Posted 5/16/2011 11:39:00 PM by Douglas

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The United States reached its $14.3 trillion limit on federal borrowing Monday, leaving Congress 11 weeks to raise the threshold or risk a financial panic or another recession.

If it doesn't raise the limit, Congress would have to come up with $738 billion to make up for what it planned to borrow through the end of the fiscal year on Sept. 30. The options are drastic: Cut 40 percent of the budget through September, which might mean defaulting on payments to investors in government bonds; raise taxes immediately; or some combination of the two.

Wow, I never get tired of this story. Thankfully, it doesn't seem like I'll have to, since this happens just about every year. I finally made a tag for it! The details:

In 2010, Congress raised the limit to nearly $14.3 trillion from $12.4 trillion. Three decades ago, the national debt was $908 billion. But Washington spent more than it took in, and the debt rose steadily — surpassing $1 trillion in 1982, then $5 trillion in 1996. It reached $10 trillion in 2008 as the financial crisis and recession dried up tax revenue and as the government spent more on unemployment benefits and other programs.

Sleep tight, kids.

Labels: debt ceiling

Posted 1/28/2010 05:57:00 PM by Douglas

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The U.S. Senate voted narrowly on Thursday to increase the government's borrowing authority to $14.3 trillion, which would allow the Treasury Department to continue servicing the country's spiraling national debt through most of 2010.

Wow, I can't even imagine $14.3 trillion. At some point, you get so far in debt, you'll never recover. But I don't think they're thinking about that.

Previous "debt ceiling adjustments" noted here in 2004, 2005, 2006, and 2007.

Why have a "ceiling" if they can raise it whenever the hell they feel like it?

Labels: debt ceiling

Posted 2/03/2007 04:39:00 PM by Douglas

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President George W. Bush will request slightly more than $100 billion to cover war operations in Iraq and Afghanistan for the rest of this year and an even larger amount for fiscal 2008 that begins on October 1, congressional sources said on Thursday.

Including other items, the request will total "a little over $100 billion," according to the Senate aide. That would come on top of $70 billion Congress already approved for the wars this year

At about $100 billion, the fiscal 2007 emergency request would be the biggest so far.

A $100 Billion here, a $100 Billion there, pretty soon you're going to start talking about real money. Where the hell is Andy when we need him?

Labels: debt ceiling

Posted 3/16/2006 05:44:00 PM by Douglas

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The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes.

The bill passed by a 52-48 vote. The increase to $9 trillion represents about $30,000 for every man, woman and child in the United States. The bill now goes to President Bush for his signature.

Gee, I wonder if he'll sign it?

Not the first time I've brought this up, and with this administration, obviously not the last.

Also, because I'm a dork and I can figure out stuff like this, a continuous stream of $9 Trillion $1 dollar bills would wrap around the equator of the earth more the 34,000 times, and the width of this band of conservatism would be 1.4 miles wide.

Remember folks, and try to say this without laughing. He's a Conservative: A fiscal Conservative. Shit, I can't even type that with a straight face.

Labels: debt ceiling

Posted 12/30/2005 11:56:00 AM by Douglas

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U.S. Treasury Secretary John Snow warned lawmakers on Thursday that a legally set limit on the government's ability to borrow will be hit in mid-February and urged Congress to raise it quickly.

Failure to do so potentially risks throwing the country into its first default in history, Snow warned in what has become virtually an annual rite as U.S. borrowing needs spiral.

"The administration now projects that the statutory debt limit, currently $8.184 trillion, will be reached in mid-February 2006," Snow said in a letter to 21 members of the U.S. House of Representatives and Senate released by Treasury after financial markets had closed.

Not the first time I've repeated myself around here because hey, it bears repeating. China, I hope you're listening and are ready to whip out the checkbook.

Labels: debt ceiling

Posted 11/19/2004 04:38:00 PM by Douglas

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The US House of Representatives voted to raise the debt ceiling by 800 billion dollars, helping Washington avoid running short of operating funds.

By a party-line vote of 208 to 204, lawmakers agreed to increase the level of the US debt to nearly 8.2 trillion dollars, the third massive debt limit increase in as many years.

The vote comes one day after the US Senate, also on a party-line vote, approved a similar measure.

It didn't increase to $800 Billion, it increased by $800 Billion! Consider that when you get the illusion that Republicans are for 'small government' or maintain a sibilance of fiscal conservatism.

Labels: debt ceiling