WASHINGTON, Sept. 6, 2007
Brother, Can You Spare $9 Trillion?
Mark Knoller On The Nation's Historic, And Rising, Debt
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Few took notice, but for the first time in U.S. history last Friday, the national debt hit an all-time high of $9 trillion.
To be exact, the total liabilities of the U.S. Government hit $9,005,648,561,262.70, according to the Bureau of the Public Debt at the Treasury Department.
Numerically, that’s in excess of the debt ceiling set by Congress, which stands at $8.965 trillion.
Some components of the national debt are excluded from the debt ceiling calculation.
But had it truly been reached, the Treasury Department would be barred from selling any more bonds, notes and other securities until Congress raises the limit.
Treasury Secretary Henry Paulson served notice on Congress in July that he expects the U.S. Government to bump into the debt ceiling in early October and that lawmakers need to raise the ceiling before then.
No official notice of the national debt milestone was taken by the White House. Understandably. It’s an embarrassingly large figure for a president who claims to be fiscally-conservative to have to explain.
Mr. Bush often boasts about his commitment to fiscal restraint, and trumpets his efforts to bring down the annual federal deficit from its all-time high of $413 billion in 2004. The Administration forecasts a deficit this year of $205 billion. The forecast from the Congressional Budget Office is lower still at $158 billion.
But Mr. Bush almost never mentions the national debt. On the day he took office, the debt stood at $5.727 trillion. That means it has increased by 57 percent on his watch. So far.
And it’s not just the size of the debt that’s historic. So too is the amount taxpayers must pay annually in interest payments on $9 trillion in borrowed funds.
Last year, the interest on the debt exceeded $405 billion dollars. This year’s interest payments will be even greater.
Because of the ebb and flow of revenues and liabilities, the size of the national debt changes daily. It fell slightly beneath the $9 trillion mark on Tuesday, but it won’t stay there long.
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See all 152 CommentsJust how do you turn record surpluses into record deficits? This is the real legacy of the Bu$h presidency and the Republican majority. They came to Washington saying that our government just didn''t work. When they got into power, they proved it by charging up the national credit card and bankrupting the country.
If the so-called conservative economic policies of Bu$hco are sound, then why do we have to keep borrowing money from China and Saudi Arabia to make ends meet? Tax breaks for the wealthiest Americans were supposed to "trickle down". The only thing trickling down is the tab for the drunken party that Republicans have had while in power.
The U.S. Government is printing millions of $100.00 bills to reduce the debt.
"But Mr. Bush almost never mentions the national debt. On the day he took office, the debt stood at $5.727 trillion. That means it has increased by 57 percent on his watch. So far."
That is $30,019.00 for every person in the US. The US will NEVER, NEVER get out of debt. There is no greater threat to the US than this debt.
Word on the street is that Mr. Bush will declare bankruptcy for the corporate Federal Government in late 2008. Bush, being an "MBA" and a "Millionaire" knows this is the only way out.
And people follow these guys like lemmings over a cliff, dragging all of us with you.
For the conservatives/neocons:
What do you think the implications of owing countries like China and Saudi Arabia trillions of dollars?
U.S. Economy: Expansion Was Faster Than Estimated
http://www.bloomberg.com/apps/news?pid=20601087&sid=aP3CFLmKC2CQ&refer=worldwide
Deficit Falls to $205 Billion
http://www.breitbart.com/article.php?id=D8QAD5LG1&show_article=1
Good Thing We Cut Taxes
http://ezraklein.typepad.com/blog/2006/09/good_thing_we_c.html
Don''t Just Cut Taxes - Cut Spending
http://www.heritage.org/Press/Commentary/ed021802.cfm?RenderforPrint=1
The greatest economic boom ever
Just how red-hot is the current worldwide expansion? "This is far and away the strongest global economy I''ve seen in my business lifetime," U.S. Treasury Secretary Hank Paulson declared on a recent visit to Fortune''s offices.
http://money.cnn.com/magazines/fortune/fortune_archive/2007/07/23/100134937/index.htm?section=money_latest
Isn''t that a lot like believing it when a Hummer salesman tells you the price of gas can only go down?
this is a very serious problem.. high debt owing... one of the largest of all countries... a slowing economy... homes going for forclosure... a war that costs how much a day... and poor government spending...
this really equates to a serious economic colaps in the very near future...
i am not really a democrat or republican... but this is what really needs to be done... on the next vote... don''t vote for the party... vote for the person...
vote for the person who is not going to make the country better... but who is going to best help sestain the problems of the next depression about to be faced...
there is no ifs ands or buts.. it is going to happen and it is going to put the last one to shame...
First, Congress has the power of the purse. They alone allocate money to be spent, not the president. If you are confused by this, go read the constitution.
Second, who cares how far in debt we go. I would like to see Saudi Arabia try to collect. In the end we''re the one with the biggest (and most) guns.
Part of the national debt is owed to Social Security.
I will be relieved when he leaves the White House. He is fiscaly irresponsibile
FINALLY THE NEO CON PRESS IS COVERING THE REAL STORY
And folks realize that China bought 1.3 Trillion of this recently and has threatened our Countries security directly by selling it off as cheap debt, which will hit our economy and those 401K and Pension equity really hard.
If you are worried about your home value dropping, add your 401K and Pension equity volatility to this Presidents reckless myopic failed leadership.
Imagine:
Home prices decline about 7 percent so far
401K and Pension equity drop by projection of 40 percent if China pulls and ENRON
Soc Sec trust fund bankrupt just when the pay out obligation is due
Thousand of boomer going of the Tax rolls as they retire next ten years
A crumbling National infrastructure whose decline has been elevated by Weather disasters
A HUGE debt with outrageous interest due for a war with one small ME country
Discretionary spending 40 percent of the Tax revenues passed out to political donors for their interest not our countries benefit
(202) 224-3121 for the Senate, and (202) 225-3121 for the House
And people follow these guys like lemmings over a cliff, dragging all of us with you.
Posted by Dogband at 11:35 AM : Sep 06, 2007
sure beats demonic-rat dimmy kar-ter....
double digit inflation, double digit unemployment, double digit interest mortgage rates.... good one dimmy....
Posted by CBS4me3 at 11:57 AM : Sep 06, 2007
hahahahahahaha
let them try.... lol
First, Congress has the power of the purse. They alone allocate money to be spent, not the president. If you are confused by this, go read the constitution.
Second, who cares how far in debt we go. I would like to see Saudi Arabia try to collect. In the end we''''re the one with the biggest (and most) guns.
Posted by bthrasher102 at 11:53 AM : Sep 06, 2007
exactly...
cbscrash07
If you lived well for 6 years by borrowing a huge amount of money and charging up all your credit cards, would you consider yourself successful? Is that an economic boom time for you? The bill always comes due with interest. The only real boom has been for the rich. The "trickle" in trickle down economics is just urine.
Yes, Congress has the power of the purse. After 6 years of Bush and a Republican Congressional majority, we''ve raised the deficit by 57%. If you think bigger guns will protect us from our creditors, then you are incredibly ignorant and naive. If we don''t pay our debts then the whole economy falls apart.
An insolvent nation has lost it''s independence. It''s a toadie to it''s bankers.
For these people out there that think that since we are one of the super powers in the world and that since we have the biggest guns ect... that when the bill comes due that we can just kill whoever sends the bill....
How idiotic.
For example: Let''s assume that you have the biggest house on the block, a large number of guns and a few bombs.
Ok, lets say that the bank needs your morgage payment, the electric company needs your monthly payment. So if you use the same mentality just shoot''m up and they''ll forget about the bill... How many of you out there think that will work?
None hopefully, the bank would foreclose on you nice big house, and the electric company would turn off the power. It''s the same with the national debt, you can''t pay it off by just shooting up people, you have to balance the budget, reduce spending and in some cases raise taxes.
Bush has done nothing to balance the budget, he has put in place a tax cut, and increased spending to an all time high....no wonder we have a national debt of historic proportions.
Two points
1) Dum%u2026%u2026%u2026%u2026%u2026%u2026tax cuts deferred tax increases, and a 50 percent increase in government across the board with no corresponding tax revenue, corporate welfare, oil giveaways, farm subsides to millionaires, 1.5 Trillion spent on Iraq, Giveaways to wealthy countries, corrupt incompetent irresponsible elected representation, a political party taken over by crooks and interest groups who believe themselves on par with the American People are the culprits
and
2) Dummer%u2026%u2026%u2026.. and your reference to Saudi who is a bit player is dishonest, China has already threatened the US with and economic Nuclear Option if Congress attempt to enact trade and safety requirements and clearly the economist have projected a 50 dive in equity if they do
These issues are not debatable, they also are not not knowns, any representation of factual difference is a lie, and this debt is the biggest Threat to our country and our way of life.
This GOP propaganda is treasonous, reckless and irresponsible.
We read your message the first 10 times you posted it, not need to keep posting the same message over and over. You just make yourself look stupid.
3 presidents gave us almost 6 trillion in national debt(Reagan, Bush and Bush).
This sure isn''t your grandfather''s GOP.
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