US Debt Ceiling Raised to 101% of GDP


Congratulations, America!
Like a cancer that’s metastasized, the U.S. debt ceiling has just been raised to 101% of our GDP (gross domestic product).
A Senate resolution by Republican Mitch McConnell to disapprove increasing the U.S. Treasury’s debt ceiling was voted down 45 to 52.
Under the debt-ceiling agreement reached between Obama and Congressional Republicans early last month, the Obama administration was authorized to immediately raise the debt ceiling by $400 billion.
Now, because of the failure of McConnell’s resolution, another $500 billion increase was authorized.
This effectively greenlights the increase of the US debt ceiling from the current $14.694 trillion to $15.194 trillion, or roughly 101% of America’s GDP.
Source: ZeroHedge, 9/8/11
According to a recent study by the Bank for International Settlements, national debt becomes a metastasized cancer, choking off economic growth, when it reaches 80% to 100% of GDP.
The United States of America is now officially a debt-ridden third world country.
~Eowyn

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DCG
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DCG

Hope and change baby! And thanks for nothing RINOs…

josephbc69
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If I recall correctly, it was former Chancellor Gerhard Schroeder who remarked that if the US continued as it was going [he said this twenty years ago], it will be the first nation in history to go from First World status to Third World w/o an intervening stage. Looks to have happened….

josephbc69
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Looks as if I put the “Us” into “US”. Sorry for the typo,
“Two fingers Louie”

Anonymous
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Anonymous

Another achievement for the Demo-rats!

Dave
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Dave

My theory is that there are an awful lot of repubs in the current congress that actually support Obama’s increasing of the size and scope of the federal government.
They have made no effort whatsoever, other than lip service, to try and stop him.
You know what they say about power.
-Dave

Anonymous
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Anonymous

You won’t believe this… just in.
“Obama Says Americans Reject Tea Party Ideas,” AFP via Yahoo! News, 12 Sep 2011
https://news.yahoo.com/obama-says-americans-reject-tea-party-ideas-143312532.html

Alice Wolf
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Here is the only solution to this dilemma: Pass HR 1489 THE RETURN TO PRUDENT BANKING ACT introduced by Marcy Kaptur D Ohio, which would reinstate the Glass Steagall standard. Once this has happened, the too big to fail banks will be placed under Bankruptcy Protection, this includes the FED, why? Because G.S. would separate the gambling debt of the Banksters from the legitimate debt of the commercial banking institutions, which would render the illegitimate toxic derivative debt apart from the debts which are the legitimate responsibility of the US Government and the US Taxpayers. Thus all the doom and… Read more »