Total Debt: $16,432,730,050,569.12; Debt To GDP: 103%
We already knew that the US crossed the debt ceiling on New Year's day. It is, however, one thing to read a Geithner press release, it is another to see America's ridiculous debt it in action. So here it is, courtesy of TreasuryDirect, in all its debt ceiling glory: $16,432,730,050,569.12, with the debt subject to the ceiling at the limit of $16.394 trillion.
And with that we can close the books on the first quarter of Fiscal 2013, in which US public debt grew by $366 billion, some $122 billion per month on average.
This number will now remain fixed, and not change for the next two months, or until the debt ceiling is once again riased, most likely by another $2.4 trillion to $18.8 trillion, to much theatrical kicking and screaming, some time in February or March. In the meantime, any new debt issuance will have to be offset dollar for dollar with a reduction in various government retirement funds, Federal asset sales, SLGS issuance suspension, and the various other internal and external liability rearrangement, i.e., the Treasury's emergency response, the various components of which were listed here.
And for those curious what this means in debt/GDP terms, we apply the roughly 1.5% annualized GDP growth to Q4 GDP to get a debt/GDP number at December 31, 2012 of 103%, and rising very rapidly.
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Boner to resign? if he does the debt limit now becomes a real deal
if so markets tank tomorrow
the gift that keeps on giving
I bet Obama raises the ceiling by decree and hands out 30B each to the Sandy states.
Obama rolls like that.. He don't need no congress..
Does the 103 % number include the Fannie/Freddie liabilities ?
The gvt regrets to inform you that you will not get your refund on time this year, because the gvt has no money, execpt yours.
In my wildest dreams I could not have accomplished such an amazing feat the US Government has accomplished for me. Keep that national debt growing parabolicly for me Congress and Mr President. I want to see the $20 trillion mark hit as soon as possible.
Dream higher my son. 100T before I die.
After he gets done talkin to the chocolate carbonator, he'll be green with envy and stoned with wisdom.
don't worry boys and girls.....
USA is too big to fail
who wants war with America????
Just enjoy the empire
@whatsinaname: No. Actual Fed Govt debt is >$22,000,000,000,000.
It does not matter, because this time is different. US have the technology to sustain high debt levels easily. The greatest country on earth invented the printing press, the tablet computer and the Facebook. This will change the world and the US will lead again.
I know you're high on Bunga Bunga so I'll let you off
"I bet Obama raises the ceiling by decree and hands out 30B each to the Sandy states.
Obama rolls like that.. He don't need no congress.."
Yes the Sandy damage to Ill and Calf was just incredible, they will get included with it.
funny how much debt got pushed into November and Dec after the election
POLITICAL SCIENCE FOR DUMMIES:
Tax-cuts under Bush = Bad
Tax-cuts under Obama = good
Gov't spending under Bush = Bad
Gov't spending under Obama = Good
$200 B deficits under Bush = Catstrophe (just ask Krugman)
$1.2 Trillion deficits under Obama = would be better if he spent even more (just ask Krugman)
foreign policy moves under Bush (any) = bad
foreign policy moves under Obama (any) = perfect execution of policy (just ask Time mag.)
If you think this is just my opinion, then you are wrong 'cuz there are legions of media types and liberal arts professors who verify and confirm this.
Jeb 2016!
LOL
Michael Pento on cnbc right now saying he went long stocks. this guy was all cash for as long as i could remember.
It's going to go up, but I wouldn't touch that paper with Bob Dole's dick.
Poly Sci 101 cont -
Intergovernmental Holdings - Social Security funds stolen by the Kleptocrats and the corporate welfare pigs - the oligarchs.
Just look at the fiscal cliff deal - 1.5 bil to goldman sachs - 150 mil to hollywood(thanksto dark thirty) and 45 mil for nascar etc - another 1.5 in legalized off shore accounting tricks -
Coupled with taxing any mortgage writedown as 100% income - so write down 100,000 and owe the fed and state gov 35,000 - yea that'll work!
Also tax breaks to help people take care of their elderly parents and keep them in their homesinstead of institutionalizing them are also gone.
We the People pay the Bills and the corporations get the Deals.
Bread and Circuses - or should I say SNAP and Sandy Hook?
Tribe worship by the too dumb to figure it out crowd.
If you really believe that there are two different political parties, then you have had your head up your ass for about 40+ years. Wake the fuck up already.
+1
See Glenn Greenwald's "repulsive progressive hypocrisy"
for some reason not finding a full version of that article right now - too lazy to hunt.
Yes, this is all perfectly understandable and rational when you understand one thing. The reason Bush did all those things was to benefit the rich and the corrupt military industrial complex. The reason Obama did the exact same things was to benefit the poor, restore justice to our tax system and bring balance to the force.
I hate to break it to you, but they both do the same fucking things, for the same fucking reasons, because they have the same fucking owners.
Apparently GernB's humor, clearly tagged as such with "bring balance to the force", went unnoticed by a few people.
Good for you - sticking with the ol' red fish blue fish storyline.
Pro-TARP shill Cantor to replace Boehner most likely. Nothing will change.
Cantor doesnt cry as far as I know, so there is that.
No, but he is a frequent visitor to the Wailing Wall.
Puppet Replacement Theory: C = S2 + D2
C = Change
S2 = Same Shit
D2 = Different Day
And in many circles this is considered fiscal restraint.
<God help us, but just wait until they're really trying to cut back.>
Full speed ahead captain.
Set the presses to top speed and prepare for overdrive.
US debt clock puts the debt to GDP at 105.68%.
http://www.usdebtclock.org/
Main point of course being that regardless of calculation, we're definitely, for sure, insolvent.
"Listen up buster. I'll tell you when we're insolvent. And we are not insolvent." - Helicopter Ben
<I still have an entire warehouse full of one's and zero's in reserve.>
But we "owe it to ourselves" right?
FUBAR NATION
I can't seem to find my FFB debit card anywhere. Hmmm.
Bubble Bernanke: "We will re-review the need for further market juicing at QE 100, until then party on!"
Collapse. Just freaking collapse before they can do any more damage.
dont tell it to the VXX ha ha or VVXY
VXX about to take out all time low of $27.94...so tempting but.must.not.buy. Widow maker trade...US gov will punish any all who have the temerity to "short Merica" by running VXX to $.01.
Bottom line is - either join the Ponzi or be destroyed
FUCK YOU BERNANKE
Looks like we're goin ta Di'ney Lan' Bitchez...........
The Fiscal Cliff Ride -- Mind The Gap!
Debt to the penny? How much did Rumsfeld say was missing from Pentagon budget on 9/10? Ever read the qualifications to any government financial statements?
Doomed, we are...
iDefault.
Build some more bombs and military hardware quick! Another unfunded war will fix it (provided that we actually kill a substantial part of the world's population this time)!! < sarc off >
Does one on our own soil count? Because, the longer this charade persists, the more the philosophical divide extends and we shall go to war against our countrymen at some point.
We will anyway. Just like the soviets did during and after their collapse. Ours will be no different. The good news is that when the creditors come looking for debt repayment, the country that owed them all that money won't exist. Just like the collapse and break-up, of the Soviet Union, our collapse will follow a similar path.
Creative destruction is a beautiful thing. Sometimes, in order to save the country, it has to be burned to the ground.
There's a lot of dead wood in this forest that needs to be burned out to make way for new growth. Well, counterfeit wood anyway.