The Debt Star

UPDATE: I had the total wrong – it was 15.22 trillion. A billion here and a billion there, what’s a few billion among friends when the debt is 100.3% of GDP…

At the end of 2011, the US public debt stood at  15.094 trillion and Obama wants to raise the debt ceiling another 1.2 trillion. Anybody remember the magic cuts and “enhancements” proposed by the Debt Committee?

Yeah, me neither…

The U.S. debt will come within $100 billion of its ceiling on Friday, and the Treasury Department anticipates the Obama administration will begin steps to seek a $1.2 trillion increase in the limit.

A senior Treasury official on Tuesday told reporters the administration will need to let Congress know when the debt gets within $100 billion of the ceiling, expected to happen by the close of business Friday. Currently, the debt limit is $15.194 trillion, and it would be $16.394 trillion after an increase.

Under the Budget Control Act of 2011, the president submits a written certification to Congress when the debt subject to the limit is within $100 billion. Congress can consider “a joint resolution of disapproval.” If such a resolution is not enacted within 15 calendar days, the debt limit will be increased. If a resolution is enacted within the 15 days, the debt limit will not be increased. If Congress adopted such a resolution, the president could veto it.

Under the law and assuming a resolution isn’t enacted, the debt limit would be increased on Jan. 14. The Treasury anticipates the debt limit will not be reached again until later in 2012.

The debt subject to limit increases significantly at the end of every year as a result of certain payments the Treasury must make to federal trust funds. A number of large interest payments must be paid to various trust funds, such as the Social Security trust funds.

Layover in Amsterdam…Morning, everybody…

18 thoughts on “The Debt Star

  1. I’d like to know what happened to the TEA Party crowed we sent to STOP THIS! If that tide of TEA Party reps didn’t get the message to the Washington establishment, there are very few options left to us that will. I am starting to hear the words of Jefferson ringing in my ears…

  2. Wonder if any of the candidates will bring this issue up….. Hey, M., are you so happy your guy won? Ironically, I sincerely believe the attacks will begin on Santorum and not Romney. That was just way too close not to notice. At least, I hope people are noticing.

    Not to be a Debbie Downer, but I get depressed to think about Paul running as a third-party candidate. I think this could lead to another four years of Obama.

    On a happier note, top o the mornin to you, Guv’na!

    • More indirect evidence to support the notion that there is still a central control over the two Parties. Given his record, Mitt will essentially be the same as Obam, who has proven to pretty much be the same as “W,” who proved to be about the same as Clinton, who was – now that history has reported in – essentially an extension of Bush Sr. The only places where they all seem to differ is in the social/Party issues, but when we look at the spending and policy issues, they are all on the same path.

  3. So if it came down to Romney (R), Obama (D), Paul (I), where would the Rep. base go? Better question: Where should it go? The Independent base and some Dems. will likely lean towards Paul. The die-hard Reps will go Romney. The die-hard Dems will go Obama. What are we gonna get? How do you play this little voting game?

    • Tough call, but I believe it’s all “cart-before-the-horse” thinking. Wouldn’t it just be best to figure out what you believe as an individual and then vote your conscience: to vote for the candidate who best represents what YOU want for the nation?

      Yeah, I know: never work. To hell with the nation, we need to be practical and vote for the guy who will win so “our side” can gain the White House. We’ll fix it after that (yeah, right. IN A PIG’S EYE we will).

      [not attacking you, Kells, but aiming most of this at those who think this way and who will, for preservation of their own pride and/or fear, will drag this nation into the abyss in the name of “pragmatism”)

  4. I suppose it should be better to target Nelson and get that Senate seat…. Good Grief! I have never felt this “floundering” feeling before about a presidential decision. I’ve always felt a strong conviction about my choice in voting, and now, now, I feel, I feel…. do we play the game to win? Surely, we must. If that is the case, it may come down to Paul taking out Obama. Perhaps, Santorum could gain more momentum than Romney. I suppose I am thinking too hard about this. I just don’t want it to be another 1996.

    • Let me ask a serious question (and others should feel free to offer their thoughts, please). What did we “win” with “W?” This is not a smart ass question, I mean, looking back, if he had NOT had an “R” at the end of his name, would you have REALLY supported his policies?

  5. Well, pick your poison. Americans are way too scared to vote for a Conservative woman. Hell, they’re way too scared to vote for a Liberal woman. Quoi envy. Nuff said.
    Someone who actually IS a Conservative is labeled as a moonbat. Real issues ARE frightening and it’s easier to turn the other way.
    So back to picking your poison and falling in line with everyone else that doesn’t give a rat’s ass; um, except the ones that are benefiting from any administration that will suckle them throughout their lives. They damn sure give a rat’s ass and they get a vote right along with their paycheck. Sweet, huh?
    I’m really having a hard time picking my poison. I think I need to talk to Uncle Bud. Unfortunately, I gotta go to Tuna. Tuna, Texas, that is.

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