Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

CURRENT GLOBAL VISITORS (CLICK GLOBE)
D-FOX: PLEASE CONTACT US IMMEDIATELY

If you can read this message, please contact us immediately at the following email address:

thecomingcrisis@gmail.com

We'd like to communicate.

D-FOX

WELCOME TO CRISISFORUMS.ORG!
(1) Please swing by our "HELP CENTER" to view our forum rules prior to posting or commenting.
(2) Acknowledge that by commenting or posting, you take full responsibility for the content and message of the information you put forth, which does not necessarily reflect the opinions of this website.
(3) If you ever need assistance, simply contact one of the staff or send us an email and we'll be glad to help.

Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000

Rosie_MOD_Rosie_MOD_ Moderator
edited March 16 in Daily News

Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000

By Terence P. Jeffrey | March 15, 2017 | 6:48 PM EDT  from CNS NEWS
House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell (AP Photo/Susan Walsh)

(CNSNews.com) - With the close of business today, the period in which Congress suspended any legal limit on the federal debt expires and as of tomorrow the limit on the federal debt will be set at whatever the level of debt happens to be.

Since President Barack Obama signed the “Bipartisan Budget Act” on Nov. 2, 2015 there had been no legal limit on the amount of money the federal government could borrow until now. That law included a section entitled “Temporary Extension of Public Debt Limit.” It said that the law imposing a limit on the federal debt “shall not apply for the period beginning on the date of the enactment of this Act and ending on March 15, 2017.”

As of Nov. 2, 2015, the federal debt subject to the legal limit stood at $18,452,108,000,000. As of the close of business on Tuesday, the latest day reported, it stood at $19,865,505,000,000.

That means the federal debt increased by $1,414,397,000,000 during the approximately 16 and a half months that Congress removed any legal limit on it.

“Congress has modified the debt limit 14 times since 2001,” the Congressional Research Service reported in October 2015—a month before Congress modified the debt limit for a 15th time since 2001 by including the language in the Bipartisan Budget Act suspending it.

By suspending the debt limit from Nov. 2, 2015 through March 15, 2017, Congress and President Obama gave the Treasury the authority to borrow an unlimited amount of money from Nov. 2, 2015 until after the 2016 election.

http://www.cnsnews.com/news/article/terence-p-jeffrey/feds-hit-debt-limit-again-debt-now-exceeds-legal-limit-set-2008

"We are shaped by our thoughts; we become what we think. When the mind is pure, joy follows like a shadow that never leaves."

Comments

  • Funny how the Obama regime engineered this to happen after he was out of office.

    If the politicians treat people this poorly when they're armed to the teeth,

    just imagine what they'll be willing to do once they've disarmed everyone.

  • Rosie_MOD_Rosie_MOD_ Moderator
    tazweiss said:
    Funny how the Obama regime engineered this to happen after he was out of office.
    That thought struck me too.  This means either Hillary was intended to get lumbered with the burden or they knew she wouldn't win from 2008.  Was the Nov. 2016 election result already in place back then?

    "We are shaped by our thoughts; we become what we think. When the mind is pure, joy follows like a shadow that never leaves."

Sign In or Register to comment.