24 votes

Update: U.S. Borrowing Limit Already Breached By $12B & Counting

The borrowing limit was reached on 1-1-2013. Raising this debt ceiling will be ex post facto in 2 long months from now. By simply neglecting this issue, Congress is in fact already raising the Debt Ceiling. The present rate of increase is about $3.5B/day. If nothing is done by March 1st, the debt ceiling will have been breached by nearly $0.25T. With fiat currency, these are only numbers without value. Does Congress even know that the Debt Ceiling already has been breached? With a Congress without Ron Paul, the answer is no.
See change in Debt Clock:
http://www.usdebtclock.org/

Federal Debt Ceiling (National Debt)
Updated: Jan. 2, 2013 --> Continue

On Dec. 31, 2012, the United States government officially hit its current authorized borrowing limit — also known as the debt ceiling — of about $16.4 trillion. Treasury Secretary Timothy F. Geithner had informed Congress the week before that he will be able to avoid breaching the limit through “extraordinary measures,’' but only for a matter of weeks.

More at:
http://topics.nytimes.com/topics/reference/timestopics/subje...




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Watching The Clock

makes me sick.

skippy

SteveMT's picture

Not watching it makes me sicker.

The debt clock is a reality check, a ticking time bomb for this country's destruction. I hear you though. One can only take so much watching at a time before becoming physically ill.

Appreciated the bump.

Debt doesn't matter....

When we can print the money, what difference does it make?

The budget is meaningless.

SteveMT's picture

It only makes a difference to those with U.S. Dollars.

That is everybody in the world, except those with nothing that are sucking off of the system. For those with nothing, it doesn't matter.

The Money

Where is the money? Should baseball players make more money to pay more tax? lol

donvino