This is unreal… 🙄
US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
Public debt subject to the official debt limit — a slightly tighter definition — was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country’s bloating deficit.
The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.
Chew on that one for a few seconds or longer. The USA is borrowing more money from China, that the United States makes as a whole. For the reading up on the GDP, click here. I also recommend that you read up on the Gross National Product and Gross Domestic Income. All of that above, factors into our economy; and believe me when I tell you — we are circling the drain my friends.
There is a bunch more on this subject; and for what it is worth, I do not claim to be an expert on this stuff at all — So, I recommend you read following related articles:
U.S. debt shoots up $239 billion -- in one day!
Gov't will borrow $72B next week...
Obama, Bernanke out of ammo to boost jobs, growth...
Scary Market Chart Pattern Suggests More Selling on Way...
Economy struggles to find footing...
Gold at $2,000 by year-end...
Speaking of Gold, this would be a good time to get into investing in Gold, It would also be good to stock up on Guns and Ammo!
What I will tell you is; because I am an honest blogger and not some partisan shill for a particular party – is this here. Many on the right wing Blogosphere will be quick to put this entire situation on President Obama. I cannot and will not do that; the truth is folks, we did have and still do have two wars that we are fighting; and those cost money too. We also did have the bailout of the banks and tarp bailouts, the trap loans to the big three, being a fraction of the total cost.
Truth is my friends; we are here because of foolishness of our elected leaders — Republican and Democratic Party. Both sides have steered this Nation over a cliff. President Obama tried and ultimately failed to bring an economic revival to the Country. Now we have to pay the proverbial piper. It is going to be a painful process; the tap is turned off and we are now going to have embrace austerity.
It is a horrible thing to endure, but it is something that we are going to have to endure — if we are going to continue as a Country, as we know it now.
Update: This is now a Memeorandum Thread: Others covering: Washington Times, Scared Monkeys, Conservatives4Palin, Pajamas Media, Weasel Zippers, Fausta’s Blog, Power Line and The Lonely Conservative