't forget, that's the acknowledged debt.

a great topic for the debates.

[Joanne98]

13. I have to ask

What made you pick the name Anus Retainus?

[xultar]

14. New DNC election delay tactic!!! No $$$$ No Election. n/t

[mountainvue]

16. Can someone tell me what this means in

layman's terms? Exactly what does raising the debt limit do/ Isn't it just semantics?

[Massacure]

17. It means the government is fucking us over more

It also means that China gets more and more influence in the government as they can bankrupt us at any time by just demanding their money.

[GoddessOfGuinness]

18. This reminds me of the old story of the chicken thief

who is caught by the farmer's wife as he's about to run away with a hen. "You'll pay for this come Judgement Day!" she shouts, angrily shaking her fist at him. So he replies, "Well if my credit's that good, I'll take another!"

How much credit is our government good for?

[REVOLT823]

19. Bushco is gutting our economy and country

and we can't do a damned thing about it. The only silver lining is this is going to come to a head prior to the election, so will hopefully help get rid of these bastards. However, I don't envy Kerry the job he has in cleaning up after this war party. The most unbelievable part is they are pushing a bill thru to raise the child tax credit to people who make in excess of $300K. Like these people need anymore tax breaks, meanwhile the poor are still left out in the cold. Unbelievable!!

[Miss Authoritiva]

20. For those interested in the evolution (or creationism) of the statutory

limit (ceiling) of the federal debt, just visit the following link:

http://www.ustreas.gov/education/faq/markets/national-debt.html#q9


Scroll down to the following section:

QUESTION: What is the Treasury Department's position on increasing the debt limit?

As the US Treasury site also notes, you can make voluntary donations to pay down the national debt:

"There is a Treasury account called "Gifts for Reduction of the Public Debt." Established by Public Law 87-58 in 1961, it provides a way for individuals to make voluntary donations for debt reduction."

Also feel free to e-mail the President, Vice President, Senators, Congressmen, and Halliburton executives and ask if they've made their voluntary contribution this year.

[struggle4progress]

23. The Republican treason: these SOBs have been trying ...

... to bankrupt the federal government since Reagan was elected. If they succeed, the US will become a third world country.