Federal Debt Tops $13 Trillion Mark GOP Sounds 'Alarm' on Red Ink

[bonnie]

Federal Debt Tops $13 Trillion Mark

GOP Sounds 'Alarm' on Red Ink

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill.

Calculated down to the exact penny, the debt totaled $13,050,826,460,886.97 as of Tuesday, leaping nearly $60 billion since Friday, the previous day for which figures were released.

At $13 trillion, that figure has risen by $2.4 trillion in about 500 days since President Obama took office, or an average of $4.9 billion a day. That's almost three times the daily average of $1.7 billion under the previous administration, and led Republicans on Wednesday to place blame squarely at the feet of Mr. Obama and his fellow Democrats.

"A $13 trillion debt is an alarm bell and a wake-up call combined, but Democrats are not even trying to pass a budget," said House Minority Leader John A. Boehner, Ohio Republican. "How out of touch can Washington Democrats get? Instead of continuing to pay lip service to this issue, President Obama should call on congressional Democrats to pass a budget that provides the fiscal discipline economists say is needed to create jobs and grow our economy."

The White House would not comment for the record, but an official speaking on the condition of anonymity said the administration is "committed to restoring fiscal responsibility."

Spokesmen for the Democratic chairmen of the House and Senate budget committees didn't return messages Wednesday.

In the budget he submitted to Congress in February, the president acknowledged that his plans are not enough to reduce annual deficits to sustainable levels, which he said amounted to a yearly shortfall of 3 percent of gross domestic product. Mr. Obama called for a fiscal commission to make recommendations to close the gap, and commission members at their meeting last week said even that may not be enough.

"I think we've got to be more ambitious than that," said Alice Rivlin, former director of the Congressional Budget Office. "We really have to pick a trajectory that has the debt coming down. And there's probably no magic of whether it comes down 1 percent a year or 2 percent a year or whatever. But it's got to come down over time."

Underscoring the challenge of finding balance, Congress has not been able to pass a fiscal 2011 budget. The Senate Budget Committee has approved a proposed budget, but it has not been debated on the Senate floor, and House Democratic leaders have indicated that they may give up debt reduction altogether this year.

Several unofficial debt clocks had shown the debt crossing the $13 trillion threshold a week ago, though Treasury said those numbers were not official. Those clocks regularly recalibrate using Treasury numbers, but estimate growth rates in order to provide a per-second update on websites.

[karl]

Unbelievably, in spite of the horror of this national debt, there are still liberals trying to get more handouts from, more taxes on, and more handcuffing of the working stiffs in America. The chief one is the most dangerous person alive today. His name is Hussein. He knows his political carreer is over and as a result he is even more dangerous and determined to ruin America than he was before.

[doug yowell]

Federal Debt Tops $13 Trillion Mark

GOP Sounds 'Alarm' on Red Ink

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill.

Several unofficial debt clocks had shown the debt crossing the $13 trillion threshold a week ago, though Treasury said those numbers were not official. Those clocks regularly recalibrate using Treasury numbers, but estimate growth rates in order to provide a per-second update on websites.

That's funny! Who was it who quipped about congressional spending,"A billion here, a billion there, pretty soon you're talking real money"? I just happened on old Tonight Show skit where Johnny Carson's joke referred to the,then, Carter administration's half a billion dollar Federal debt.

[karl]

Who was it who quipped about congressional spending,"A billion here, a billion there, pretty soon you're talking real money"? I just happened on old Tonight Show skit where Johnny Carson's joke referred to the,then, Carter administration's half a billion dollar Federal debt.

That was Everett Dirksen, I think.

[phkrause]

Originally Posted By: bonnie

Federal Debt Tops $13 Trillion Mark

GOP Sounds 'Alarm' on Red Ink

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill.

Several unofficial debt clocks had shown the debt crossing the $13 trillion threshold a week ago, though Treasury said those numbers were not official. Those clocks regularly recalibrate using Treasury numbers, but estimate growth rates in order to provide a per-second update on websites.

That's funny! Who was it who quipped about congressional spending,"A billion here, a billion there, pretty soon you're talking real money"? I just happened on old Tonight Show skit where Johnny Carson's joke referred to the,then, Carter administration's half a billion dollar Federal debt.

Its interesting how we accuse the democrats of spending and bring up only Carter, Clinton (who actually with working with the rep did a good job of getting us out of debt) etc., but never mention this guy..... http://articles.sfgate.com/2004-06-09/business/17430568_1_deficits-billion-defense-spending

pk

[phkrause]

And here is another interesting article:

http://www.pbs.org/newshour/bb/economy/jan-june04/reagan_6-10-04.html

pk