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Author Topic: U.S. eats up most of debt limit in one day  (Read 1905 times)

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Offline CG6468

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U.S. eats up most of debt limit in one day
« on: August 09, 2011, 02:25:07 PM »
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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

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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...
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Illinois, south of the gun controllers in Chi town

Offline thundley4

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Re: U.S. eats up most of debt limit in one day
« Reply #1 on: August 09, 2011, 03:25:27 PM »
Obama wanted enough of an increase to get him past next years elections.  I don't think he is going to make it. 
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Offline FreeBorn

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Re: U.S. eats up most of debt limit in one day
« Reply #2 on: August 09, 2011, 03:32:18 PM »
This is a picture of the electoral map from election night '84 when Reagan mopped up the floor with Mondale.



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?
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"How do you tell a communist? Well, it's someone who reads Marx and Lenin; And how do you tell an anti-communist? It's someone who understands Marx and Lenin." ~Ronald Reagan

Offline docstew

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Re: U.S. eats up most of debt limit in one day
« Reply #3 on: August 10, 2011, 11:21:31 AM »
Quote from: FreeBorn on August 09, 2011, 03:32:18 PM
This is a picture of the electoral map from election night '84 when Reagan mopped up the floor with Mondale.



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.
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Offline Rugnuts

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Re: U.S. eats up most of debt limit in one day
« Reply #4 on: August 10, 2011, 01:57:20 PM »
i'll do my part to help turn MN red :whistling:
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