Thread: National Debt at Record $9 Trillion

Uhh, Bush I don't think we can afford the illegal's any longer.

http://biz.yahoo.com/ap/071107/national_debt.html?.v=1

By Martin Crutsinger, AP Economics Writer
National Debt Hits $9 Trillion for the First Time


WASHINGTON (AP) -- The national debt has hit $9 trillion for the first time.
The Treasury Department, which issues a daily accounting of the debt, said Wednesday that the debt subject to limit was at $9 trillion on Tuesday. It was $8.996 trillion on Monday.

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Last month, Congress passed and President Bush signed into law an increase in the government's borrowing ceiling to $9.815 trillion. It was the fifth debt limit increase since Bush took office in January 2001. Those increases have totaled $3.865 trillion.

The administration contends the rising debt reflects such factors as slow economic growth during the 2001 recession, the Sept. 11 attacks and the cost of fighting terrorism.

Democrats place much of the blame for the exploding debt on Bush's first-term tax cuts, which they say are tilted to the wealthy. The administration says those tax cuts helped to jump-start the economy and resulted in falling budget deficits in recent years.

The tax cuts are set to expire at the end of 2010. The administration and Republicans in Congress want to see them made permanent; many Democrats would like to see them revamped to provide more benefits to lower and middle-income taxpayers.

The budget deficit for the 2007 budget year, which ended Sept. 30, was $162.8 billion, the lowest in five years.

In 2004, the deficit was $413 billion, a record in dollar terms.

The national debt is the total of the annual budget deficits plus money that the government borrows from the Social Security and other government trust funds.

The total national debt is actually higher than $9 trillion because it includes borrowing by some agencies that are not covered by the congressional debt limit. That total was $9.086 trillion on Tuesday.

It took the country from George Washington until Ronald Reagan to reach the first $1 trillion in debt.

It's time for the Moron to go... this Country cannot survive anymore of his Bu_l Sh_t

And don't forget that large sums of that debt are borrowed from China.

$9,000,000,000,000! This debt will be on the backs of our children,grandchildren,great-grand children,and probably our great-great-great-great-great-great-great-great-great-grandchildren.Thanks Congress for all you do for us!

I was sure they just raised the country's credit limit to 9 trillion so we wouldn't have to default on our loans.

That would mean we turn over to the descendants of the group of men that founded the Federal Reserve 360,000,000,000 at an interest rate of 4% on a debt of 9,000,000,000,000. That money leaves the country, I would imagine. That is the sort of thing that can really suck the life out of an ecconomy.

If I volunteered to pay the debt off at a rate of 1 dollar every second it would take me 285,388 years.

Bush really has had a successful 6 years in office hasn't he. Maybe for him but death to America. If America leaves then who will take care of all the third worlders with crooked politicans?