U.S. National Debt Tops Debt Limit

I cannot recall where I read it, believe it might have been an ATS thread from 2006, but the United States (if it continues or increase the amount of debt) will not be able to finance the interest of the debt by 2012.

How long before we start hearing figures in the "quadrillions"?

Trillions are getting kinda boring.

Here's my unsavory contribution...

"Reagan proved deficits don't matter," Dick Cheney told Paul O'Neill during a Cabinet meeting. "We won the (2002) midterms. This is our due."

Now it's the Democrats turn I suppose.

Sure $12 trillion is small beans compared to those tens of trillions in government obligations. In addition to that, maybe the Fed will continue to print many tens of trillions of $ to keep bailing out the myriads of financial institutions that are losing uncounted billions on a regular basis because of derivatives. For a while now it's been all funny/fiat money anyway.

It's only tax payer money... lets throw some more around while everyone is distracted with the underwear bomber...

Government to give GMAC another $3.8 billion

Financial services firm has already received $12.5 billion in taxpayer money

www.msnbc.msn.com...

NEW YORK - The government is providing a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as it struggles with hefty losses in its home mortgage unit.

The Treasury Department says the new aid, which comes from a taxpayer-financed bailout fund, is less than the roughly $6 billion the government had earlier thought GMAC would need to stabilize the company.

It's only a few billion they are giving away... no one really cares right?

They do have a vital interest in saving GM, I suppose.

A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are demanding a solution. What they don't realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt....

theeconomiccollapseblog.com...