Friday, February 12, 2010

National Debt Ceiling Increases to $14.3T

It was just in December that the national debt limit was raised from $12.1T to $12.4T. Today, it was increased more substantially to $14.3T [1], or $103,675 T*Bux. On average each tax paying American would owe more than $100,000 on the federal debt.

Obviously, everytime we reach the debt limit, Congress is just going to pass a higher limit, so this debt limit is effectively meaningless. The real debt limit is when people stop buying Treasury Bonds. The U.S. has some wiggle room there still, but countries like Greece and Argentina are discovering what that limit is. The way things are going, so too will the rest of the world eventually.

1. Obama signs bill raising debt limit to $14.3 trillion.

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