The Conservative Cave
Current Events => Economics => Topic started by: CG6468 on August 09, 2011, 02:25:07 PM
-
U.S. eats up most of debt limit in one day
$239 billion spike uses up 60% of funding OK’d on Tuesday
By Stephen Dinan
-
The Washington Times
5:05 p.m., Wednesday, August 3, 2011
U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.
The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.
That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.
For the past 2½ months, though, the number essentially was frozen as the government was poised to reach the borrowing limit set by law. The Treasury Department used extraordinary means to stall, but was about to run out of room on Tuesday.
With little time to spare, Congress and the White House managed to cobble together a deal to grant new borrowing authority: an initial increase of $400 billion, coupled with future increases.
Up, up, up she goes... (http://www.washingtontimes.com/news/2011/aug/3/us-eats-most-debt-limit-one-day/)
-
Obama wanted enough of an increase to get him past next years elections. I don't think he is going to make it.
-
This is a picture of the electoral map from election night '84 when Reagan mopped up the floor with Mondale.
(http://upload.wikimedia.org/wikipedia/commons/thumb/a/ab/ElectoralCollege1984.svg/220px-ElectoralCollege1984.svg.png)
I dare say, if this keeps up we may see a total clean sweep in '12 (assuming we still have a country by then). :-) Wishful thinking I know but a guy can dream can't he?
-
This is a picture of the electoral map from election night '84 when Reagan mopped up the floor with Mondale.
(http://upload.wikimedia.org/wikipedia/commons/thumb/a/ab/ElectoralCollege1984.svg/220px-ElectoralCollege1984.svg.png)
I dare say, if this keeps up we may see a total clean sweep in '12 (assuming we still have a country by then). :-) Wishful thinking I know but a guy can dream can't he?
Pipe dream. 0bama will get at least 200 EC votes.
-
i'll do my part to help turn MN red :whistling: