Author Topic: Government to raise the federal debt limit  (Read 931 times)

Offline OldNinja

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Government to raise the federal debt limit
« on: January 22, 2010, 07:08:13 AM »

I thought this article from Bloomberg really summed up the state of the nation.  I particularly liked this statement, “If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

So let me get this straight, the government needs to borrow more money or else it wont be able to pay the interest on its existing debt.  Now think about how pathetic this would be if it was an individual or a family doing this.  Imagine a family which makes good money but is so maxed out on credit cards that it has to keep opening new accounts and taking cash advances to pay the interest on its existing cards.  How sad. Anyway here is the full article:

Senate Proposes Increasing U.S. Debt Limit to $14.3 Trillion
Share Business ExchangeTwitterFacebook| Email | Print | A A A By Alison Fitzgerald and James Rowley

Jan. 21 (Bloomberg) -- The U.S. debt limit would be raised by $1.9 trillion to $14.29 trillion under an amendment proposed in the Senate.

(please click link for full article - post was edited by Alpha Mike, in accordance with DMCA rules and regulations)
« Last Edit: September 08, 2010, 02:52:18 PM by Alpha Mike »