Finally: National debt crosses magical $14 trillion threshold
posted at 9:12 pm on January 3, 2011 by Allahpundit
The perfect companion piece to this essay in the new issue of Foreign Policy. American decline: It’s real and it’s spectacular.
The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.
It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February…
Some Republicans in the new Congress have said they’ll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.
It’s hard to conceptualize the rate at which debt is being incurred for us to be able to say we’re “fast approaching” a limit that’s more than $250 billion away. Imagine how drastically spending would have to be cut to run budget surpluses capable of making a dent in that overall number. When it comes to revenue-generators, we’ll have to be creative. Maybe start seizing small assets? Maybe start seizing … large assets?
Stephen Hayes of the Weekly Standard tweeted this afternoon that he’s hearing the GOP will tie its acceptance of a new debt ceiling to a balanced budget amendment. A bold stroke, if true, but I hope Boehner realizes that once he’s onboard that rocket, there’s no way to get off. If Democrats call his bluff by refusing to agree to a BBA, he’ll be forced either to oppose raising the ceiling or to cave and drop his amendment demand, which will turn his name into a curse word among tea partiers. Is he ready for high-stakes poker? Exit question: Which rabid conservative once said this on the Senate floor before voting against raising the debt ceiling?
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
Jim DeMint, you say? Not exactly.
Blowback
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Obama’s America
Inanemergencydial on January 3, 2011 at 9:15 PM
Who blinks first, the RINOS? Obama? The Dems? The new Tea Party Caucus?
Just shut her down until you get a balanced budget.
karenhasfreedom on January 3, 2011 at 9:16 PM
So, we basically owe all that we are worth?
In the old days, they’d call that being bankrupt.
coldwarrior on January 3, 2011 at 9:17 PM
hello gop? are you getting this? boehner and mcconnell need to bring this up during the debate….
cmsinaz on January 3, 2011 at 9:17 PM
how many times has it increased since dear leader took office?
cmsinaz on January 3, 2011 at 9:18 PM
Start Selling our oil on the World Market “Bam”
wheels on January 3, 2011 at 9:18 PM
Don’t get me started.
Bugler on January 3, 2011 at 9:18 PM
funny how he can talk the talk when gop controlled congress and yet when they were in charge….present
cmsinaz on January 3, 2011 at 9:20 PM
http://www.usdebtclock.org/
canopfor on January 3, 2011 at 9:20 PM
A balanced budget amendment? NC has this. The budget is never balanced. They just push the numbers around. That would be a total cop out of they agreed to that.
SouthernGent on January 3, 2011 at 9:21 PM
Obama’s only against this kind of thing, when his party isn’t in control.
Amazing. 2 short years, and he’s pretty much set up our once great nation, to fall, and fall hard!
capejasmine on January 3, 2011 at 9:21 PM
Never write the whole number out, it’s far too scary. Just say ‘$14 trillion’. See, that’s not so bad now is it?
The Tea Party Repubs have all the ammo they need right there, in that one number. Be sure and mention the heroic efforts of Pelosi, Reid and Dear Bumbler in getting us there.
An interesting part of the problem is that anything done to reduce it is going to cause a short term expansion in unemployment. This is the catch 22 the libs will use to scream that we are wrecking the economic recovery.
We have to do it though or collapse from debt interest payments, inflation, or both.
GnuBreed on January 3, 2011 at 9:21 PM
Love national debt?
Keep Voting Democrat!
Inanemergencydial on January 3, 2011 at 9:21 PM
This country has been broke since the end of WWII. The excessive, unconstitutional spending by profligate tax and spenders is the reason.
The fact that Americans have let them just go on raising ‘debt ceilings’ without complaint is the real tragedy.
SeniorD on January 3, 2011 at 9:22 PM
*shudder*
cmsinaz on January 3, 2011 at 9:22 PM
funny how he can talk the talk when gop controlled congress and yet when they were in charge….present
cmsinaz on January 3, 2011 at 9:20 PM
cmsinaz:Yup:)
canopfor on January 3, 2011 at 9:22 PM
Is that all?
/Krugman
Robert_Paulson on January 3, 2011 at 9:22 PM
Love national debt?
Keep Voting Democrat!
Inanemergencydial on January 3, 2011 at 9:21 PM
Inanemergencydial:Thats a Bumper Sticker right there!!
canopfor on January 3, 2011 at 9:23 PM
I am with SouthernGent above, a balanced budget amendment just allows the ponzi scheme to keep on rolling. They need massive cuts in spending, across the board!
bluemarlin on January 3, 2011 at 9:24 PM
Time to start drilling?
This debt is so fixable. It’s called “cut spending” Congress. Simple/not easy.
Mojave Mark on January 3, 2011 at 9:27 PM
Sounds like Hopey has done maxed out the US Tax Payers
ATM!!!!!!!!!!!!!!
All Hail Hopey Tax and Spendis!!!!!!!!!!
canopfor on January 3, 2011 at 9:28 PM
Better.
Aquateen Hungerforce on January 3, 2011 at 9:28 PM
as long as the price of gasoline is above $.99/$1.25 per gallon – we will never get out of this mess anytime soon ..
wheels on January 3, 2011 at 9:28 PM
I am with SouthernGent above, a balanced budget amendment just allows the ponzi scheme to keep on rolling. They need massive cuts in spending, across the board!
bluemarlin on January 3, 2011 at 9:24 PM
bluemarlin:Exactly,Lefty program by program!!:)
canopfor on January 3, 2011 at 9:29 PM
$14 trillion?
Can we just put it on Obama’s American Express card? He’s good for it. Right?
coldwarrior on January 3, 2011 at 9:30 PM
Balanced budget admendment? Hah, the democrats don’t follow the constitution NOW, what makes you think they’ll follow that?
Skandia Recluse on January 3, 2011 at 9:30 PM
It’s not like govts haven’t defaulted before. Hell, in the late 18 and early 19th century, is was not uncommon for the several states to simply dump their bonds held by foreign banks. The problem then is getting new creditors.
This unimaginable debt needs to start being paid down 3 years ago. As is, it might be possible to avoid total collapse with a politically unworkable agreement that everyone get off the govt. dole and fend for themselves. Sigh.
Aquateen Hungerforce on January 3, 2011 at 9:31 PM
What are you suggesting?
Inanemergencydial on January 3, 2011 at 9:31 PM
Wait until all of those states that used the federal “stimulus” money to pay for their underfunded budgets in a kick-the-can-down-the-road shell game face the reality of their bankruptcies. And how will they pay for all of the new Medicaid enrollees that ObaMaoScare has dumped on them. Good times, good times.
onlineanalyst on January 3, 2011 at 9:32 PM
Yupp, why we cannot look at present European Society and say NO, is beyond me!
bluemarlin on January 3, 2011 at 9:32 PM
A BBA is not a good idea. A better idea is for people who propose costly legislation they are not willing to raise taxes for or support agencies who burn money like the midnight oil be put out of office.
America, she is doomed.
Aquateen Hungerforce on January 3, 2011 at 9:33 PM
Ohmigod, wouldya look at those trainers?!! Worse than Mom jeans. Boehner, everyone except me and Jetboy is going to hate you; I’d wear that Kevlar underwear if I were you.
Fortunata on January 3, 2011 at 9:33 PM
Just saw a Pizza commercial — our Prez could say “let them eat Pizza ” ….since we can’t afford the Gas .. But Michelle would scolded probably us ..
wheels on January 3, 2011 at 9:34 PM
Massive civil disobedience. Quit paying taxes.
Aquateen Hungerforce on January 3, 2011 at 9:34 PM
Well you know what I mean ( hopefully )…
wheels on January 3, 2011 at 9:35 PM
Is this still Bush’s fault?
jawkneemusic on January 3, 2011 at 9:36 PM
Oh I disagree!
Ted Torgerson on January 3, 2011 at 9:40 PM
canopfor on January 3, 2011 at 9:29 PM
=========
Yupp, why we cannot look at present European Society and say NO, is beyond me!
bluemarlin on January 3, 2011 at 9:32 PM
bluemarlin: Good point!:)
canopfor on January 3, 2011 at 9:40 PM
Only to a very few, unfortunately thos very few have a big voice. MSM, Presidential Bully Pulpit, and until this month both houses of Congress. I am thinking things will change, W was equal in popularity with the ONE in a poll recently. I think the people are calling BS more and more!
bluemarlin on January 3, 2011 at 9:44 PM
The toolbox of American citizens is rapidly emptying, this will soon be all we have left. After that we can only heave the toolbox over our heads and toss it and if that happens, the balloon goes up.
Bishop on January 3, 2011 at 9:47 PM
Whooo hooo! $14+ million in debt, we’re gonna hit the ceiling! We’re gonna hit the ceiling! Whoo hooo!
Wait. Wha? This isn’t a good thing? Crap. Nevermind.
C’mon, House, hold that line. Hold that line!
Fallon on January 3, 2011 at 9:47 PM
$14 trillion? Oh sure, but Obama’s gonna get to 270 in 2012!!!
/sarc
Aitch748 on January 3, 2011 at 9:47 PM
President Obama’s economic advisery chairman called Obama’s 2006 vote against raising the debt ceiling “insanity“.
JohnJ on January 3, 2011 at 9:49 PM
Is this still Bush’s fault?
jawkneemusic on January 3, 2011 at 9:36 PM
jawkneemusic:Precious Pelosi thinks so!!
==============================================
Speaker Nancy Pelosi (D-CA) Floor Speech Before Bailout Vote
http://www.youtube.com/watch?gl=CA&hl=en&v=VMLo7i38D58
canopfor on January 3, 2011 at 9:49 PM
No, No, No! Limit the government to a small percentage of GDP, say 8% max which 75% of that 8% needs to be defense based.
Tim Burton on January 3, 2011 at 9:49 PM
We’re going to need a bigger printing press.
Bishop on January 3, 2011 at 9:56 PM
The Zimbabewifaction of America by Obama.
William Amos on January 3, 2011 at 9:56 PM
14 trillion? I thought it was more than that. Wait — that’s the national debt? I thought it was the number of times Obowma played golf last summer.
Dopenstrange on January 3, 2011 at 9:58 PM
Just sounds like it’s time for another vacation. How else can we keep paying for them?
IrishEyes on January 3, 2011 at 10:07 PM
Across the board spending cuts are NOT the answer. There are some programs that need to be cut 100% and others not cut at all. We need some hard figures on what is being spent where and by whom before we can figure out what needs to be cut and by how much. And while we’re at it, what can our newbies in Congress do to unleash our energy production such as the lack of permits to drill in the Gulf and AK?
The debt limit bill should be used to repeal Obamacare, and defund most of his agenda. And make this a regular and often repeating occurance, each time making it’s increase tied to fixing or eliminating some program that is killing us until we have it under control. Time to make the doughnuts. Let’s roll.
shmendrick on January 3, 2011 at 10:18 PM
Hey it’s only Da Man’s money Geith-na’. You dig ? Hey, Moochelle pass da prez anotha’ grill cheese foie gras sammich. All dis slacking is makin’ me hungry.
viking01 on January 3, 2011 at 10:20 PM
http://finance.yahoo.com/news/Visitors-snap-up-100-trillion-apf-3558543127.html?x=0
William Amos on January 3, 2011 at 10:26 PM
Obowma is going to be really surprised…
… when he realizes that “Tipping Point” is not a golf course in China.
Seven Percent Solution on January 3, 2011 at 10:28 PM
We’re so screwed. Not even the best intentioned of conservatives in DC can have enough sway to do what it’s going to take in terms of spending cuts to solve this problem.
I don’t think the US has ever seen the kind of economic ruin that’s inevitably coming our way.
Midas on January 3, 2011 at 10:37 PM
That’s the start. That’s not going to be what gets it done though, sadly.
Midas on January 3, 2011 at 10:39 PM
Obowma is going to be really surprised…
… when he realizes that “Tipping Point” is not a golf course in China.
Seven Percent Solution on January 3, 2011 at 10:28 PM
Seven Percent Solution:*Guam*,hehe!:)
canopfor on January 3, 2011 at 10:50 PM
Any private enterprise run the way government conducts their business would have been out of business in less than six months.
They don’t have the luxury of tapping into someone else’s bank account in order to survive and succeed.
fogw on January 3, 2011 at 10:58 PM
It’s time this question went mainstream: Is Obama Intentionally Damaging Our Economy?
slickwillie2001 on January 3, 2011 at 11:02 PM
Speakup on January 3, 2011 at 11:13 PM
It’s time this question went mainstream: Is Obama Intentionally Damaging Our Economy?
slickwillie2001 on January 3, 2011 at 11:02 PM
Of course the answer is yes. But he’s just a puppet of Soros. He’s the one who is engineering the Intentional Damaging of Our Economy. He does it for fun and profit. He’s used the same system to bring down four other countries economies and he wants to do it to us as his life’s crowning achievement. This is also how he makes his billions, by selling the victim countries currency short when it is still worth something. The 0 and his henchmen are just his tools.
shmendrick on January 3, 2011 at 11:18 PM
It’s probably the least objectionable way to get their attention.
Bugler on January 3, 2011 at 11:27 PM
What’s magical about 14 trillion dollars?
All we need to do is to get Little Timmy and Big Ben to print up a mere 14 ‘Trillion dollar bills’ …. Problem solved with half a cent of paper and half a cent of ink
If Zimbabwe can do it, why wouldn’t work just as well here?
LegendHasIt on January 3, 2011 at 11:29 PM
Remember what happened to Greece and Rome?
ncborn on January 4, 2011 at 2:26 AM
Amen to that. I say that you make it a round 10% and set it to the GDP of three years prior (that way you have the accurate information on it).
They could collect another 2% in taxes solely to pay down the debt.
Theophile on January 4, 2011 at 3:03 AM
Time to bring out the Titanic’s orchestra. Might as well have a little music as the ship goes down. Anyone up for another chorus of Nearer My God to Thee?
sdd on January 4, 2011 at 7:35 AM
With somewhere around $2 trillion in real assets, and something less than $15 trillion in GDP, I’d say that’s not an overstatement.
steveegg on January 4, 2011 at 8:30 AM
His attire says it all…you don’t wear cargo shorts to play golf!
bhawknine on January 4, 2011 at 9:11 AM