Tuesday, April 19, 2011

U.S. Debt Tops $14.3 Trillion for First Time

The proposed $100 billion in cuts dwindled down to $38 billion after the members of Congress didn't have the "balls" to stand up for what was right. It is power over common sense. The $38 billion in spending cuts just covered the $34.54 billion in interest on the debt. We have a multi-trillion dollar budget. What are we spending on that can't be cut? America is on the verge of bankruptcy if we keep continuing to raise the debt ceiling.

(CNSNews.com) - The national debt has passed another historical milestone, topping $14.3 trillion for the first time ever, according to data released by the U.S. Treasury late Monday afternoon.

When the Treasury opened for business on Friday, April 15, according to the Treasury’s Bureau of the Public Debt, the national debt stood at $14.27 trillion ($14,270,792,119,184.89). By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).

Friday’s $34.54-billion jump in the national debt almost equaled the $38.5 billion the Republican House leadership said would be cut from spending for the remainder of this fiscal year by the continuing resolution that the Congress passed on Thursday and President Obama signed Friday.

The federal government is now perilously close to hitting its legal limit on debt.