Another record of US debt?

timslash

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The debt ceiling is back, and it could be around for awhile. Secretary of the Treasury Jack Lew sent a letter last week to Congress telling them to raise the debt ceiling or risk defaulting on the government's loans. The Treasury Department must now, he said, resort to "extraordinary measures," like suspending the issuance of new debt, to preserve the full faith and credit of the U.S., and stopping payments to some federal trust funds.
Election 2016 2016 and the debt ceiling - CBS News
Well, it seems like now - we can say "Thanks" to all presidents and especially for Mr. Obama for making our economic situation more terrible...
What do you think guys? What can we do with our national debt and how long can debt grows without any consequences?

P.S Here will be general thread to all words of support to the Barack H Obama.
 

waltky

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If the debt could be reduced by a billion a day, how long would it take to pay it off?...

175 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000
September 9, 2015 | The portion of the federal debt that is subject to a legal limit set by Congress closed Friday, Sept. 4, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Tuesday. That, according to the Treasury's statements, makes 175 straight days the debt subject to the limit has been frozen at $18,112,975,000,000.
$18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35. On July 30, Treasury Secretary Jacob Lew sent a letter to the leaders of Congress saying he was extending a “debt issuance suspension period” through October 30. That means the Treasury believes it can continue for at least the next seven weeks to issue Daily Treasury Statements that show the federal debt subject to the limit beginning and ending each day frozen just below that limit.

The Daily Treasury Statement for March 13 was the first to show the debt subject to the limit closing the day at $18,112,975,000,000. Every Daily Treasury Statement since then has reported the same thing: the debt closing the day at $18,112,975,000,000. Every Daily Treasury Statement since Monday, March 16, has also reported the debt beginning and ending each day at $18,112,975,000,000.




Table III-C on the Daily Treasury Statement for Sept. 4 says the debt began the month of September at $18,112,975,000,000, began the day of Sept. 4 at $18,112,975,000,000, and closed the day of Sept. 4 at $18,112,975,000,000. On March 13, Treasury Secretary Jacob Lew sent an initial letter to House Speaker John Boehner and other congressional leaders informing them that he was planning to declare a “debt issuance suspension period.” “Beginning on Monday, March 16, the outstanding debt of the United States will be at the statutory limit,” Lew said in that letter. “In anticipation of reaching that date, Treasury has suspended until further notice the issue of State and Local Government Series securities, which count against the debt limit.”

On July 30, Lew sent another letter to the congressional leaders saying: “I have determined that a ‘debt issuance suspension,’ previously determined to last until July 30, 2015, will continue through October 30, 2015.” In his March 13 letter, Lew explained some steps the Treasury would take during the debt issuance suspension period. “Because Congress has not yet acted to raise the debt limit,” Lew said in that letter, “the Treasury Department will have to employ further extraordinary measures to continue to finance the government on a temporary basis. Therefore, beginning on March 16, I plan to declare a ‘debt issuance suspension period’ with respect to investment of the Civil Service Retirement and Disability Fund and also suspend the daily reinvestment of Treasury securities held by the Government Securities Investment Fund and the Federal Employees’ Retirement System Thrift Savings Plan.”

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waltky

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Granny don't think she gonna be around dat long...

If We Pay $10 Million a Day, It Will Take 5,000 Years to Pay Off the $18 Trillion National Debt
October 6, 2015 | Dr. Ben Carson was the guest on ABC’s The View on Tuesday but Mrs. Lacena “Candy” Carson was in the audience, and when asked about her grandchildren, Mrs. Carson said when she looks at them she reminds herself that the national debt is over $18 trillion and will take 5,000 years to pay off -- if we pay $10 million every day, 365 days a year -- and “we can’t do that to them.” “But when I see these [babies], it just makes me more determined that whatever I can do, I’m going to do,” said Mrs. Carson. “Because it’s not fair to them.”
During the show, co-host Paula Faris noted that Ben and Candy Carson have been married 40 years but that Candy had said she did not want her husband to run for president until she became a grandmother. (The Carsons have three sons.) “You are now a grandmother of two,” said Faris. “Why did you not want him to run for president until you became a grandma?”

Mrs. Carson said, “We’ve been married 40 years, and we celebrated in New Hampshire with 600 of our closest friends. (Laughter.) But getting back to the two granddaughters, one of whom was born on leap year 2012, so she didn’t even have a birthday this year but she had a party. The other one is going to turn two next month.” “When you look in those little faces and you think about the debt our country has,” she said. “We’re at $18-and-a-half trillion, which to pay it off – if you were to pay it off at $10 million every day, 365 days a year – 365 days a year! – it would take you 5,000 years.” “That’s how bad it is,” said Mrs. Carson. “We’re the first generation to make it worse for the next generation. When I look at those little faces, I say, ‘we can’t do that to them.’” She continued, “When I see other people’s babies -- because I don’t see my own because we’re not home -- but when I see these [babies], it just makes me more determined that, whatever I can do, I’m going to do. Because it’s not fair to them.”

According to the U.S. Treasury Department, the current national debt is $18,150,640,277,750.63. If the government tried to pay that debt off by paying $10 million a day, 365 days a year, it would take 4,972 years. The national debt, in general, is the amount of money the federal government has borrowed over the years to supplement federal spending beyond tax revenues (deficit spending), pay off creditors abroad and at home, and pay obligations such as Social Security.

Mrs. Ben Carson: If We Pay $10 Million a Day, It Will Take 5,000 Years to Pay Off the $18 Trillion National Debt
 

waltky

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Granny says, "Dat's right - dey bankruptin' the country...

Left and Right Have Made Unholy Alliance to Explode the Debt
November 2, 2015 | Before the Senate voted on Friday for a budget deal that eliminates any legal limit on the federal government’s debt until March 16, 2017—which is after President Barack Obama will have left office—Sen. Rand Paul of Kentucky gave a speech on the floor saying that the right and left in Congress together in “an unholy alliance to explode the debt.
“The number one threat to our country’s future is our debt,” said Paul. “The number one threat to our national security is our debt. This deal gives the president the power to borrow unlimited amounts of money. “This deal represents the worst of Washington culture,” said Paul. “The left and the right have come together in an unholy alliance to explode the debt,” he said. “The left gets more welfare, the right gets more military contracts, and the taxpayer is stuck with the deal.”

Paul was especially critical of the element in the bill that completely lifts the debt ceiling until March 2017. “I will not give this president any power to borrow unspecified amounts of money,” he said. “Our debt now equals our entire economy.” “The deficit continues to grow because, frankly, many are not serious about reducing the debt,” he said. “Many up here are serious only about increasing spending for their sacred cow. “The true compromise that is necessary in America is for both right and left to say enough is enough, to say that the particular interests they have in spending money is hurting the country,” he said. “It is time for the right to say: You know what; the country is not stronger by going further in debt. The country actually, I believe, is weaker. We do not project power from bankruptcy court. “The left needs to acknowledge this as well,” he said. “The left may say this is for humanitarian purposes, we want to help people. I don’t doubt their motives, but I do doubt whether you can help people from bankruptcy court. I think we are weakening our country.

“One of the reasons why we have been able to help so many people in our country is that we are the richest, most humanitarian country in the history of mankind,” said Paul. “In the year 2014 alone, we gave away nearly $400 billion in private charity in this country. I fear that will not continue to last. I fear that as this deficit mounts, as the debt mounts, they will drag us down.” “This debt ceiling vote does something that is unprecedented,” he said. “It doesn’t even add a certain amount to the debt. It adds an unspecified amount. Over the next year or year and a half, we will add as much debt as can be crammed into the budget, as much money as can be spent. There will be no limit. We are giving an unspecified amount of borrowing power to the president. “I don’t care whether it is a Democratic president or a Republican president,” he said. “It is unconscionable to give unlimited borrowing authority to the president.”

Rand Paul: Left and Right Have Made Unholy Alliance to Explode the Debt
 

waltky

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National Debt Jumps $339.1 Billion In One Day...

National debt sees one-day record increase after debt limit suspended
November 5, 2015 | WASHINGTON — The U.S. national debt shot up $339.1 billion Tuesday — the largest daily increase in the national debt in history, according to Treasury Department data.
The increase is largely a matter of accounting, in that the Treasury Department had been using "extraordinary measures" to artificially hold the total U.S. debt under the debt limit imposed by Congress. So on paper, the national debt had been frozen at $18.1 trillion since March, as the Treasury instead deferred payments to pension funds and borrowed from reserve accounts in order to keep the government running.

But once President Obama signed a suspension of the debt limit into law on Monday, the Treasury Department was able to borrow new money for spending Congress had already authorized — averting a potential debt crisis as its accounting measures began to run out.

The previous records for one-day increases in the national debt have all come under similar circumstances:A $328.2 billion increase after the government shutdown ended on Oct. 17, 2013, and a $238.3 billion increase the day after Obama signed the Budget Control Act into law on Aug. 2, 2011.

The debt rose again by $40 billion Wednesday, the Treasury Department reported, and now stands at more than $18.5 trillion. Or $18,532,338,091,711.40, to be exact.

National debt sees one-day record increase after debt limit suspended
 

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