Debt at $7T

[pseudobrit]

In its daily financial statement released on Wednesday, the Treasury said the U.S. debt subject to a congressionally set limit totaled $7.015 trillion, up from $6.983 trillion on Friday.

...The government debt ceiling stands only a few hundred billion dollars ahead at $7.384 trillion, and Treasury would need Congress's blessing to borrow beyond that. Treasury officials say they expect the limit to be hit sometime between June and October.

I remember when Congress bumped the debt ceiling to over $7T and I thought it ridiculous then.

Turns out Bush will spend every penny the American people will loan him.

Take a look:
$7,015,000,000,000

link (http://news.yahoo.com/news?tmpl=story&u=/nm/20040218/bs_nm/economy_treasury_debt_dc_5)

[Thanatoast]

Not that it'll happen (unless of course the Democrats get a wild hair up their asses), but it would be funny if the government shut down due to lack of funds. The Republicans would crucify them for trying to "destroy the security of the nation" of course. But it could be argued that Republican over-spending caused the problem and that they are to blame for throwing us to the wolves.

[Desertrat]

Congress wil just raise the debt limit, as they so often have done in the past.

I remember when all manner of excitement arose when the limit first hit one trillion--and that wasn't all that long ago.

Don't worry. The debt's gonna get bigger, no matter where the power lies. they gotta keep on buying those votes.

I just hope you guys are out of debt, and have been buying some stocks in energy companies or in gold mines, or bullion...Shoulda gotten into Euros, a year back.

What with China's oil imports rising some 27% in the very recent past, and with all the production in China running commodity prices up, it's gonna be some interesting times ahead. And, OPEC ain't happy that $35 oil is only getting them $20 worth of buying power in Euros...

You can't print paper money in unlimited quantities without it becoming toilet paper.

'Rat

[pseudobrit]

Originally posted by Desertrat
Don't worry. The debt's gonna get bigger, no matter where the power lies.

That's exactly why I worry. The folks who paint themselves as conservative and anti-big government have turned out to be the most radical promoters of largess.

For Christssakes, FDR looks miserly in light of the current administration.

[Desertrat]

pseudobrit, stop and think for a minute: Anybody in their fifties has pretty much grown up since the inception of LBJ's "Great Society" began. Many of them take it for granted that government not only should but actually can solve social problems.

Factor in that Dubya's daddy spent his entire working life involved with government in some form or another. Why, then, would one expect Dubya to truly be "conservative" in his political views, except on a comparative basis?

Being in bed with big business special interest groups is not a conservative deal; many liberals are sharing that mattress. I grant that it's more common among those labelled "conservative", but "more common" doesn't mean "only".

IOW, there are few issues where I'd actually call Bush a conservative in the older usage of that word...

'Rat

[mactastic]

There are few issues where I'd call him compassionate either.;)