While you were sleeping….
United States Government spends so much money these days that the debt is reaching its ceiling again. Do not expect Republicans put much of a fight up in stopping any raises as they usually join Democrats in governments spending addiction.
Via CNBC –
Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, but would begin taking “extraordinary measures” to finance the government on a temporary basis, according to the U.S. Treasury.
In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Treasury Secretary Jack Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is raised.
“Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible,” Lew wrote in his letter.
The Congressional Budget Office said this week that if Congress does not raise the federal debt limit, the Treasury Department will exhaust all of its borrowing capacity and run out of cash in October or November, slightly later than a previous forecast.
After August, Congress (House/Senate) will convene and raising the debt ceiling will once again be a hot topic. The US Federal Government has not passed a Constitutional required budget in almost six years. In America’s new age economics of moral relativism, spending at any level is o.k. You can get mad at it all you want if you don’t fall into this thinking, but you might as well make a lot of money and/or save your wealth while the masses cheer on this debt driven philosophy.
The Treasury Department just released their “Interest on Debt” payments for the month of July. They paid out $25 Billion in just one month. There are two fiscal months left but so far the US Government has paid out $370 Billion in payments. Most of these payments go to the Federal Reserve and foreign countries.
Here is the federal government link showing how much we have paid out for numerous years. The word “Trillion” pops up real quick when you just start adding up just a small portion of years.
These stats are good to know when thinking about your investments.