You really think that China bought the US debt?

[RodISHI]

Think again. Your masters that you gave yourselves over to would like you to believe that. Chinese want American dollars. Those bankers invested your savings into China and now they desire to treat you like old dying pets as they get a grip in China. I have no problem with China becoming a developed country but I have a big problem with elitist telling the American working families that they will have to do without basics and eat shit for they can line their pockets off of cheap Chinese labor or any other country that they are attempting to get into. Wise up people and work together and quit letting the elitist propaganda keep your minds occupied with the chit they want to feed you.

 

[waltky]

... 'another day older, an' deeper in debt'...

Federal Debt Climbed $198 Billion in October
November 2, 2017 | The federal debt climbed $197,573,533,835.88 in October, the first month of fiscal 2018.

On Sept. 29, 2017, the last business day of fiscal 2017, the total federal debt stood at $20,244,900,016,053.51, according to the Treasury. As of Oct. 31, 2017, it stood at $20,442,473,549,889.39—marking a one-month increase of $197,573,533,835.88. The $197,573,533,835.88 increase in the debt equaled about $6,373,339,801.16 for each of the 31 days in October.

It also equaled about $1,651.32 in new federal government borrowing for each of the 119,646,000 households there were in the United States as of September, according to the Census Bureau. The $20,442,473,549,889.39 in total federal debt at the end of October included $14,751,096,800.09 in “debt held by the public” and $5,691,027,453,089.30 in “intragovernmental debt.”

On Nov. 1, the first day of the second month of fiscal 2018, the debt continued to climb, rising to $20,453,288,033,638.83 by the close of business---a one-day hike of $10,814,483,749.44. Debt held by the public, the Treasury explains, consists of Treasury securities, such as bills, notes and bonds, held by “entities outside the United States Government.” Intragovernmental debt consists of money the Treasury has borrowed and spent out of government trusts funds such as the Social Security trust funds.

Federal Debt Climbed $198 Billion in October

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GOP Tax Bill Slashes Size of Deductible Home Mortgage by 50%
November 2, 2017 | The tax reform bill that the House Ways and Means Committee released today slashes in half the size of a mortgage that qualifies for the mortgage-interest deduction from federal income taxes.

It also eliminates the provision in current law that allows a taxpayer to deduct the mortgage interest on a secondary residence as well as their principal residence home. Under current law, taxpayers can deduct the mortgage interest on mortgage debt up to $1,000,000. Under the Republican proposal, a taxpayer will only be able to deduct the mortgage interest on mortgage debt of $500,000 or less. Also, a married person filing singly will only be able to deduct the interest on a mortgage of $250,000. This change in the deductibility of mortgage interest is made in Section 1302 of the bill. The official summary of the bill, published by the Ways and Means Committee, explains both the relevant provision in current law and how the Republican bill will change that provision.

This is how it explains the current law:

“Under current law, a taxpayer may claim an itemized deduction for mortgage interest paid with respect to a principal residence and one other residence of the taxpayer. Itemizers may deduct interest payments on up to $1 million in acquisition indebtedness (for acquiring, constructing, or substantially improving a residence), and up to $100,000 in home equity indebtedness.”

And this is how it explains what the Republican tax-reform bill would do:

“Under the provision, a taxpayer may continue to claim an itemized deduction for interest on acquisition indebtedness. For debt incurred after the effective date of November 2, 2017, the $1 million limitation would be reduced to $500,000. Interest would be deductible only on a taxpayer’s principal residence. Similar to the current-law AMT rule, interest on home equity indebtedness incurred after the effective date would not be deductible. In the case of refinancings of debt incurred prior to November 2, 2017, the refinanced debt generally would be treated as incurred on the same date that the original debt was incurred for purposes of determining the limitation amount applicable to the refinanced debt. In the case of a taxpayer who enters into a written binding contract before November 2, 2017, the related debt would be treated as being incurred prior to November 2, 2017.”

This is how the Ways and Means Committee summary explains the change in the size of the mortgages that will be eligible for a mortgage interest deduction:

Related:

Gallup: Congress Approval Rating is 13%
November 2, 2017 | Although President Donald Trump's approval rating is at 35%, he is head and shoulders above Congress, which has an approval rating of only 13%, according to a Gallup survey. Congress had a historic low approval rating of 9% in 2013, when Democrats dominated the Senate, Republicans ran the House, and Barack Obama was in the White House.

Gallup's survey of Americans' views of Congress was conducted Oct. 5-11. It showed that only 13% of adultes, aged 18 and older, approved of Congress. This was down from 16% approval in September 2017. Approval was at 28% in February of this year, after the new administration and new Congress started.

Even along political lines, the numbers were low. Only 18% of Republican Americans said they approved of Congress' job performance, as did only 14% of Democrats. Just 10% of Independents said they approved of Congress' performance. "Americans' approval of Congress has historically lagged that of other major institutions, but Americans' views of the legislative branch have been particularly low since the late 2000s," reported Gallup. "The last time Congress received approval from even a third of Americans was in mid-2009. "It's hard to see this changing anytime soon, as the largest recent increases in approval came after one party assumed control of the presidency and both houses of Congress -- Democrats in 2009 and Republicans earlier this year." "In both instances," said Gallup, "the increase in congressional approval did not last long, with ratings reverting back to what they were by the end of the first year of one-party control -- a phenomenon that could be occurring yet again this year."

In today's Congress, the Republicans hold a majority in the House, 246-147, a majority in the Senate, 54-46, and the president is a Republican.

Gallup: Congress Approval Rating is 13%