U.S. National Debt Exceeds Debt Limit

[MikeWB]

U.S. National Debt Tops Debt Limit

Posted by Mark Knoller

(AP)
The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.

Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government.

Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections.

The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.

The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion.

The Debt figure goes up and down on a daily basis based on government borrowing and revenue.

[LordLindsey]

"The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion."

There is absolutely, positvely no way that this can be paid-off, and for anyone to accept this insanity...shows that we are living in a world of complete insanity.  This amount of money does not take into consideration SO MANY OTHER areas of fiscal turmoil, much less how much the individual states are in the hole.  I am at a complete loss for words because looking at these numbers and realizing that things are FAR worse than this just leaves any functioning human being literally speechless.

LINDSEY

[MikeWB]

Of course it can't be paid off. We've passed the point of no return when Dubya approved Paulson's TARP. After that was put in place, bankers decided that they'd rather crash the country than go bankrupt themselves. They've put their interests ahead of the interests of the nation.

The gameplay now is all about stashing the money elsewhere and getting ready to jump the ship when all hell breaks loose. Time for hope is over. Nothing, absolutely nothing, can save this country now. The debt is so great that it's only a matter of time before the dam bursts.  Now is the time to hunker down and get ready to weather few years of anarchy, disorder and martial law.

[scorpio]

Now is the time to hunker down and get ready to weather few years of anarchy, disorder and martial law.

Yes, there are going to be some years of anarchy.
As far as martial law goes, I don't think they can pull it off...only in the major cities.
I do not fear this AJ threat of martial law. At least that way, the mask comes off!
No more (d)illusion of 'democracy'.
From what I have personally seen of the zios, they are cowards for the most part, especially when it
comes to putting their own arses on the line.

[CrackSmokeRepublican]

From what I have personally seen of the zios, they are cowards for the most part, especially when it
comes to putting their own arses on the line.

Amen to that Scorpio, they can "B*tch a good game" but when it comes down to the wire... they wuss out... been there and seen that a million times.

I actually saw a good post by Chuck Baldwin the other day on Survival.  Has some practical advice. His weapons choice is similar to my own...  

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http://www.chuckbaldwinlive.com/c2009/c ... 91215.html

First, a disclaimer. I am not an economist; I am not a survival expert; I am not a firearms expert; I am not an attorney; I am not a physician. In fact, I am not an expert in anything! For several years, however, I have tried to learn from others. I am an avid reader. My work has allowed me to travel extensively. I have had the privilege of sitting at the feet of--and learning from--many of America's most learned, most trained, and most qualified "experts" in a variety of fields. What I write today, I have learned from others. I've formed my own opinions and priorities, of course, but everything I'm sharing has been said, or written about, before. But if I can share something in today's column that will help someone be better prepared for the days to come, then my goal will have been achieved.

Location:

First, analyze your living conditions. Where do you live? Do you live in an urban or rural environment? Is it a big city or small town? Do you live in an apartment or condominium? How close are your neighbors? Do you even know your neighbors? Would you trust them if the electricity was off and they were hungry? Could you grow your own food, if you had to? How easily could you secure your home? If you live in a cold weather environment, how long could you stay warm without electricity? These are the kinds of questions you need to ask yourself now.

Over the past several decades, masses of people have migrated into large metropolitan areas. More people live in urban areas than at any time in American history. While this may be well and good for times of prosperity, it is an absolute nightmare in any kind of disaster. Does anyone remember what New Orleans looked like after Hurricane Katrina came through? Can anyone recall what happened in downtown Los Angeles during the 1992 riots? Needless to say, any inner-city environment could become a powder keg almost instantaneously, given the right (or wrong) circumstances. And the bigger the city, the bigger the potential problems.

If you live in the inner city, I suggest you consider moving to a more rural location. Obviously, now is a very good time to buy property (especially rural property), but the downside is, selling property is not as favorable. If you can afford it, now is a great time to buy a "safe house" outside the city. If you are fortunate enough to have family or some true friends nearby, you might want to put your heads--and some resources--together in preparation for serious upheaval. Obviously, a team of prepared people is much better than being alone.

If you must stay in your urban location, have some commonsense plans in hand in the event of a major disaster. Get to know your neighbors: find out whom you can trust and whom you can't. Keep some extra gasoline on hand, in case you need to get in your car quickly and leave. Have several exit routes planned ahead of time, in case roads are blocked. Have a "bug-out" bag containing essential ingredients to live on for 3 or 4 days. If leaving is not an option, have a plan to secure your home as best you can. You'll need to think about things such as food, water, medicine, warmth, self-defense, etc. But at this point, to do nothing is absolute lunacy!

are my suggestions:

I believe every man (along with his wife and children of adequate age) should be proficient with the following weapons: a handgun in .38 caliber or above, a .22 rifle, a center-fire hunting rifle, a semi-automatic battle rifle, and a shotgun.

My personal preference for a self-defense handgun is either a .45 ACP 1911 (either Colt or Kimber) or a .40 S&W. In the .40 caliber, my favorite is a Glock 23. In the 1911, I like the Commander size configuration. I also like the Glock 30 and 36 in .45 caliber. My wife prefers to carry a Smith & Wesson .38 caliber revolver in the snub-nose, J-frame configuration. But this is primarily due to the reduced weight of these weapons for carry purposes. If needed, she could make a good accounting of herself with a Glock 19 in 9mm. If you are someone who has never owned and seldom fired a handgun, I recommend you buy a Glock. They are as simple as revolvers to operate, reliable, and almost indestructible. Plus, they provide increased magazine capacity, and are safe. They are also very easy to disassemble and clean.

For a .22 rifle, I really like the Ruger 10/22. For a hunting rifle, my suggestion is either a .270 or .30-06 caliber bolt-action rifle. (If I had to pick one, I'd pick the .30-06.) I prefer the Remington Model 700 BDL, but there are several fine weapons in this configuration and caliber by numerous manufacturers. For a battle rifle, I suggest an AR-15-style weapon in .223 caliber. Here I prefer a Bushmaster. (Please, I don't need to hear from all you .308 lovers out there. I love the Springfield M1A, too.) For a shotgun, I suggest a 12-gauge pump. Here I prefer a Winchester Model 1300, which is not made anymore. So, you'll probably have to choose between Mossberg and Remington.