http://news.yahoo.com/s/ap/20110115/ap_ ... _debt_warsThe United States just passed a dubious milestone: Government debt surged to an all-time high, topping $14 trillion — $45,300 for each and everyone in the country.
That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.
Already, both sides are blaming each other for an approaching economic train wreck as Washington wrestles over how to keep the government in business and avoid default on global financial obligations.
Bills increasing the debt limit are among the most unpopular to come before Congress, serving as pawns for decades in high-stakes bargaining games. Every time until now, the ending has been the same: We go to the brink before raising the ceiling.
USA passes $14 trillion dollars in debt.
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Well done, we're only a few billion in debt so...... sucks to be you.
Mason01 wrote:Well done, we're only a few billion in debt so...... sucks to be you.
Posts: 18329
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February 2011
Crazy Eight wrote:Mason01 wrote:Well done, we're only a few billion in debt so...... sucks to be you.
+1chee wrote:
+2RIFA wrote:+1chee wrote:
proud to be Aussie.....wait were in debt too
How much though? It's normal for a country to have debt...just not $14 freakin' trillion.#1fan wrote:+2RIFA wrote:
+1
proud to be Aussie.....wait were in debt too
My country has 45 billion... Our GDP is somewhere around 158 billion and 252 billion (ppp)...chee wrote:How much though? It's normal for a country to have debt...just not $14 freakin' trillion.
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Are they going to increase the debt limit? Won't that make things worse?
Once again, Canadians fall behind the U.S.