The U.S. will reach its debt limit on Saturday, Treasury Secretary Jacob Lew told congressional leaders in a letter on Friday, but said the U.S. is taking extraordinary measures to keep paying bills. Lew said those measures, including previously announced suspension of sales of state and local Treasury securities, won’t be exhausted until “after Labor Day.”
http://www.marketwatch.com/story/us-to-reach-debt-limit-saturday-lew-2013-05-17-13913025?link=MW_home_latest_news
Lew asks Congress for debt increase, says it’s ‘not open to debate’
Treasury Secretary Jack Lew [...]
The day of reckoning for global total debt – total credit market debt up from $28 trillion in 2001 to $53 trillion in 2012. US consumer debt went up in last few months but largely because of giant amounts of student loan debt taken on.
You have to really question what passes for financial analysis these days. One financial show was discussing the recent increase in consumer debt as something positive. [...]
By Michael Lombardi, MBA for Profit Confidential
The U.S. Department of the Treasury reported that the U.S. government incurred a deficit of $204 billion for the month of February 2013. So far, we are into the first five months of the government’s fiscal year (started October 1, 2012), and the U.S. government fiscal deficit has already grown by $494 billion. (Source: U.S. Department of the Treasury, March 13, 2013.)
The U.S. government [...]
All figures are from the non partisan CBO:
The Breakdown of the Deficit/Debt
81.2% Increase in National Debt under Bush:
$_5.871 Trillion in 2OO1
$10.640 Trillion in 2OO8
_______________
$_4.769 Trillion Increase (81.2% Increase in National Debt)
44% Increase in National Debt Under Obama:
$10.569 Trillion Jan 31st 2OO9
$15.223 Trillion Jan 14th 2O12
________________
$_4.659 Trillion Increase (44.1% Increase in National Debt)
Increase Since 2001 = $15.223 – $5.871 = $9.532 Trillion
Bush’s PERCENTAGE of increase $4.769 Trillion / $9.532 Trillion = [...]
To help put that colossal sum of money into perspective, if you take our deficit spending under Obama and divide it evenly among the roughly 300 million American citizens, that works out to just over $17,000 per person — or about $70,000 for a family of four. However, that 300 million counts children under age 18. In 2007, there were roughly 140 million taxpayers, making liability for Obama’s to be [...]
Terence P. Jeffrey
CNSNews.com
Wednesday, April 18, 2012
In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56.
Although he has served less than a term, Obama is now the first American president to see the federal government’s debt increase by more than $5 trillion during his time in office.
During the full eight years that George W. Bush [...]
Infowars.com
Thursday, April 19, 2012
Aaron Dykes covers the latest news including the huge debt increase under Obama.
(CNSNews.com)- In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56.
Although he has served less than a term, Obama is now the first American president to see the federal government’s debt increase by more than $5 trillion during his time in office.
During the full eight years that George W. Bush served as president, the [...]
You have to really question what passes for financial analysis these days. One financial show was discussing the recent increase in consumer debt as something positive. In the same breath this person also said thathouseholds increased savings. Now think about this statement. If you financed a $2,000 vacation on your credit card but increased savings by $500 did your balance sheet improve? Of course not. Let us not even dive into [...]
Telegraph.co.uk
The Greek finance ministry went on the defensive after a new budget watchdog released an internal report warning that debt was “out of control”.
Students protest outside the Greek Parliament in Athens. Photo: EPA
The Greek finance ministry went on the defensive after a new budget watchdog released an internal report warning that debt was “out of control”.
Evangelos Venizelos, the Finance Minister who earlier this week had [...]
Senate Majority Leader Harry Reid, Nevada Democrat, heads to a meeting on Aug. 1, 2011, in Washington with Democratic lawmakers to discuss the debt plan. (Drew Angerer/The Washington Times)The debt framework President Obama and congressional leaders reached Sunday night runs 74 pages long, and could authorize as much as $2.4 trillion in new debt — or $32.4 billion per page.
That debt increase will get the country through the [...]
Rep. James Clyburn (D-SC): “I’ve said time and time again, if the President gets up to August 2nd, without a piece of legislation, he should not allow this country to go into default. He should sign an Executive Order invoking the 14th Amendment and send that to all the governmental agencies for us to continue to pay our bills. He could do that with a [...]
Senate Majority Leader Harry Reid (right), Nevada Democrat, and Sen. Charles Schumer, New York Democrat, leave a news conference on Capitol Hill on July 27, 2011, after talking about the conflicting plans to deal with the debt crisis. (Associated Press)
Senate Democratic leaders said Wednesday they, too, will have to go back and rewrite their debt-increase plan, meaning that with just six days to go until [...]
House Speaker John Boehner, (right) Ohio Republican, and Republican Conference Chairman Rep. Jeb Hensarling (center), Texas Republican, listen as House Majority Leader Eric Cantor, Virginia Republican, speaks July 26, 2011, during a news conference at the Republican National Committee on Capitol Hill. (Associated Press)
House Republicans do not have enough support to pass their debt-ceiling increase plan on their own, a top conservative said Tuesday as his party’s leaders [...]
by ZH
Slowly details of the shape of Boehner’s two-step plan are emerging:
BOEHNER’S FIRST STEP WOULD BOOST DEBT LIMIT INTO FEBRUARY
BOEHNER PLAN SAID TO SEEK DEBT BOOSTS OF $1 TLN AND $1.6 TLN
BOEHNER’S PLAN WOULD HAVE COMMITTEE IDENTIFY SPENDING CUTS
BOEHNER’S PLAN REQUIRES HOUSE AND SENATE TO VOTE ON BALANCED BUDGET AMENDMENT BETWEEN OCTOBER AND THE END OF 2011
It is unclear if this approach is a non-starter considering that every democrat [...]
(CNSNews.com) – Treasury Secretary Timothy Geithner oversaw the largest increase in the national debt of any Treasury secretary in American history, presiding over a $3.7 trillion increase in the debt.
According to data from the Treasury Department’s Bureau of the Public Debt, the national debt has increased $3,723,575,990,130.10 from Jan. 26, 2009 until June 30, 2011, Geithner’s entire tenure to date as Treasury secretary.
When Geithner took office [...]
by Nomi Prins
Too Big To Fail Or Too Stupid To Stop – Screw Banks/Not People
This morning, amidst news of Moodys cutting Greece’s debt rating to Caa1, I came across a phrase I wish I’d thought of first, reading through a friend’s morning commentary. The phrase? “Too Stupid to Stop”.
According to Bill Blain, Senior Director at Newedge in London, and self-professed Euro skeptic, “‘Too Stupid to Stop’ [...]
by Nomi Prins
Can’t blame economic policy on Osama
When William Shakespeare penned the words, “All the world’s a stage“ in, As you like it, it was centuries before tense photos of tense leaders would show tense concern over tense military operations.
What transpired around the killing, or killing announcement, of Osama bin Laden has been astounding. Whether you believe that bin Laden was “taken out” by this NAVY Seal operation, [...]
by ZH
Even as the Treasury is scrambling to find debt ceiling expansion options (for a complete analysis see this post from January) it has just released its most recent refunding statement, according to which it hopes to issue $72 billion in 3 Year, 10 Year and 30 Year bonds. What is interesting is that completely contrary to expectations, and to recent Treasury announcements, while the UST was expected [...]
by ZH
April 21: $92 billion in Bill Issuance offset by $122 billion in maturities for $30 billion in net debt reduction
April 29: $14 billion in $14 billion TIPS issuance settles (auction today): $14 billion in net debt increase
May 2: $99 billion of the abovementioned bonds settle (auctions next week), offset by $52.6 billion in maturities: $46.4 billion in net debt increase.
Visualizing this from Treasury Direct:
This means that [...]
One day after being named to a presidential task force to negotiate deficit reduction, House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP “will not grant their request for a debt limit increase” without major spending cuts or budget process reforms.
The Virginia Republican’s missive is a clear escalation in the long-running Washington spending war, with no less than the full faith and credit of [...]
by Boca Joe
In 1981, the country had just elected Reagan to cure the “all-time-high, Trillion-Dollar debt.” But compared with the size of the American economy, the debt was at its lowest point in fifty years (see graph). Reagan was duped by the “supply siders” and his “greatest disappointment” was adding $1.6 trillion to the debt.
US National Debt Graph: What They Never Tell You
The green line shows what would have happened [...]
by Larry
Increase exports and reduce imports without increasing import duties. Simple solution is to encourage manufacturing. To fix the trade imbalance and debt, increase exports and reduce imports. We have to have a product that is as good as, or better than the competitor’s, and it must be price competitive. We have the quality, I worked as a quality engineer for 20 years and was [...]
1)Â IMF urges stimulus to help “dire” job market
“(Reuters) – The world’s rich countries need to extend fiscal stimulus and job growth initiatives to fix a “dire” labor market that could threaten entire societies, the International Monetary Fund said on Monday.
At a conference co-hosted by the IMF and the International Labor Organization, visiting Spanish Prime Minister Jose Luis Rodriquez Zapatero said high unemployment may trigger [...]
“The one-day increase for June 30 totaled $165,931,038,264.30 – bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.
….All three of the biggest one-day debt increases have occurred under [...]
The chart below is from the essay, Not Just Another Greek Tragedy by Cornerstone.
On jobs: (counting with 120k / month* needed to maintain unemployment ratio)
If you add 300k / month it would take about 4 years to get back to old normal.
If you add 200k / month (still robust I think) it would take about 8 years.
If you add 150k / month it will take about 22 years.
*Note: I think it’s more likely 150-160k jobs needed monthly because of the growing population, since [...]
If you add 300k / month it would take about 3 years to get back to old normal.
If you add 200k / month (still robust I think) it would take about 8 years.
If you add 150k / month it will take about 22 years.
On the deficit / debt:
If you stop borrowing money NOW and grow by 4% annually and pay the $200B additional interest on deficit, while you reduce the [...]
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