Gold at $1500. Dollar at a 15 month low. Gas at $4 a gallon. Food prices rising fast. Over 400,000 unemployment claims per week. 9% unemployment rate. 3 ongoing wars. More people than ever on food stamps. Rising homeless rate. Poverty on the rise. Social security going into the red for the first time. Debt exploding at unprecedented levels. WHEN ARE LIBERALS GOING TO GIVE UP ON THIS CLOWN AND HIS FAILED POLICIES.
It is an opportune time for the GOP stand ground and not allow this government bankrupt this country. Hopefully, the GOP can redeem themselves for caving in and settling for a $38 billion spending cut in the 2011 budget. If the GOP screw up on the debt ceiling, they don't deserve our support in 2012.
(CNSNews.com) - Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.
As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $ 14.268365 trillion.
This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.
In fact, in the past six days, the debt has increased at a far faster pace than either the $4.03 billion per day average suggested by Secretary Geithner or the $4.5 billion per day that the Treasury has increased the debt since Obama became president. At the close of business last Wednesday, the debt subject to the limit was $ 14.211984 trillion--or $56.381 less than the debt recorded at the close of business Tuesday.
In other words, in the six days of Thursday, Friday, Saturday, Sunday, Monday, Tuesday, the national debt increased $56.381 billion---or almost $9.4 billion per day.
At that pace, the Treasury would exhaust its $25.635 in remaining borrowing authority in less than 3 days.