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While much attention has focused on averting the fiscal cliff, the U.S. is just $66B below its...

While much attention has focused on averting the fiscal cliff, the U.S. is just $66B below its $16.4T debt ceiling, which it's due to hit towards the end of the month. Treasury would then embark on some fiscal maneuvering that could buy it another 6-10 weeks. As with the fiscal cliff , Republicans want cuts to entitlement programs before agreeing to increase the debt limit again.
Comments (25)
  • caupachow
    , contributor
    Comments (462) | Send Message
     
    Republicans will cave..... Again.
    16 Dec 2012, 05:45 AM Reply Like
  • chopchop0
    , contributor
    Comments (3876) | Send Message
     
    Not really. They got the fiscal cliff passed which we are dealing with now
    16 Dec 2012, 06:33 AM Reply Like
  • Ray Lopez
    , contributor
    Comments (1602) | Send Message
     
    Republicans will cave over the cliff? How fitting for a party that practices geopolitics.
    16 Dec 2012, 05:39 PM Reply Like
  • Freedoms Truth
    , contributor
    Comments (925) | Send Message
     
    The 'fiscal cliff' is 3 things:
    - tax increases passed by Obama in Obamacare/ACA and
    - tax increases because bush tax rates are expiring
    - spending cuts that Congress put in there in case the President failed to come up with a real spending cut plan. The President failed.

     

    So now the President's solution to a 'cliff' that is mostly tax increases, is ... tax increases.

     

    The floggings will continue until morale improves.
    16 Dec 2012, 09:14 PM Reply Like
  • Machiavelli999
    , contributor
    Comments (829) | Send Message
     
    How stupid our modern conversation has become? Going through an arcane political procedure to avoid a financial meltdown is now called 'caving'. We are screwed, screwed, screwed.
    17 Dec 2012, 12:22 AM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    The President and the Democrats are getting greedy. while saying puplicly they want to "compromise" they are looking for a complete take down. That type of attitude could back fire.
    16 Dec 2012, 06:11 AM Reply Like
  • Freedoms Truth
    , contributor
    Comments (925) | Send Message
     
    Anyone proposing more taxes in our flatlined economy is already greedy.
    But it wont 'backfire' unless the people smarten up and start opposing the Democrats.
    16 Dec 2012, 09:15 PM Reply Like
  • russellb73
    , contributor
    Comments (403) | Send Message
     
    Stop spending on two wars, f35 jet fighters....it is about how congress is spending money.
    16 Dec 2012, 06:52 AM Reply Like
  • BruceInKY
    , contributor
    Comments (437) | Send Message
     
    russellb, I thought we'd declared victory in Iraq and exited that theater. Two minus one equals?

     

    That would leave the money pit of Afghanistan, where we are not exactly at war with our enemies but keep troops deployed in harm's way. Incidentally, how about those 20 F-16s Obama Claus is gifting to Egypt? I hear some (R) members of Congress are opposed.
    16 Dec 2012, 10:14 AM Reply Like
  • russellb73
    , contributor
    Comments (403) | Send Message
     
    "victory" in Iraq was declared but still am unsure it was worth american lives, our tax dollars, etc. What was the victory?
    16 Dec 2012, 04:37 PM Reply Like
  • Getsome
    , contributor
    Comments (45) | Send Message
     
    The problem is the US Constitution allows for Defense Spending. It does NOT allow for most other spending that is and has been done dating back to FDR.

     

    Go back to the original 23 Duties gifted to the Federal Government by the Law of the Land (The Constitution) and fix the mess or Don't.
    16 Dec 2012, 05:53 PM Reply Like
  • Getsome
    , contributor
    Comments (45) | Send Message
     
    Drill for the vast oceans on energy we have here or fight wars over there.
    16 Dec 2012, 05:54 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2508) | Send Message
     
    Yeah, defense for the shores of America and not for patrolling the four seas! Am I correct?
    16 Dec 2012, 06:01 PM Reply Like
  • Freedoms Truth
    , contributor
    Comments (925) | Send Message
     
    OK, so you described about 4% of our spending...
    Do you have anything to say about the other 96% of our Federal budget?

     

    The President wants to spend $45 trillion by 2020... you want that?
    16 Dec 2012, 09:48 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (17900) | Send Message
     
    16 trillion bucks. Where is the money. An amazing trick to not have enough when you have that much. They can show me all the reports and balance sheets in the world and I would not believe any of them. This is a fiasco. THIS is our Armageddon.
    16 Dec 2012, 10:12 AM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2508) | Send Message
     
    It doesn't need a Nobel economist to tell you this truth.

     

    Our country is in straight decline incurring $1T plus each fiscal year.

     

    We are committing de facto self-immolation in no time.

     

    ONE Trillion each year. How many more years will total destruction come about?

     

    You tell me!

     

    Government, please, before even comptemplating raising taxes and cutting 'entitlements', first and foremost, cut waste in government first.
    16 Dec 2012, 10:23 AM Reply Like
  • Russ Winter
    , contributor
    Comments (687) | Send Message
     
    The debt limit is 16.394 trillion. The debt as of Friday was 16.370, placing it only $24 bn from the limit, not $66 bn.

     

    http://1.usa.gov/pKvH6f
    16 Dec 2012, 10:27 AM Reply Like
  • The Long Tail of Finance
    , contributor
    Comments (885) | Send Message
     
    Forget the politicians...they are useless. I'm hoping we get the mandatory sequestration and tax increases as the fail safe, and if it costs us a recession for a quarter or two then so be it...we'll manage through it as we've done before. Time to pay the piper, boys.
    16 Dec 2012, 10:40 AM Reply Like
  • EK1949
    , contributor
    Comments (1667) | Send Message
     
    Will Congress decide not to spend the money it decided to spend?

     

    How phoney is this? What is a debt ceiling anyway, what's it good for? It looks like mischief to me, voting against what you voted for.

     

    If the President wants to veto a bill he can, that's his job. If he goes along that's it. You don't need a do over.
    16 Dec 2012, 12:58 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2508) | Send Message
     
    $25B to go hitting ceiling and we are burning up $5B a day! Actually it is already over counting the $60B request by states for the Hurricane Sandy relief and the $15B hole of the USPS.

     

    So the debate of going over or not over the 'cliff' is academic; even if we did, we may not have enough money to keep gov't running after Jan. 01

     

    Cheers!
    16 Dec 2012, 05:29 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    The Founding Fathers are wondering what the hell happened to their vision for this country.
    16 Dec 2012, 08:11 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4107) | Send Message
     
    Paul Krugman insists that America does not have a debt problem and if only Congress would give Obama a blank check, the economy would recover. Krugman suggests that Republicans have failed to put a dent in entitlement spending and should throw in the towel because Americans want their entitlements. I would think Obama agrees with Krugman and we can expect huge increases in entitlement spending during his second term.
    16 Dec 2012, 08:51 PM Reply Like
  • Freedoms Truth
    , contributor
    Comments (925) | Send Message
     
    Paul Krugman .... has a terrible record of being a partisan shill who changes his justifications and positions based on who is in the white house.
    A $200 billion deficit was a disgrace to him when Bush was president, but with Obama, he is just fine with a $1,200 billion deficit.
    He bashed Republicans for destroying entitlements but now admits they didnt actually touch them. The stimuluus was a failure - he wants more. He makes up facts and distorts others.

     

    He and pundits like him are a bane for the country, giving horrible and bad advice.

     

    oh, and Obama is a big spender, thats Captn Obvious.
    16 Dec 2012, 09:58 PM Reply Like
  • fourthchirpin
    , contributor
    Comment (1) | Send Message
     
    why dont they raise taxes x % a cross the board , and cut spending x % across the board as well while lifting the ceiling no bias. why is this so hard to do.
    17 Dec 2012, 05:55 AM Reply Like
  • Sam Liu
    , contributor
    Comments (3864) | Send Message
     
    "hy dont they"

     

    it's all a game.
    17 Dec 2012, 06:03 AM Reply Like
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