Aug 26 - US to be $20 trillion in debt by 2016

August 26 - US to be $20 trillion in debt by 2016 - ThatHustle.com
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> Aug 26 - US to be $20 trillion in debt by 2016 - Photo posted in BX Daily Bugle - news and headlines | Sign in and leave a comment below!

The US Senate Budget Committee says that the federal debt could hit $16.2 trillion after another term under President Barack Obama, but others aren’t even that optimistic. The Congressional Budget Office says a disaster could be much more imminent.

According to some Republican lawmakers on the Senate Budget Committee, four more years under the current commander-in-chief could cause the country’s debt to expand by $16.2 trillion by 2015, a full $6.2 trillion more than what the country owed when George W Bush left office in early ’09.
Unless President Obama makes some drastic changes to his current budget plans, the GOP members of the committee contest that the country could be in some serious trouble, even after another Obama victory.

"Federal debt will increase to $25.4 trillion by the end of 2022, an increase of $10.6 trillion (72 percent) under the president’s budget policies," the committee notes. As early as 2015, they say they number could come to $20.3 trillion.

If you ask members of the nonpartisan Congressional Budget Office, though, things could be very bad, very soon.

"This CBO report underscores why on August 1, I and other House GOP leaders urged the Senate to follow the House in passing legislation that would steer our nation clear of the fiscal cliff," House Speaker John A. Boehner (R., Ohio) writes in a statement this week.

The CBO goes on to claim that if Congress can’t keep $500 billion in tax increases and spending cuts from going through in January, not only would another immediate recession be likely but Americans could expect to see the unemployment rate surge once more too.

The nonpartisan group says that, at this rate, the US debt will exceed $1 trillion in 2013 for a fifth straight year, unless Congress finds a drastic way to cut budget spending.

Source: RT

August 26 - US to be $20 trillion in debt by 2016 - ThatHustle.com

08-26-2012, 09:13 AM

republicans are something else man blaming obama for this !!. everybodys to blame, right wing dosent want to touch a penny from defense and dont want to raise taxes and revenue from the top 2%... the right wing was offered 10$ to 1$ of spending cuts to raised revenue on the top % and turn it down [pic] they say they want TO RAISE DEFENSE SPENDING. we spend more than the next top 15 countries in the world combined [pic]

“The big surge in federal spending happened in fiscal 2009, before Obama took office. Since then, spending growth has been relatively flat,” he wrote. “Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion to $3.58 trillion, an annualized increase of just 0.4 percent. There has been no huge increase in spending under the current president, despite what you hear.”

The Obama campaign circulated Nutting’s article by email and posted it on its website Tuesday. The president picked up on the theme again today to hammer the point home.

“I just point out it always goes up least under Democratic presidents. This other side, I don’t know how they’ve been bamboozling folks into thinking that they are the responsible, fiscally-disciplined party. They run up these wild debts and then when we take over, we’ve got to clean it up.

“They point and say look how irresponsible they are. Look at the facts, look at the numbers. And now I want to finish the job – in a balanced way,” he said, referring to his plan to reduce the deficit through a combination of spending cuts and tax hikes.

[pic]

08-26-2012, 11:12 AM

3rd world, here we come!

08-26-2012, 11:43 AM

what does the debt mean tho?

08-26-2012, 04:02 PM

[pic] Damn, how is that !! even possible? How can such a high debt be paid off?? It's over, I'm moving to Canada. [pic]

08-26-2012, 05:15 PM

It doesnt even matter who is or becomes president, theres no way we'll get out of this debt in our lifetime. People gotta stop making everything Democrat and Republican party issues and all come together with a solution to slow the debt down.

Hell, we cant even begin to slow it down when we're always playing superhero to the world

08-26-2012, 05:22 PM

to me it doesnt matter who is president, first off the president only has complete control over foreign affairs, so as long as there are greedy politicians in the house of rep and the senate its only going to get worse. secoundly obama's people arent helping niether, the obama admin might not spend that much but still arent helping the common workers, for example obamas people allowed G.E to move its X-ray divisoin to china, when last year G.E in the X-ray division made hundreds of millions of dollars, AND PAID 0% TAXES ON THAT PROFIT IN THAT DIVSION!!!!!!! WHY GO TO CHINA. now G.E is going create more jobs for engineers and everyday workers in another country. HOW DOES THAT HELP AMERICA????? Also the republicans aint got nothing niether, just this year american airlines paid MITT ROMNEY'S LAWERY MILLIONS OF TAX DOLLARS JUST TO LAY OFF PEOPLE IN THAT COMPANY. you don't need to do all that to lay people off from a company. So like i said before it doesnt' matter if a new repulican wins the presidency are obama wins agains if all the other politicians that have control over what goes on in america are still there, it only going to get worse, plus look at the europeans country under the euro, thats fallen and now are trying to pass a act called the ESM LOOK IT UP WERE SCREWD IF POLITICS DONT CHANGE.

08-26-2012, 05:30 PM

We need more of a competitave edge. We need less outsourcing.

08-26-2012, 05:33 PM

[pic]

08-26-2012, 06:14 PM

No gold standard+No silver standard= Fiat currency= monopoly money [pic]

08-26-2012, 06:19 PM

Originally Posted by dOwnByLaw310

No gold standard+No silver standard= Fiat currency= monopoly money [pic]

**************************************************************************

that would be correct, and if somthing aint done soon, its gonna get very n@sty [pic]

08-26-2012, 06:30 PM

Canada? [pic]

08-26-2012, 06:31 PM

good.

08-26-2012, 07:06 PM

Originally Posted by SwizZy

It doesnt even matter who is or becomes president, theres no way we'll get out of this debt in our lifetime. People gotta stop making everything Democrat and Republican party issues and all come together with a solution to slow the debt down.

Hell, we cant even begin to slow it down when we're always playing superhero to the world

well said bro we really need to stop geting in everyones elses wars and problems and also come to a conclusion on tapping into our oil reserves otherwise china is ging to won our country

08-26-2012, 07:39 PM

Every Country has a national debt including China, Russia, etc.. Even Japan's national debt is 200% over their GDP. As long as U.S.A can stay below 100% national debt of their GDP, We'll be ok. [pic]

08-26-2012, 07:44 PM

Originally Posted by TheOrganicCell

Every Country has a national debt including China, Russia, etc.. Even Japan's national debt is 200% over their GDP. As long as U.S.A can stay below 100% national debt of their GDP, We'll be ok. [pic]

nope this is boxden we get judged by diffrent type of standards for some of these people [pic][pic] this is boxden where our military aint !! compared to Iran's or Syria [pic]

08-26-2012, 07:49 PM

[pic]

08-26-2012, 07:58 PM

Originally Posted by SwizZy

Hell, we cant even begin to slow it down when we're always playing superhero to the world

We're not playing superhero to the world, we're playing ruler of the world.

08-26-2012, 08:03 PM

Originally Posted by SwizZy

It doesnt even matter who is or becomes president, theres no way we'll get out of this debt in our lifetime. People gotta stop making everything Democrat and Republican party issues and all come together with a solution to slow the debt down.

Hell, we cant even begin to slow it down when we're always playing superhero to the world

weeeellllllllllll....getting RID of the Federal Reserve is one idea.........but that WILL NEVER happen....so we're !!ed! [pic]

08-26-2012, 08:08 PM

Originally Posted by DEDOS

nope this is boxden we get judged by diffrent type of standards for some of these people [pic][pic] this is boxden where our military aint !! compared to Iran's or Syria [pic]

seriously... [pic]

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