US debt to hit proposed ceiling by end-February!

US debt to hit proposed ceiling by end-February!
In December, both houses agreed to increase the debt limit by an interim amount of 290 billion dollars
to ensure the US government would continue to function.
AFP) – 10 hours ago
WASHINGTON — The US debt is on track to hit a congressionally proposed debt ceiling of 14.3 trillion dollars
by the end of February Treasury said Wednesday, a day ahead of a key vote to raise it to that level.
"Based on current projections, Treasury expects to reach the debt ceiling as early as the end of February

www.google.com...

We are now officially in Deep Doo Doo

As Mark Twain once said, there are three kinds of lies: “lies, damn lies, and statistics.”

The Gov has passed with flying colors

reply to post by Bejing


I'm sure obama will fix this with a staged town hall.No biggy

Ok, yes this looks bad and puts us in a bad situation. BUT, I think calling for a mandatory halt for 2 years of ALL Social programs, Wars and unnecessary spending. We could pay down close to all of that. It would hurt, but in turn our children will have a future. Ah what am I saying, this will never happen, we will just spend until the mountain collapses on the back of the american worker.

wow...you know i would say that we would have a new revolution if things got that bad, but i have to look at this seriously a majority of adult americans would never do that though a majority of people my age would(15-18) but alot of people are to young to have a violent revolution..maybe a non-violent one, but i doubt it. Anyway im curious to see what will happen when our debt gets that bad

Sure they will just keep printing money and making up stuff so it doesnt collappse till hes out of office in 2012 and than they will dump it on the Republican

reply to post by USamf


I have an idea, instead of only limiting the social programs, how about NOT hiring anymore WORTHLESS government people.

How about across the board pay cuts to ALL government employees?

How about across the board layoffs to ALL government departments?

I am so sick of this government!

reply to post by endisnighe


That is also a good idea. I just don't want to see this beautiful nation fall in my lifetime. I want to be able to have a house, family etc, just like my parents and grandparents did, and not have to worry about getting healthcare or national debt.

reply to post by Bejing


They must mean the end of February of NEXT YEAR. The current debt is 12.4 trillion. The debt may be soaring but definitely not anywhere near approaching 15% per month. +15% from now until next February seems a bit optimistic... I'd expect closer to +20%.

Corporations have already done pretty much all the lay-offs they can do. Now its time for the US to coast on a dramatic and rising pool of debt until we drown ourselves. Hopefully the US federal government will be broken up into 50 pieces when they go bust and we revert to the way we started.

If the US government wants a war, they can learn to SAVE UP! Something they'll apparently not ever do without being replaced entirely.

I hate to betray my ignorance on the subject.(In all fairness im not American) but what happens when you hit the ceiling point of debt? And what happens if America declares bankruptcy, will the banks foreclose the country?

And while im on it If America is a sovereign nation why does it need a privately owned bank to print its money for it. Are Americans really that lazy? Just kick em out. Claim sovereignty and print your own money. Money is just a symbol which makes bartering easier and more convenient. We all know there is not enough assets to cover allthe money in existence. Its just another tool to keep the populace enslaved. And so far they are doing a hell of a good job.

But if someone can please explain it would be much appreciated.

Peace, love n respect

[edit on 4-2-2010 by demoncleaner]

reply to post by demoncleaner
I could see the Gov declaring extended Bank Holidays.
Funds in your account would be frozen (no withdrawals) for the duration of the holiday. So, you could be relying on whatever cash you happen to have in your pocket for some indefinite period, or you might have to resort to bartering, or asking for credit and probably getting gouged.
Governments have no alternative but to take over and recapitalize the banks. This will mean huge losses to shareholders, but they are losing already. The state is now at the heart of the financial system. We are at the end of the delusion that an economy can be built on debt. It is payback time. Unfortunately we are all liable.

Originally posted by truthquest
reply to post by Bejing

 

They must mean the end of February of NEXT YEAR. The current debt is 12.4 trillion. The debt may be soaring but definitely not anywhere near approaching 15% per month. +15% from now until next February seems a bit optimistic... I'd expect closer to +20%.

I've been confused by this article for the past couple of days for this same reason. The only thing I can think of is that either they are talking about Feb of 2011, the government is calculating huge income tax refunds in the month of Feb 2010, or there is some massive expenditure which is coming due by the end of this month which the American people are being kept in the dark over. I really wish they'd clarify this issue because it boggles the mind to think that the Feds could burn through nearly 2 Trillion dollars in less than a month without some significant explaining to the taxpayers going on.