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(CNSNews.com) - Imagine that you had an average monthly income of about $170 balanced against average monthly expenses of about $940--and that you were more than $14,000 in debt.

Then imagine that as of today, you had only $58.60 in cash left in your bank account and $130.50 left on your line of credit.

Now multiply these numbers by 1 billion and you will have the up-to-date financial situation of the U.S. government.

According to the Daily Treasury Statement released by the U.S. Treasury Department today at 4:00 p.m., the Treasury had $58.6 billion in cash in its accounts as of the close of business on Tuesday. That was down from $190.6 billion at the beginning of March and $309.8 billion at the beginning of this fiscal year on Oct. 1, 2010.

In the first five months of this fiscal year (Oct.-Feb.), the federal government averaged $169.6 billion per month in revenue. (During these months, the Treasury brought in a cumulative total of $845.3 billion—including all moneys from individual income taxes, corporate income taxes, payroll taxes, excise taxes, unemployment insurance taxes, estate taxes and other taxes.)

In the same five months that it was averaging this $169.6 billion in revenue, the federal government was averaging $943.4 billion in monthly spending. (During those months, the Treasury actually spent $4.717 trillion—including, for example, $2.492 trillion to pay off the holders of Treasury securities that had matured, $245.7 billion in Social Security benefits, $212.8 billion in Medicare benefits, $158.4 billion to pay defense contractors, $113.0 billion for Medicaid benefits, $111.6 billion for Department of Education programs, $94.3 billion in interest on debt, $73.4 billion in salaries for federal workers, and $26.7 billion in insurance benefits for federal workers.)

All of these cumulative federal expenditures--and more—from the period of October through February were itemized in the “withdrawal” column of “Table II” in the Daily Treasury Statement for Feb. 28.

Thus far in March, as itemized in the Daily Treasury Statement released today, the federal government has spent $927.3 billion while taking in $184.2 billion in revenue.

Currently, the legal limit on the federal debt (as set in law by an act passed by Congress and signed by President Barack Obama) is $14.2940 trillion. As of the close of business Tuesday, the portion of the national debt subject to this legal limit was $14.1635 trillion.

That leaves the federal government with just $130.5 billion in legal borrowing authority.

When that $130.5 billion in remaining legal borrowing authority is added to the Treasury’s $58.6 billion cash on hand, it leaves the government with a net $189.1 billion in spending room—or about one-fifth of the federal government’s $943.4 billion monthly spending habit.


http://cnsnews.com/news/article/going-broke-treasury-has-only-586b-cash
 

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This is getting pretty serious, It's time to monetize the debt.:rolleyes:
 

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Discussion Starter #3
You think this is bad... wait until the 15th.
 

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While the borrowing limit is a problem and it would be very good to bring our debt down to do so by not raising the debt limit would be stupid to the extreme. Remember that much of the borrowing that we do is to fund our debts. If we default on those debts we will see a global freeze in the financials that will make the 2008 bank freeze look like a hot summer day. The debt problem has not happened overnight and to try to solve it over night would be wreckless and extremely painfull. The Tea party has come out hard for this and Rand Paul in particular is leading the charge to not pass another increase in the borrowing limit. If he is successfull and the catastrophy that would cause happens, it will spell the end of the tea party, forever. they will forever become the people who brought on the next great depresion. This is not a joke or something to play politics with. This is the full faith and credit of the greatest economy in the world. :crazy::crazy:
 

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Discussion Starter #5
We have increased the ceiling 10 times in the last decade. We are going to default on it way or another, under the current spending -and rules for spending and borrowing. Our current limit is 14 trillion and change... we are at 13.9 trillion and change, in spending. Our publicly held debt equates to 9 trillion and change, of that 13.9. Increasing the debt only puts us further in to debt and increases our likelihood of default. We have no choice at this point. We will have to increase the ceiling while simultaneously shutting down segments of our publicly held debt. Anything over 80% of GDP is considered insolvency... we are at 97% and change with a new bill of 1.9 trillion.
 

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Time to downsize an Inefficient over funded bad decision making government

It's government bringing this country down

Not it's people
 

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Time to downsize an Inefficient over funded bad decision making government

It's government bringing this country down

Not it's people
why do you think the left has been working overtime to take away private firearm ownership? so we have no way to fight back as a last resort- which the Constitution gives us the power to.
 

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Time to push the neocons and progressives back into their hole. Going broke?? :laughing:

There is not enough wealth in the country to cover obligations.. that's not going broke, that is being broke.

Debt service in a couple years will be half a trillion dollars.. that's 1/3 of the current budget.. they can't print forever and everyone in the world knows that.

Coincidence? :laughing: Conspiracy theory? :laughing:

How about Reality Check.
 

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Discussion Starter #9
Inept ? -...or does this have a purposeful outcome ?
 
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