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U.S. National Debt Reaching $13 Trillion

U.S. National Debt Reaching $13 Trillion – $1 Quadrillion by 2060?
Current Debt: $12,994,887,333,472

http://www.youtube.com/watch?v=bovaCrxJpTE

32 States Now Officially Bankrupt: $37.8 Billion Borrowed From Treasury To Fund Unemployment; CA, MI, NY Worst

 



America At Empires End

America At Empires End

http://www.youtube.com/watch?v=TWnbTZEJnsw

U.S. Halfway to Depression Level

U.S. Debt Hits $12 Trillion, Will Double By 2019

U.S. pays $57,077 a minute in Afghanistan

 



U.S. Debt Hits $12 Trillion, Will Double By 2019

U.S. Debt Hits $12 Trillion, Will Double By 2019

Outside the Beltway
November 18, 2009

Barack Obama has been president for just under 10 months but he’s added two trillion to the national debt and will double it by the end of the decade. CBS’ Mark Knoller:

    This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high.

    Much of the increase in the deficit and debt is attributed to government spending outpacing revenue – both exacerbated by the recession and the government response to it – including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.

    […]

    The National Debt has increased about $1.6 trillion on Mr. Obama’s watch, though less than $4.9 trillion run up during the presidency of George W. Bush.

    But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion. It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.

According to the Treasury Department, the debt stood at $5.727 trillion on January 19, 2001, Bill Clinton’s last day in office, and $10.627 trillion when Bush left office eight years later. That’s $612.5 billion (or $0.6125 trillion) a year, during which we fought two major wars, had the 9/11 attacks, and at least two major bailouts to deal with a global financial crisis.

We’re thus far averaging $1.92 trillion a year under Obama, or a factor of 3.146 more. And the government is projecting that we’ll continue spending at this crisis rate for the next decade, more than doubling the current record level?

That ain’t good.

Presumably, we’d have had another major bailout had Bush stayed in office for a third term (were that Constitutionally or politically possible) or had John McCain been elected. So spending and thus the debt would have escalated substantially regardless. But we likely wouldn’t be talking about adding a massive health care payment on top of the pile.

 

Obama: We must spend our way out of recession (and into deeper debt)

http://www.youtube.com/watch?v=0JNHj2sP-Y0

Senate sends $1.1 trillion spending bill to Obama ADDING TO THE DEBT

No End in Sight to Govt. Spending Spree: $12.1T Debt Ceiling Set to Be Raised

 



Federal Reserve Assuring Great Depression

Federal Reserve Assuring Great Depression
Another Weimar, Argentina or Zimbabwe hyperinflation collapse is coming. . . unless we End the Fed!

http://www.youtube.com/watch?v=9r0R6PhbkIM

Federal Reserve Copies Weimar Hyperinflation

http://www.youtube.com/watch?v=AMY3aJwhfqg

Federal Reserve is owned by Rothschild, Bank of England

Bernanke Threatens Economic Collapse If Fed Audited

 



US public debt tops $12 trillion for first time ever

US public debt tops $12 trillion for first time ever

AFP
November 18, 2009

http://www.youtube.com/watch?v=zGnQGaa1vEQ

The US public debt topped 12 trillion dollars for the first time in history, Treasury officials disclosed Tuesday, moving past a key barrier that raised hackles in Congress.

Treasury data showed Monday’s outstanding debt at 12.031 trillion dollars, up from 11.999 trillion on Friday.

The ballooning debt reflects the massive deficit spending by the government in an effort to revive an ailing economy over more than one year.

The public debt topped 10 trillion dollars in September 2008.

The debt is quickly approaching the statutory limit of 12.104 trillion dollars, meaning Congress would have to raise the ceiling to prevent a shutdown of government operations.

Read Full Article Here

Dems Looking To Raise Debt Ceiling To $13 Trillion

 



Dems Looking To Raise Debt Ceiling To $13 Trillion

Dems Looking To Raise Debt Ceiling To $13 Trillion

Washington Post
October 22, 2009

Within the next few weeks, probably as soon as the votes on health-care reform have been taken, the Senate faces the painful duty of once again raising the statutory limit on the national debt, as the House already has done.

It is never fun for the party in power, but this year will be harder than ever on the Democrats. The final accounting on the just-ended fiscal year, delivered last week, showed a record deficit of $1.4 trillion, a gap that is the largest since the end of World War II when measured against the size of the overall economy.


This is what $1 Trillion dollars looks like. The Obama administration spent One-Trillion-Four-Hundred-Billion dollars in just one year.

The Republicans are poised to pounce. Senate Republican leader Mitch McConnell accused the Democrats of “acting like a teenager on a spending spree with his parent’s credit card with no regard to who pays the bill.”

The Democrats, in turn, blamed the George W. Bush administration for starting the deficit spending and say that they themselves had no choice but to spread the red ink in order to deal with the potential economic collapse they inherited.

The one barely possible benefit from this predictably futile partisan bloodbath is the opportunity it could offer to leverage support for a long-standing bipartisan effort to force Congress to confront the hard steps needed to put the nation on a safer fiscal course.

Read Full Article Here

Democrats and Republicans Support $250 Senior Stimulus

 



House Passes $1 Trillion Defense Budget

House Passes $1 Trillion Defense Budget

Alternet
September 28, 2008

On Wednesday, the House passed a mammoth defense bill by a 392-39 vote. It’s expected to clear the Senate with little difficulty next week.

It was part of a trillion-dollar stop-gap measure to keep programs running through next March, allowing lawmakers to skip town without passing a final budget. The Associated Press reports, “The legislation came together in a remarkably secret process that concentrated decision-making power in the hands of a few lawmakers.”

In keeping with the tradition of recent years, Bush held a gun to his own head and threatened to pull the trigger if his demands weren’t met. According to the AP, “To earn President Bush’s signature rather than a veto, House and Senate negotiators dropped several provisions he opposed. They include a ban on private interrogators in U.S. military detention facilities and what would have amounted to congressional veto power over a security pact with Iraq.”

In other words, Congress also maintained recent tradition, swearing not to give Bush a blank check and then whipping out their pens and signing a blank check.

The number that the House sent to the Senate for “defense” — $612 billion for the coming year — is eye-popping. Imagine a stack of 612,000 million-dollar bills. Quite a pile.

Read Full Article Here

There Might Be a Financial Crisis, But the World’s Arms Dealers Are Doing Just Fine
http://www.alternet.org/story/100801/

’If we don’t cut back military spending, the bankruptcy of the United States is inevitable’
http://www.tomdispatc..nson_the_pentagon_bailout_fraud

The Pentagon Bailout Fraud
http://www.wakeupfromyourslumber.com/node/8379

Bush Administration Adds $4 Trillion To National Debt
http://www.cbsnews.com/blogs/2008/09/29/couricandco/entry4486228.shtml