U.S. Eats Up Most of Debt Limit in One Day

[SwampYankee]

We're now borrowing 100% of the GDP.

$239 Billion Spike Uses Up 60% of Funding OK'd on Tuesday
Stephen Dinan
Washington Times
August 3, 2011

U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week's debt-limit increase deal.


The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.


That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day's new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.

[10fords]

And here I thought obama was going to save the money until next year to buy the votes to get him reelected!

[MS Fowler]

As always, the spending is immediate; the cuts, not so much, if ever. And remember there are no true cuts--they are simply reductions from the expected increases.

[Chris Bell]

The US is beginning to look more and more like Greece every day. Our path is completely unsustainable yet we continue.

[Dee8go]

As a nation we lack the will to practice austerity. At some point it will be forced upon us when we either default on our loans, our money becomes worthless, or both. I would like to blame it all on those people we elected to represent us, but at least part of it is all of our faults if we refuse to live within our means.

[G-Benz]

Kinda mirrors the typical credit-poor scenario:

1. Credit card maxxed out, can't borrow to pay other obligations.

2. Credit card company increases credit limit.

3. Suddenly, transmission in out-of-warranty S-Class self-destructs!

[Dee8go]

Our government is like a teenager at the mall with a credit card . . .


. . . and the Master Card has a $16,000,000,000,000.00 credit limit (or something like that).

[retmil46]

Wall Street just gave their vote of no confidence in the debt deal - down 512 points today - and over 1200 points since late July.

At least oil dropped $10/barrel. Goody, now we can at least afford to drive ourselves to the poor house.

[Hatterasguy]

Yeah, being poor is fun.

Maybe it will be like Japan and we can buy a cheeseburger with $3k.

[panZZer]

I knew we would be in trouble, it'll never work, we're doomed.

[Hatterasguy]

http://www.youtube.com/watch?v=OTSQozWP-rM
I love this commercial, its ok we can always ask our friends in China to give us another Visa!


Its like when your in college and your parents give you a Visa for "expenses". Congress is having a wild party, but the parents are eventually going to get the bill and may not be to happy...

[LaRondo]

That's what their whole argument was all about .... who's going to get their hands first, on the freshly issued cyber money.

[LaRondo]

Originally Posted by Chris Bell

The US is beginning to look more and more like Greece every day. Our path is completely unsustainable yet we continue.

That's what I've been trying to tell you since years. Greece is no comparison, by any means. It will be a uniquely American experience. Take a good look:

The harder they come ....

Btw, your avatar is really obsolete ... just saying

[engatwork]

The US is beginning to look more and more like Greece every day. Our path is completely unsustainable yet we continue.

I couldn't agree more.

[tjts1]

Debt limits are for pussies.