U. S. Treasury Department report to Congress: U.S debt to rise to $19.6 trillion by 2015.
Despite these unpleasant facts our government continues to spend as if it has extra money in the bank.
- On Sept. 30, 2009, public debt subject to the limit totaled $11.9 trillion with a $12.4 trillion debt ceiling.
- Last February, Congress raised the ceiling on the national debt from $12.4 trillion to $14.2 trillion.
- Since then, the debt has risen to $13.8 trillion — which means Congress will have to raise it yet again within a few months.
- Extension of the Bush tax cuts will add $900 Billion to the national debt (reported by the Assoicated Press).
I hate to be Mr. Scrooge just before Christmas but the national debt is $13.8 Trillion. To avoid a government shutdown Congress will have to raise the current debt limit of $14.2 trillion within a few months. Continuing Bush tax cuts will add to the amount we borrow from China and the rest of the world. Currently the U.S. government borrows more than one-third of the money it spends. America appears to be following the path of Greece and Ireland.
|
A student explains 100 Million Dollar Budget Cut
Trust me, you have to watch this one and I promise you’ll end up smarter in just a minute and thirty-eight seconds. Recently Obama announced that over the next 90-days he is going to work to cut 100-Million dollars of spending out of the Federal Budget. |
Coast Contact 