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Thread: U.S. Federal Government in Legal Default

  1. #1

    U.S. Federal Government in Legal Default

    Despite the warning of treasury secretary Snow, Congress has yet to pass an increase to the federal government's legal debt limit. As of 24-01-2006 the U.S. Federal Government debt is illegal.

    http://www.publicdebt.treas.gov/opd/opdpenny.htm
    Current Amount
    01/26/2006 $8,190,567,748,779.48

    Current Month
    01/25/2006 $8,181,906,259,395.82
    01/24/2006 $8,185,315,076,347.87
    The debt limit is 8,184$ billion.

    This should not be too surprising given the respect for the law that this government has shown.
    Last edited by jaws; 27 Jan 2006 at 9:37 PM.

  2. #2
    Cyburbian
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    Well, that's the disadvantage of having a federal government, it's too costly...Although I bet that's not the problem of the debt (it's in the trade deficit)

    Damn... and I thought the only nations that went broke were the developing ones...

  3. #3
    An idea whose time has come?

    U.S. Holds Going-Out-Of-Business Sale

    January 17, 2006 | Issue 42•03

    WASHINGTON, DC—In an address broadcast on late-night television Tuesday, President Bush announced that the federal government will liquidate its holdings in a going-out-of-business sale scheduled to begin Friday.

  4. #4
    Cyburbian abrowne's avatar
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    I'd read some months ago that this was coming. It's interesting that no one blanched and raised the debt limit. Now I wonder what they intend on doing... radical? Hard to say. I wouldn't think they would reject that debt as much of it is domestically owned, too.

  5. #5
    Cyburbian michaelskis's avatar
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    Maybe it is time that they should start reducing the size of the federal government. I say cut some of the support staff and reduce the amount that the legislatures get paid.

    Our government is way too big right now.
    Not my monkey, not my circus. - Old Polish Proverb

  6. #6
    Quote Originally posted by michaelskis
    Maybe it is time that they should start reducing the size of the federal government. I say cut some of the support staff and reduce the amount that the legislatures get paid.

    Our government is way too big right now.
    Time to boot the bums out of office! Though you can't really do that until next year, by which time they'll have run up at least another trillion in debt. And you can't really boot them out of the senate. And you can't really boot out the congressmen whose districts were gerrymandered into fortresses.

  7. #7
    Member Wulf9's avatar
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    If you can link the chart to presidents, you will see that the big deficits all come under Republicans. If you want sound financial management by government, elect a Democrat.

  8. #8
    Cyburbian jordanb's avatar
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    Something looks a little fishy in that estimated part there.
    Reality does not conform to your ideology.
    http://neighborhoods.chicago.il.us Photographs of Life in the Neighborhoods of Chicago
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  9. #9
    Member Wulf9's avatar
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    Quote Originally posted by jordanb
    Something looks a little fishy in that estimated part there.
    The estimates are from the "government." They can't fake the past, but they are faking the future.

  10. #10
    Cyburbian
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    Funny thing that the US government had quite a rising of surplus from '92 til 2000.
    Now how the heck do you go from a >200 billion dollar surplus to a >500 billion deficit is 6 years is simply amazing... What the hell happened? It's like if an idiot got elected president....

  11. #11
    Quote Originally posted by SkeLeton
    Funny thing that the US government had quite a rising of surplus from '92 til 2000.
    Now how the heck do you go from a >200 billion dollar surplus to a >500 billion deficit is 6 years is simply amazing... What the hell happened? It's like if an idiot got elected president....
    The surplus was an accounting fiction. They juiced the economy with credit in the 90's and it created a boom, so tax receipts increased. There was no significant reduction in government spending. Notice the trend reversed exactly at the same point as Nasdaq started falling.

  12. #12
    Member Wulf9's avatar
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    Quote Originally posted by jaws
    Notice the trend reversed exactly at the same point as Nasdaq started falling.
    And GWB became President......We are in a one party government right now. They have full control of the economy. They have done a sorry job which is not the fault of the previous admin.

    Have you ever noticed that the Republicans claim that good economies under the Democrats (as most have been) is the result of prior Republican policies. And the deficits and downturns under Republicans (as most have been) are the fault of the Democrats.

  13. #13
    Cyburbian Emeritus Chet's avatar
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    Its a might fine thing that you posted this in the FAC. That way, we don't need to take your drivel seriously.

  14. #14
    Quote Originally posted by Wulf9
    And GWB became President......We are in a one party government right now. They have full control of the economy. They have done a sorry job which is not the fault of the previous admin.

    Have you ever noticed that the Republicans claim that good economies under the Democrats (as most have been) is the result of prior Republican policies. And the deficits and downturns under Republicans (as most have been) are the fault of the Democrats.
    And the Democrats of course claim the opposite, and the truth is that neither party has any idea what makes a good economy. That's why both parties trusted Alan Greenspan, and why we have the mess that we do today.
    Quote Originally posted by Chet
    Its a might fine thing that you posted this in the FAC. That way, we don't need to take your drivel seriously.
    Drive-by flaming, look out!

  15. #15
    Member Wulf9's avatar
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    Quote Originally posted by jaws
    And the Democrats of course claim the opposite, and the truth is that neither party has any idea what makes a good economy. That's why both parties trusted Alan Greenspan, and why we have the mess that we do today.

    The Dems do not "claim." They have generally produced good economies, and the Republicans have generally produced bad economies.

    Repubs try to claim the Democrat good economies as theirs and pass of the Republican bad economies as responsibility of the Dems.

    I agree about Greenspan. He has set the stage for very bad things to happen. I suspect it has been more in the past five years when he supported tax cuts, artificially low interest, huge deficits, guns and butter spending, and the Republican "ruin the economy" economics.

  16. #16
    Quote Originally posted by Wulf9
    The Dems do not "claim." They have generally produced good economies, and the Republicans have generally produced bad economies.
    The economy was much better under Reagan than under Carter. Are you going to claim it was because the democrats "set the stage" for the republicans?

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