U.S. eats up most of debt limit in one day

Spending Spree R' Us

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 Congressgranted the president this week.

...

http://www.washingtontimes.com/news/2011/aug/3/us-eats-most-debt-limit-one-day/Washington Times

How long do you think before we have to come up with another deal?

I don't even.

:lol:......:cry:

It can only get worse from here on end.

Your reaction just goes to show how people don't really understand our debt.

our projected debt by the US Treasury in 2022 was $28 Trillion

But since the debt plan passed the WH last week, it was reduced to a project $26 Trillion debt by 2022.

Now you may say, well that's not really better, and I have to agree it wasn't and makes our 3 weeks of congress arguments even more ridiculous.

Your reaction just goes to show how people don't really understand our debt.

our projected debt by the US Treasury in 2022 was $28 Trillion

But since the debt plan passed the WH last week, it was reduced to a project $26 Trillion debt by 2022.

Blue-Sky

How does the debt limit affect US citizens?

We need to cut programs and raise taxes now.

Wasn't this expected? I thought we've been doing tricks like borrowing from pensions and other funds for several months to extend the deadline. Is this not predominantly the money needed to restock those funds?mattbbpl

We need to cut programs and raise taxes now.

CaveJohnson1

*High Five*

I couldn't have summarized it any better. But the dems aren't going to cut programs, and the GOP won't raise taxes.

[QUOTE="CaveJohnson1"]

We need to cut programs and raise taxes now.

taj7575

*High Five*

I couldn't have summarized it any better. But the dems aren't going to cut programs, and the GOP won't raise taxes.

Um we did cut programs...

[QUOTE="taj7575"]

[QUOTE="CaveJohnson1"]

We need to cut programs and raise taxes now.

Blue-Sky

*High Five*

I couldn't have summarized it any better. But the dems aren't going to cut programs, and the GOP won't raise taxes.

Um we did cut programs...

We cut a good amount of funding to a few programs.

Which really doesn't address the issue anyway, which should be trying to make those programs more efficient, as they seem to take it a lot of money, yet still run veryinefficiently.

[QUOTE="taj7575"]

[QUOTE="CaveJohnson1"]

We need to cut programs and raise taxes now.

*High Five*

I couldn't have summarized it any better. But the dems aren't going to cut programs, and the GOP won't raise taxes.

Um we did cut programs...

[QUOTE="Blue-Sky"]

[QUOTE="taj7575"]

*High Five*

I couldn't have summarized it any better. But the dems aren't going to cut programs, and the GOP won't raise taxes.

taj7575

Um we did cut programs...

We cut a good amount of funding to a few programs.

Which really doesn't address the issue anyway, which should be trying to make those programs more efficient, as they seem to take it a lot of money, yet still run veryinefficiently.

We should go back to square one and try doing economics properly. No country should be in debt. That's just dumb.SolidSnake35

Actually, it seems thatmany economists disagree with that position.

We should go back to square one and try doing economics properly. No country should be in debt. That's just dumb.SolidSnake35

The problem is, we have a lot of Government debt to pay off before we can go back to square one. The United States lately has also been having a hard time choosing what type of economic structure it wants to have.

I hope the US government doesn't have to worry about another deal soon.

[QUOTE="taj7575"]

[QUOTE="Blue-Sky"]

Um we did cut programs...

-Sun_Tzu-

We cut a good amount of funding to a few programs.

Which really doesn't address the issue anyway, which should be trying to make those programs more efficient, as they seem to take it a lot of money, yet still run veryinefficiently.

Well, I can't disagree with that. Overall, how Washington is handling the Healthcare, Medicare/Medicaid issue is just awful. They are costly programs, with costs only expected to go up, and they are just confused with how to handle the situation.

I say we force all members of congress to take an economics 101 class during the vacation they decided to take.

I would cut welfare and medicare. That would free up hundreds of billions of dollars a year. Next I would change it so the government workers can be fired if they underperform. I would also stop the insane amounts of money that government agencies received just because they spent everything they were given the year before. This rule basically forces the agencies to spend everything they are given every year so that they can ask for more.

Of course this is all impossible due to blood sucking lawyers...

So I purpose we start a coupe so that I can take power and right the sinking ship. All I ask is for everyone to bow down and make me emperor of the new US. A small price...

[QUOTE="-Sun_Tzu-"][QUOTE="taj7575"]

We cut a good amount of funding to a few programs.

Which really doesn't address the issue anyway, which should be trying to make those programs more efficient, as they seem to take it a lot of money, yet still run veryinefficiently.

taj7575

Well, I can't disagree with that. Overall, how Washington is handling the Healthcare, Medicare/Medicaid issue is just awful. They are costly programs, with costs only expected to go up, and they are just confused with how to handle the situation.

Tort reform isn't going to save our health care system. Getting rid of medicare and replacing it with a severely inadequate voucher program is not going to solve the underlying issue of excessive health costs - it just sweeps the issue under the rug.

I cannot fault an opposition party opposing the governing party's agenda. But I can't take the GOP seriously if they don't offer credible alternatives to the problems we face, which is a real shame because a lot of Democratic policies and proposals leave a lot to be desired.

Honestly, I don't even understand why they raised the debt ceiling. They are going to coninue to spend money anyways, whynot just do it right and pay your bills? :P
I think they just raised the bill to pass and buy other things temporarily for their sake.

Forgive me for this, but LOL. One day? LOL.

[QUOTE="taj7575"]

[QUOTE="-Sun_Tzu-"] Our long-term debt problem isn't really a problem because our programs are run inefficiently (although there are ways that they can be run more efficiently), but because projected health care costs are a nightmare, which makes projected medicare and medicaid spending a nightmare. The best long-term deficit reduction strategy is to (besides having to raise taxes) continue reforming our health care system. Unfortunately, it looks as if there is more of a push in Washington to go backwards on this issue rather than go forward. -Sun_Tzu-

Well, I can't disagree with that. Overall, how Washington is handling the Healthcare, Medicare/Medicaid issue is just awful. They are costly programs, with costs only expected to go up, and they are just confused with how to handle the situation.

Tort reform isn't going to save our health care system. Getting rid of medicare and replacing it with a severely inadequate voucher program is not going to solve the underlying issue of excessive health costs - it just sweeps the issue under the rug.

I cannot fault an opposition party opposing the governing party's agenda. But I can't take the GOP seriously if they don't offer credible alternatives to the problems we face, which is a real shame because a lot of Democratic policies and proposals leave a lot to be desired.

Haha, well I definitely can't disagree with that. But the GOP will face it in the upcoming years, when they realize nobody is going to be voting for them in the polls.

Honestly, I don't even understand why they raised the debt ceiling. They are going to coninue to spend money anyways, whynot just do it right and pay your bills? :P
I think they just raised the bill to pass and buy other things temporarily for their sake.

WiiMan21

to quote my dad on the status of the economy:

-raises glass of whiskey in the air-

"well f***!"

:P

Wow people the $239 Billion was to pay our bills.

It's not like we took out a new line of credit to impulsively by a new car. We haven't been paying our bills for months, at least not properly. Treasury ran out of money in April and has been using accounting maneuvers to cover out spending. August 2nd was the day they could no longer cover, so the debt ceiling had to be raised so the government can borrow more and pay the $200+ billion it owes...

[QUOTE="taj7575"]

[QUOTE="CaveJohnson1"]

We need to cut programs and raise taxes now.

Blue-Sky

*High Five*

I couldn't have summarized it any better. But the dems aren't going to cut programs, and the GOP won't raise taxes.

Um we did cut programs...

Your reaction just goes to show how people don't really understand our debt.

our projected debt by the US Treasury in 2022 was $28 Trillion

But since the debt plan passed the WH last week, it was reduced to a project $26 Trillion debt by 2022.

Now you may say, well that's not really better, and I have to agree it wasn't and makes our 3 weeks of congress arguments even more ridiculous.

Blue-Sky

how much of that is due to the universal healthcare program?

[QUOTE="Blue-Sky"]

Your reaction just goes to show how people don't really understand our debt.

our projected debt by the US Treasury in 2022 was $28 Trillion

But since the debt plan passed the WH last week, it was reduced to a project $26 Trillion debt by 2022.

Now you may say, well that's not really better, and I have to agree it wasn't and makes our 3 weeks of congress arguments even more ridiculous.

nitekids2004

how much of that is due to the universal healthcare program?

The government needs to raise taxes, but that will never happen because their to scared of the voter backlash.

The debt limit increase was meant to cover spending that was already passed with some wiggle room to spare. This isn't newsworthy.

There just seems to be a void of ideas from the Republican party.

-Sun_Tzu-

Oh come now, you know that isn't true. The Republicans had been proposing ideas for months that were getting stonewalled by Obama. As far as this debt ceiling frecas, the GOP was given the mandate to make the stand that they made regarding no new taxes given their margin of victory in terms of turnover in the House.

Not that raising taxes would have helped anyway since we have more debt than there is wealth in existence.

[QUOTE="-Sun_Tzu-"]

There just seems to be a void of ideas from the Republican party.

QuistisTrepe_

Oh come now, you know that isn't true. The Republicans had been proposing ideas for months that were getting stonewalled by Obama. As far as this debt ceiling frecas, the GOP was given the mandate to make the stand that they made regarding no new taxes given their margin of victory in terms of turnover in the House.

Not that raising taxes would have helped anyway since we have more debt than there is wealth in existence.

[QUOTE="QuistisTrepe_"]

[QUOTE="-Sun_Tzu-"]

There just seems to be a void of ideas from the Republican party.

chessmaster1989

Oh come now, you know that isn't true. The Republicans had been proposing ideas for months that were getting stonewalled by Obama. As far as this debt ceiling frecas, the GOP was given the mandate to make the stand that they made regarding no new taxes given their margin of victory in terms of turnover in the House.

Not that raising taxes would have helped anyway since we have more debt than there is wealth in existence.

Were these the same polls that showed Obama's approval sinking to an all-time low?

[QUOTE="chessmaster1989"][QUOTE="QuistisTrepe_"]

Oh come now, you know that isn't true. The Republicans had been proposing ideas for months that were getting stonewalled by Obama. As far as this debt ceiling frecas, the GOP was given the mandate to make the stand that they made regarding no new taxes given their margin of victory in terms of turnover in the House.

Not that raising taxes would have helped anyway since we have more debt than there is wealth in existence.

QuistisTrepe_

Were these the same polls that showed Obama's approval sinking to an all-time low?

[QUOTE="chessmaster1989"][QUOTE="QuistisTrepe_"]

Oh come now, you know that isn't true. The Republicans had been proposing ideas for months that were getting stonewalled by Obama. As far as this debt ceiling frecas, the GOP was given the mandate to make the stand that they made regarding no new taxes given their margin of victory in terms of turnover in the House.

Not that raising taxes would have helped anyway since we have more debt than there is wealth in existence.

QuistisTrepe_

Were these the same polls that showed Obama's approval sinking to an all-time low?

[QUOTE="QuistisTrepe_"]

[QUOTE="chessmaster1989"] A "mandate" which ran completely counter to polls, which suggested a majority of Americans favored a bill that both cut spending and raised revenue through taxes.chessmaster1989

Were these the same polls that showed Obama's approval sinking to an all-time low?

No seriously, how do you account for that if it was supposedly all the Republicans' fault?

[QUOTE="chessmaster1989"][QUOTE="QuistisTrepe_"]

Were these the same polls that showed Obama's approval sinking to an all-time low?

QuistisTrepe_

No seriously, how do you account for that if it was supposedly all the Republicans' fault?

Oh look, and now you're putting words in my mouth. I never said nor do I think it's "all the Republicans' fault," merely that polls suggest that Americans think taxes should have been part of the deficit reduction.

More to the point, policy and politicians are different. You were attempting to compare a policy to a politician, as opposed to a policy to a policy.

[QUOTE="QuistisTrepe_"]

[QUOTE="chessmaster1989"] Nice red herring.chessmaster1989

No seriously, how do you account for that if it was supposedly all the Republicans' fault?

Oh look, and now you're putting words in my mouth. I never said nor do I think it's "all the Republicans' fault," merely that polls suggest that Americans think taxes should have been part of the deficit reduction.

More to the point, policy and politicians are different. You were attempting to compare a policy to a politician, as opposed to a policy to a policy.

Ok, and thanks for clarifying. But that poll suggesting a preference for tax increases screams of short-sightedness and panic from the half of America that doesn't pay federal income tax.