US blows out $16.7 trillion debt limit

[Syrian Lion]

US blows out $16.7 trillion debt limit
​

The US Treasury has already exceeded the federal legal borrowing limit of $16.7 trillion in May. That signals the main structural problems remain unresolved putting at risk the fragile recovery.

The country’s outstanding public debt is already $38.82 million above the statuary debt ceiling and now at $16,738,220,000,000.00, according to Treasury data.

​

Christopher Weafer from the Economist Macro Advisory Consultancy says the numbers show “that the debt issue along with the deficit is two very structural problems in the US that remain unresolved and without any clear mechanism on how they are going to be resolved”.

“In the short term it doesn’t cause any immediate crisis and that’s why I guess the news is not widely covered, ” Weafer told RT.

The American economy grew at 1.8 percent during the first three months of the year, lower than its 2.5 percent average pace during the last two decades. The unemployment rate, at 7.6 percent in June, remains above its 6 percent average during the period, Reuter’s reports.

Despite the US Fed and politicians are speaking about recovery, that US economy which is picking up and looking stronger next year, the unsolved debt and deficit issues may reverse the process, Weafer says.

“The US budget deficit has only been twitted down by a few hundred million dollars. It’s still massively in deficit, and therefore the amount that the US government needs to borrow to fund that is still rising, so we’ve reached this technical limit and it will go higher. These are issues that still need to be resolved and they will determine whether or not the pace of recovery can be expanded or whether it will be temporary and reverse next year.”

On Thursday President Barack Obama criticized House Republicans for demanding conditions on raising the US debt ceiling as he tries to shape the coming congressional debate over the nation’s budget priorities, Reuters reports. Obama accused Republicans of skirting responsibility to “pay the country’s bills” and refusing to spend for needed investments in education, energy and research.

“That’s not an economic plan,” Reuters quotes Obama. “That’s just being a deadbeat.”

House Speaker John Boehner earlier this week said Republicans won’t agree to raise the debt ceiling without spending cuts. The current limit was expected to be reached sometime between October and December, according to Reuters.

In the debt ceiling debate two years ago, lawmakers and the White House battled for months before Obama signed an increase into law on Aug. 2, 2011, the day the Treasury Department warned that US borrowing authority would expire, Reuters reports.

US blows out $16.7 trillion debt limit ? RT Business

 

[Chinese-Dragon]

If you have a large and consistent trade deficit and budget deficit, then of course your debt will only keep increasing. Since you have to borrow money to finance those deficits.

 

[Beast]

US shall stop its pivotal Strategy in Asia... The US basically do not have the financial to fund such a move. It needs fresh troops deployment. Build new bases and most importantly, you need to feed the allies who support such move. US shall mouth ball 4 CVN and cut down a dozen number of destroyers.

That will save the America.

 

[xdrive]

It obviously does, it's called borrowing which it is already doing and will keep doing.

 

[VelocuR]

PayPal Credits $92 Quadrillion To Man By Accident

It's not too often you see the word "quadrillionaire" in a headline. Actually, probably never, considering Chris Reynolds of Media, Penn., was the first man to ever be one -- albeit very, very briefly. Reynolds opened his PayPal statement this month to find he had been credited $92,233,720,368,547,800.

As ABC News explains, his account read "-92,233,720,368,547,800.00," which represented not a negative balance but a credit. But as the saying goes, his good fortune was fleeting: He logged on to find his balance had been reverted to zero.

PayPal addressed the mishap yesterday.

"This was obviously an error and we appreciate that Mr. Reynolds understands this was the case," PayPal told the BBC.

As a thank you for that understanding, PayPal has offered to make a donation to the charity of Reynolds' choice. But what PayPal told Reynolds had to smart a bit: It apologized for the "inconvenience," he says. Turns out it's an inconvenience for the rest of us, too: Had the balance been a correct one, Reynolds tells the Philadelphia Daily News he would have used it to "pay the national debt down. Then I would buy the Phillies, if I could get a great price."

In other tales of riches denied, read about inventors who saw no windfall from their big idea on Newser, a USA TODAY content partner providing general news, commentary and coverage from around the Web. Its content is produced independently of USA TODAY.


Is this true, does Paypal have more than $92 Quadrillion than $16 Trillion debt?

PayPal makes man a quadrillionaire -- by accident

 

[Abii]

PayPal Credits $92 Quadrillion To Man By Accident

It's not too often you see the word "quadrillionaire" in a headline. Actually, probably never, considering Chris Reynolds of Media, Penn., was the first man to ever be one -- albeit very, very briefly. Reynolds opened his PayPal statement this month to find he had been credited $92,233,720,368,547,800.

As ABC News explains, his account read "-92,233,720,368,547,800.00," which represented not a negative balance but a credit. But as the saying goes, his good fortune was fleeting: He logged on to find his balance had been reverted to zero.

PayPal addressed the mishap yesterday.

"This was obviously an error and we appreciate that Mr. Reynolds understands this was the case," PayPal told the BBC.

As a thank you for that understanding, PayPal has offered to make a donation to the charity of Reynolds' choice. But what PayPal told Reynolds had to smart a bit: It apologized for the "inconvenience," he says. Turns out it's an inconvenience for the rest of us, too: Had the balance been a correct one, Reynolds tells the Philadelphia Daily News he would have used it to "pay the national debt down. Then I would buy the Phillies, if I could get a great price."

In other tales of riches denied, read about inventors who saw no windfall from their big idea on Newser, a USA TODAY content partner providing general news, commentary and coverage from around the Web. Its content is produced independently of USA TODAY.


Is this true, does Paypal have more than $92 Quadrillion than $16 Trillion debt?

PayPal makes man a quadrillionaire -- by accident

WTF does this post have anything to do with this thread?

 

[anonymus]

The country’s outstanding public debt is already $38.82 million above the statuary debt ceiling and now at $16,738,220,000,000.00, according to Treasury data.

Where is the data in support?

Even your link points out to a lower debt.

 

[Yzd Khalifa]

US shall stop its pivotal Strategy in Asia... The US basically do not have the financial to fund such a move. It needs fresh troops deployment. Build new bases and most importantly, you need to feed the allies who support such move. US shall mouth ball 4 CVN and cut down a dozen number of destroyers.

That will save the America.

Pivotal strategy is one factor out of 10. The US might need to do further budget cuts in the long run to sustain its economic growth, and all.

 

[Gandhi G in da house]

WTF does this post have anything to do with this thread?

 

[Snowden]

The US is a declining empire.

 

[DarkPrince]

The US is a declining empire.

no empire lasts forever.

 

[Azazel]

Where is the data in support?

Even your link points out to a lower debt.

U.S. National Debt Clock : Real Time

 

[Ghareeb_Da_Baal]

The Top 5 Steakhouses in America
Steaks are big business.
More than 900 million steaks were consumed over the last year in American restaurants, according to The NPD
Group/CREST. The Daily Ticker asked chef Allison Fishman-Task -- host of “Blue Ribbon Hunter” on Yahoo! and author of
the upcoming book “Cooking Light Lighten Up, America!” -- to rank the best steakhouses in the country. With thousands of
places to choose from, Fishman-Task selected four venerable steakhouses: Keens, Peter Luger, Bern’s Steak House, and
Ruth’s Chris (RUTH) plus one newcomer to the scene: Chicago Cut.
Related: July 4th BBQ Guide: The 2 Most Important Tips for Finding a Great Steak
These steakhouses not only delivered delicious, juicy steaks, but also the right touch of ambiance and local flavor, elements
that are nearly as important as the actual steak, says Fishman-Task. At Peter Luger, the Brooklyn staple that's been serving
steaks for 125 years, “surly waiters” take orders from customers sitting in stiff wooden chairs, and this austere approach has
become almost as legendary as the food Peter Luger serves. Chicago Cut Steakhouse, located on the Chicago River, may only
be three years old but its ultramodern take on the traditional steakhouse has won over locals and steak connoisseurs, says
Fishman-Task. Chef Bill Rodgers of Keens, located in midtown Manhattan, won over Fishman-Task’s heart with his “starrynight” marbling steaks -- bursts of fat sprinkled throughout the cut to flavor and lubricate the meat.
Related: Steakhouse Secrets for Making Perfect Steak
For people seeking a great-tasting steak a little closer to home, Fishman-Task says there is one telltale sign for separating the
good steakhouses from the mediocre.
“You know it’s a good steakhouse if there’s a dry aging room,” she explains. “Definitely go for the dry aged steaks. The steak
loses some of its water content but develops impeccable flavor.”
Wholesale beef prices reached a record high in May, according to government data. We compared the cost of an 8oz. filet
mignon at the five steakhouses that made our list. The results were remarkably consistent, ranging from $38-$42. (Note:
Search Finance Search Web SSiiggnn IInn Mail
Home Mail News Sports Finance Weather Games Groups Answers Flickr MorePeter Luger does not serve filet mignon.)
Tell Us What You Think!
Got a topic you’d like covered? Have a guest you’d like to see interviewed? Send an email to: thedailyticker@yahoo.com.
You can also look us up on Twitter and Facebook.
More from The Daily Ticker:
Home Flippers Come Roaring Back
The Secret to Snuggie's Success Revealed
Whalen: "We Went Way Too Far With Dodd-Frank"

 

[jhungary]

I have read somewhere a long time ago that

"If each US Citizens gave $420/month for a period of 10 years" It will free US of debt.

While it's true and $420 is not any kind of big number to pay, but who will unconditionally surrender their own money?
Will US goes broke? Well, it will if US Citizens can no longer afford to spare $420 a month for a period of 10 years. Apparently we have better things to do than gave our Federal Government $420 a month, for a period of 10 years.

So where have you been spending $420 a months? Australian Government pay me more than double for sitting on my arse doing nothing beside racking up my HECS debt

Don't ask me for source, I forgot where this piece come from a long time ago

 

[Indianpatriot1]

It obviously does, it's called borrowing which it is already doing and will keep doing.

And printing Dollars. The only currency you can print at will and buy whatever you fancy.