No Runny Eggs

The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger). The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.

Treasury – An additional $2,000,000,000,000 in debt needed for the federal government to make it to 2013

by @ 17:08 on May 4, 2011. Filed under Politics - National.

Reuters reports that, in informal discussions on the debt ceiling, the Treasury Department floated the figure of raising the debt ceiling $2 trillion, to $16.3 trillion, in order to avoid having to deal with the issue again before the 2012 elections. At an estimated 20 months of extension, that would be an annual rate of $1.2 trillion in additional debt. Worse, Reuters estimates that a “mere” $2 trillion in new debt won’t be enough to get the US to 2013.

Going back through the debt archives, the total public debt outstanding was at $5.728 trillion just before President George W. Bush took office and $10.628 trillion when he left. I may be but a public school graduate, but the approximate-$5.8 trillion of debt that would be added in President Barack Obama’s first term if the $2.0 trillion debt-limit increase is just enough to get to January 20, 2013 would be a new record for any President’s reign.

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