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Thread: US national debt crosses 9 TRILLION FREAKING DOLLARS

  1. #1
    Elite Member Grimmlok's Avatar
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    Thumbs down US national debt crosses 9 TRILLION FREAKING DOLLARS

    WASHINGTON (AP) -- The national debt has hit $9 trillion for the first time.

    The Treasury Department, which issues a daily accounting of the debt, said Wednesday that the debt subject to limit was at $9 trillion on Tuesday. It was $8.996 trillion on Monday.

    Last month, Congress passed and President Bush signed into law an increase in the government's borrowing ceiling to $9.815 trillion. It was the fifth debt limit increase since Bush took office in January 2001. Those increases have totaled $3.865 trillion.

    The administration contends the rising debt reflects such factors as slow economic growth during the 2001 recession, the Sept. 11 attacks and the cost of fighting terrorism.

    Democrats place much of the blame for the exploding debt on Bush's first-term tax cuts, which they say are tilted to the wealthy. The administration says those tax cuts helped to jump-start the economy and resulted in falling budget deficits in recent years.

    The tax cuts are set to expire at the end of 2010. The administration and Republicans in Congress want to see them made permanent; many Democrats would like to see them revamped to provide more benefits to lower and middle-income taxpayers.

    The budget deficit for the 2007 budget year, which ended Sept. 30, was $162.8 billion, the lowest in five years.

    In 2004, the deficit was $413 billion, a record in dollar terms.

    The national debt is the total of the annual budget deficits plus money that the government borrows from the Social Security and other government trust funds.

    The total national debt is actually higher than $9 trillion because it includes borrowing by some agencies that are not covered by the congressional debt limit. That total was $9.086 trillion on Tuesday.

    It took the country from George Washington until Ronald Reagan to reach the first $1 trillion in debt.


    National Debt at Record $9 Trillion: Financial News - Yahoo! Finance
    Sorry, who votes republican again? What great economic policies!
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member litupgirl's Avatar
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    That's it. I'm moving to Canada. How's the weather Grimm?
    Proud Mama....now where's my glass of wine?

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    Elite Member Mariesoleil's Avatar
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    ^^ It's going to snow soon
    "Books are the quietest and most constant of friends; they are the most accessible and wisest of counsellors, and the most patient of teachers."

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    Elite Member Grimmlok's Avatar
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    Crisp and fiscally responsible
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  5. #5
    Elite Member litupgirl's Avatar
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    Music to my financially strapped ears
    Proud Mama....now where's my glass of wine?

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    Elite Member suede's Avatar
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    They should just make drugs and prostitution legal and use the tax to pay off the debt.
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    Elite Member KrisNine's Avatar
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    Repubs...who cares if the country is in the shitter...as long as their pockets are lined!

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    Elite Member nwgirl's Avatar
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    I would like to give a big shout out to my MIL & SIL for helping to vote this guy in (along with Diebold voting machines of course). Seeing as how neither of them can tie their shoes without help, I think it's a great accomplishment that they could even read the ballot they cast.
    "The difference between genius and stupidity is that genius has its limits."

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    Elite Member Grimmlok's Avatar
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    You should do the world a favor and just put a bullet in each of their heads.

    Seriously.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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