Horray! Each of you now own $45,000 in US debt!

[jedi]

Looks like the Ds figure if they are going to loss Congress in 2010 might as well steal all they can before they go out. (Note the Rs were no different. )

Senate permits gov't to borrow an additional $1.9T

WASHINGTON – Senate Democrats needed all the 60 votes at their disposal Thursday to muscle through legislation allowing the government to go $1.9 trillion deeper in debt.
Democratic leaders were able to prevail on the politically volatile 60-39 vote only because Republican Sen.-elect Scott Brown of Massachusetts has yet to be seated. Republicans had insisted on a 60-vote, super-majority threshhold to pass the measure. An earlier test vote succeeded on a 60-40 vote.
The measure would would put the government on track for a national debt of $14.3 trillion — about $45,000 for every American — and it served as a vivid reminder of the United States' dire fiscal straits.
The massive increase in the debt limit would allow majority Democrats to avoid another vote until after the midterm elections this fall. New estimates released by the Congressional Budget Office on Tuesday show that the U.S. this year could run a deficit matching last year's record $1.4 trillion shortfall.
To win the votes of moderate Democrats, President Barack Obama promised to appoint a special task force to come up with a plan for dealing with the spiraling debt.
And to get the support of moderate "Blue Dog" Democrats in a House vote next week, the measure includes tough new "pay-as-you-go" budget rules to make it harder to run up the deficit with new tax cuts or federal benefit programs. Senate Democrats had been reluctant to approve the new deficit curbs but relented and approved them by a 60-40 vote.
Several Republicans who had earlier voted for the new rules, which would make it more difficult to permanently extend some tax cuts that expire at the end of this year, switched their positions and opposed it.
They include John McCain or Arizona, who's facing a primary battle with former Rep. J.D. Hayworth, who's winning support from conservative "tea party" activists.
The current $12.4 trillion debt ceiling is expected to be reached in mid-February.
Congress has never allowed the United States to default on its obligations, which would roil markets and likely cause the government to lose its AAA credit rating.
"We have gone to the restaurant, we have eaten the meal. Now the only question is whether the government will ... pay the bill," said Finance Committee Chairman Max Baucus, D-Mont.
Democrats and Republicans alike share responsibility for running up the debt, but it fell upon Democrats to pass the measure since they control the government. It makes no difference that Republicans routinely backed increases in the debt when former President George W. Bush was in office.
Republicans blame recent generous spending bills enacted by the Democratic-controlled Congress for driving up the debt. Those measures, however, are just one relatively small part of the problem. The far bigger element is a sharp drop-off in tax revenues because of the recession and the economy's slow recovery, as well as higher costs, since more people are taking unemployment benefits and food stamps in tough times.
"Why $1.9 trillion?" said Sen. Judd Gregg, R-N.H. "So that Congress doesn't have to face up to the debt ceiling until after the next election. We ought to face up to it before the next election because the people in this country have a right to know whether or not this Congress is going to do something about controlling ... the debt.
Earlier Thursday, Obama's Democratic allies in the Senate rejected a plan attempting to adopt a modified version of the president's proposal to freeze spending on domestic spending passed by Congress in annual spending bills.
A 56-strong majority of senators supported the plan, but it failed because 60 votes were required. It serves as a marker for later this year when Congress passes its budget.

 

[Andre46996]

Sweet since my house is paid for I needed more debt. Oh well I knew I paid off and destroyed those credit cards for a reason.

You think we could all get together and hold a vote I would really like to just print up and spend without having to worry about it.

 

[dross]

That's good news to me. So, if I pay my 45K in taxes in the next year or two, can I be done? I'll have done my part, right?

"Here's your check. May I be excused?"

I'm digging it. Best deal I've heard of.

 

[jedi]

Not quiet Dross. You see it's $45,000 per American. Not sure how big yuor family is but if we take the avg. of dad, mom, and 2 kids. Then your share is $180,000 for your family.

Now since it appears you can pay the $45K this year per your statement and welfare mama down in indy can't it's only fair that you help her in her burden as well since you can "afford" to pay your share I think we will add she share and her 4 kids to your share as well.

So 180K for your family and 225K for the other family.
Oh no check BTW only gold is an acceptable form of payment.
Can't trusth the value of the USD anymore.
=)

 

[antsi]

It's worse than you think.

$45K only represents the bills that are actually sitting on the kitchen table right now.

If you add in bills that we know are coming (ie, spending commitments we have already made, minus projected revenues), each individual American's share of the national debt is more like $184,000.

Look up The Real National Debt at pgpf.org or watch the IOUSA movie linked below.

Someone may chime in to point out - PGP Foundation has been criticized for painting too rosy a picture of our real debt picture by assuming more productivity growth than is likely to actually happen. If anything, reality may be even worse than these folks who are trying to warn us keep saying.

 

[Blue Tile Spook]

Anyone need a 39 year old, slightly used kidney? I have two and only need one to live...

 

[mettle]

I say the rich fools in Washington, and george soros needs to pay this off, I mean, the money is going to their pet programs and pocket anyways....

 

[jedi]

If you add in bills that we know are coming (ie, spending commitments we have already made, minus projected revenues), each individual American's share of the national debt is more like $184,000.

Are those spenidng commitments you talking about SS and MEDICARE? if so we don't really need to count those. The end result of those will be that we are just NOT going to pay them as in programs end effective midnight on xxxxx date.

No need 2 worry about those.

 

[Ramen]

Psh, this debt is nothing. If we run out of money we will just get our trusty printers out and make some more!

Actually, we can just add some zeros to all of our debtors' bank accounts to pay it off. Who cares if it isn't real, we are the UNITED STATES OF AMERICA and this time it is different!

We are better than History.

We are the exception.

 

[x2bax]

$14.3 Trillion, that number is so huge its unfathomalbe. Thats a few billion a day in interest alone.

Makes me wonder how many guns and ammo I could buy with my 11k credit limit on my card, becuase pretty soon 11k will be pocket change.

 

[dross]

$14.3 Trillion, that number is so huge its unfathomalbe. Thats a few billion a day in interest alone.

Makes me wonder how many guns and ammo I could buy with my 11k credit limit on my card, becuase pretty soon 11k will be pocket change.

Let's put it this way:

14.3 trillion seconds ago, Neanderthals were the Earth's apex predator, and Cro Magnon man had yet to appear.

 

[copper]

That all just sucks!

 

[milltech]

I pay around $23,000 to just federal each year being a single white boy

 

[jedi]

$14.3 Trillion, that number is so huge its unfathomalbe. Thats a few billion a day in interest alone.

Makes me wonder how many guns and ammo I could buy with my 11k credit limit on my card, becuase pretty soon 11k will be pocket change.

Here is a good visual representation of what 1 trillion looks like compared to an avg human being. Multiple that by 14 and you can get a better visual.
What does one TRILLION dollars look like?

Nice hu?

 

[jedi]

I pay around $23,000 to just federal each year being a single white boy

Clearly we are not taxing you enough! Besides we have to redistribute the wealth and YOU (a young WHITE working man) is just what the doctored order.

Might I suggest you get the reverse MJ disease, quit your job, make a bunch of babies with various women and allow the welfare system to take care of you. Please leave you gun on the table on the way out since you won't need it in the government furnished section 7 housing. If by chance you do, I'm sure your next door neighbor in the section 7 housing can get you a full automatic uzi or one of those GLOCK 7 to ensure it can't be detected by those metal dection while you go to the court house to fight for more welfare money.