blog.heritage.org — Late this December, the Unites States Treasury will reach the $12.1 trillion statutory ceiling on the national debt. It will mark the 91st time Congress has had to raise the debt limit since the original $43 billion ceiling was established in 1940.
Dec 15, 2009 View in Crawl 4
jjvorsDec 15, 2009Submitter
FTA: " Federal spending (which has remained around 20 percent of economy since the 1950s) would surpass 28 percent of economy by 2019. Federal spending per household would rise from $25,000 per household in 2008 to more than $37,000 per household by 2019. This spending would drive a permanent, unprecedented increase in the national debt. After borrowing just under $6 trillion from 1789 through 2008 (plus nearly $2 trillion in 2009), Washington would borrow $13 trillion over the next decade?nearly $100,000 for every household. By 2019, annual budget deficits would approach $2 trillion and push the public debt to nearly 100 percent of the economy. Merely paying the interest on this debt would soon cost taxpayers $1 trillion annually, and spending and deficits would continue to rise."
sphiraDec 21, 2009
What are we Really borrowing, credit? From whom?Who are we accredited by, and by what right are they so positioned?What is really owed and how will they compel payment?