$78.8 Trillion; United States Debt Obligations exceed world GDP

[pkd]

 

[devd]

Wrong statement its under 10 trillion.

 

[TaimiKhan]

Wrong statement its under 10 trillion.

First of all the report is from a US news channel, so they won't be telling lies about their own country's economy.

Plus the figure is not of the debt owed which you are talking about, that is shown to be around 8trillion$ figure, see the other share of the money owed by the US govt to different other sectors, the total figure of 78triilion is by combining all of the monies owed by the US govt.

 

[Dawkins]

First of all the report is from a US news channel, so they won't be telling lies about their own country's economy.

Plus the figure is not of the debt owed which you are talking about, that is shown to be around 8trillion$ figure, see the other share of the money owed by the US govt to different other sectors, the total figure of 78triilion is by combining all of the monies owed by the US govt.

Its Glenn Beck, not some Princeton/Harvard professor thats presenting it on the famous faux news. The expert he's talking to is Stephen Moore, a regular contributor to the national review - the most widely read conservative magazine. If u believe those conservatives, they'll send whatever number of troops in Afghanistan for whatever number of years .. For these guys, debt was not a big deal as long as Bush & Cheney were using it for the 'war on terror'.

The big chunk of $55 billion is 'future' obligations, meaning the status quo remains i.e. govt provides social security & medicare along with tax cuts that Bush passed early in his first term. Which obviously is not the future, the rich will be taxed higher than they are beginning this president's term itself.

 

[K^se]

ROFL "FOX NEWS" that's a comedy...It's Pro-RightWing Conservatives, mostly Corporate Media... They put a fools hysteria into the naive publics eye.. Our Debt is actually a little over 11.3 Trillion..

-It's pretty funny that people will actually believe it's over 78 Trillion, and going to blame it on the current Administration and when the 2012 elections come around were going to have another Bush Protege in the WhiteHouse..

 

[TaimiKhan]

Its Glenn Beck, not some Princeton/Harvard professor thats presenting it on the famous faux news. The expert he's talking to is Stephen Moore, a regular contributor to the national review - the most widely read conservative magazine. If u believe those conservatives, they'll send whatever number of troops in Afghanistan for whatever number of years .. For these guys, debt was not a big deal as long as Bush & Cheney were using it for the 'war on terror'.

The big chunk of $55 billion is 'future' obligations, meaning the status quo remains i.e. govt provides social security & medicare along with tax cuts that Bush passed early in his first term. Which obviously is not the future, the rich will be taxed higher than they are beginning this president's term itself.

Well i know how reliable Fox News is, but what i was countering to the other guy was that the figure is not just the debt which he was referring too, the figure being quoted in this news item was a mixture of different segments, which off course are debatable as most of it are future obligations having very less affect on today. That was my aim, the other thing as you mentioned are there off course, but my intention wasn't to go off topic as no idea who these guys are.

Anyway, thanks for clarifying who these guys are.

 

[K^se]

ROFL "FOX NEWS" that's a comedy run Pro-RightWing Conservatives, mostly all over News Networks are run by Corporate Media..FOX is the worst of them all, they spute out complete nonsense that the naive public believes.. Our current debt is a little over 11.3 Trillion, but its going to grow to 13.3 trillion soon after they supposedly pass the new Healthcare reform bill.. But thats another topic..

-In conclusion of all the idiots that watch FOX "news" lol..they are going to blame the current administration for it, and come 2012 elections were going to have a Bush Protege again in the WhiteHouse.. Can't wait be glad world -_-"

 

[waraich66]

December 16, 2009 4:03 PM
U.S. National Debt Tops Debt Limit

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Posted by Mark Knoller
(AP)
Updated 5:45 p.m. ET

The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.

Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.)

Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections.

The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.

The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion.

The Debt figure goes up and down on a daily basis based on government borrowing and revenue. Technically, not all of the National Debt is subject to the Debt Limit - a small percentage is exempt.

 

[K^se]

Oops I posted Twice, Routing problems :S..

 

[gambit]

ROFL "FOX NEWS" that's a comedy run Pro-RightWing Conservatives, mostly all over News Networks are run by Corporate Media..FOX is the worst of them all, they spute out complete nonsense that the naive public believes.. Our current debt is a little over 11.3 Trillion, but its going to grow to 13.3 trillion soon after they supposedly pass the new Healthcare reform bill.. But thats another topic..

-In conclusion of all the idiots that watch FOX "news" lol..they are going to blame the current administration for it, and come 2012 elections were going to have a Bush Protege again in the WhiteHouse.. Can't wait be glad world -_-"

If the public is that naive, the public would believe those other 'complete nonsense' from Pro-Leftwing Liberals, correct? Or are you saying that only Fox is 'complete nonsense' while the others are honest, fair and balance?

 

[K^se]

Since I made a type it should have been "other" not "over", yeah mostly all if not all our Media is run by Corporate Media, I don't watch the news because it's never balanced and fair, if you believe we actually have free speech and liberty in this country than you're the epitome of that non-sense.. No news Network is fair, all run by the Jewish lobby in our government, that support Zionist Rule over this world, and don't tell me that Israel listens to us, when it fact it's them boning us in every possibly way..Since your soldier I respect what you do is greatly, I Thank You for what you did for our country, but I'll be damned if it's in the interest of others rather than ours..

*Notably examples:
-Afghanistan a lost cause, the country which Kingdoms have fallen, Greeks,Arabs,Mongols,British,the Soviets, now it's leading to our Downfall..
-Iraq, please nice raking in your blood oil gentleman, now you can't leave..Why do we as a nation have the right to intervene in other peoples governments? It's not our business and we shouldn't make it to be..
-I believe 9/11 was inside Job by CIA/MOSAD in order to have foothold in the next rich region of Central Asia, in 20 years Time the natural resource of the Middle East will be depleted..So were trying to establish a foothold in Central Asian trying to Connect East and West.. We're trying to establish a foothold in Pakistan well see how that turns how, I won't put my thoughts here in fear it might get deleted..Only obstacle in here is Iran a Corridor that also links East to Western Europe..

-Hey man, I'm entitled to my own Opinion, it's a free country isn't? ;D

 

[Conqueror]

Listen to the cracking sound of Demise of Empire of 19th Century. USA is going down, congratulations Americans, you did a great job by putting George W. Bush on the chair and fighting War Against Terrorism. Obama isn't the change he promised. Zionists are taking hold of you and they are clinching America more and more, every coming day.. and I know, you will keep sleeping. Sweet Dreams.