U.S. eats up most of debt limit in one day

$239 billion spike uses up 60% of funding OK’d on Tuesday

www.washingtontimes.com...

U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.

The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.

That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.

We will see a total implosion of the dollar within the next few years.

Obama and the democrats think they are going to be able to put off another debt limit increase until after the next election cycle. I think they are mistaken. I think the criminals in congress will need to raise the limit before the next election cycle.

The US government is completely out of control and is hell bent on destroying what remains of the public's wealth.

Wow. I am speechless. Who is in charge in this country? My god. I know all about the state of affairs, but to use the majority of the new money so quickly. Amazing.

What will the Fed do?

reply to post by mnemeth1


Wow this really helped.
One day? OMFG!!! We're doomed...I thought there was something in there about decreasing our spending too? Oh right that is supposed to be in the following months. See how that worked? They should have decreased spending first. I am in debt so I am going to go out get another credit card for $1,000 and run it up to the limit in one day, if I did that I'd be called a retard. Does that mean the government is full of retards?

ok so they took out that much money to be used does that mean that they have spent this money, I cant imagine that being the case, but I only read wat was written?

I know i know, they plan to put it in the stock market kinda what bush had thought up a while back

somehow, i knew it was too good to be true. the news had prrinted all this oney laundering stuff..government made $16 trillion, unkonwn origins, CEO's making billions off wallstreet, which is driectly linked to secretary of treasury..things like that. this super congress was established, to give us something on the order of a penny in return* as always, we got zip* nada, nothing in return*
facist to me. very facist.

I hope people are not waiting for a run on the banks before withdrawing their life savings, because if they are, the smart ones will have already beaten them to it, leaving them penniless.

[atsimg]http://files.abovetopsecret.com/images/member/44bb9ba5cee1.jpg[/atsimg]

Uh, this was the money that the Treasury had to pay back into the Federal pension funds they stole from between hitting the debt ceiling back in May and the passage of the recent debt bill.

Originally posted by burdman30ott6
Uh, this was the money that the Treasury had to pay back into the Federal pension funds they stole from between hitting the debt ceiling back in May and the passage of the recent debt bill.

edit on 4-8-2011 by burdman30ott6 because: Spelling error

EXACTLY!!!!

Of course.. they called it "accounting tricks". And naturally most Americans fail to realize it's been almost 3 months since we actually hit the debt ceiling. Of course I'm just surprised they paid it back ... in fact, I'm not entirely sure they did. I bet this was money taken from other projects, most likely something defense related since they have the biggest budget. Because the total issued in one day doesn't actually cover the total deficit for the past 3 months.

Markets are crashing all over the world, this means the rich are withdrawing it all and buying gold/commodities. It is the poor people with pensions that suffer this most. 2008 was just the begining but 2011 will make the initial collapse look like childs pocket money. The financial system is abbout to completly implode and unfortunately that brings war on a global scale. I think it is time for me to start preparing my SHTF supplies

Come on now, give Barry a break.
Besides, 60% is still better than 100% and it looks like Obama is really trying to make a "sacrifice".

Let's not forget the extra $23B set aside for 55 more Global Hawk spy drones. But hey, it would create 50 jobs in Cali. Apparently we need to replace the archaic U2's now
Link to Global Research article here

2.8 billion dollars a day is spent on war, they needed the bill to pass to keep military missions going. Anyone else notice how Syria has ramped up since the increase. USA is a joke. Plus I think they believe they will still be spending this much a day on war in 10 years when the debt will be even larger around 24 trillion. Then you have foriegn aid handouts these would have ceased to continue, now the countries that can't make money themselves will still be reliant on US handouts to survive.

Originally posted by MasterAndrew
2.8 billion dollars a day is spent on war, they needed the bill to pass to keep military missions going. Anyone else notice how Syria has ramped up since the increase. USA is a joke. Plus I think they believe they will still be spending this much a day on war in 10 years when the debt will be even larger around 24 trillion. Then you have foriegn aid handouts these would have ceased to continue, now the countries that can't make money themselves will still be reliant on US handouts to survive.

By percentage of Gross Domestic Product the UK gives the most Aid out of all of the world now 0.7% GDP, however the last figures for everybody I can find is from 2008 as you can see the USA is bottom of the league. So before you go bragging about how generous the USA is, why don't you ask yourself why most European countries give more per capita than the USA.