Happy New Year, Federal Debt


	Happy New Year, Federal Debt

thisnamecantbetaken

10-2-2008 5:50 PM

109 views

tags:

economics, debt, usa

thisnamecantbetaken says:

I wonder if America can afford a new clock?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8a00493b-67b8-46e3-b581-116507e1cc6f/F601C873-846B-47E6-819F-34A811D4F311/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt" href="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt" style="font-size: 11px;">www.portfolio.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt"><H2 class="postTitle">Happy New Year, Federal Debt!</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.portfolio.com/img/4F170257-17F0-48B0-ADD6-7A2729F96A5B" alt="01-debt-clock-large.jpg" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt">October 1st marks the first day of a new fiscal year for the federal government. What New Year's resolutions might it propose? </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt"><DIV>
At the rate it's going, a reduction in the national debt won't likely be on the list. The proposed $700 billion bank bailout would require the U.S. government to raise its debt ceiling from $10.6 trillion to $11.3 trillion. </DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/views/blogs/daily-brief/2008/10/01/happy-new-year-federal-debt"><DIV>
But it's not clear what kind of impact--if any--this effort would have on the national debt clock near Times Square that's about to run out of digits. The current debt stands at nearly $9.8 trillion, and the clock isn't equipped to go to ten. (Who owns the debt? <A href="http://www.portfolio.com/interactive-features/2008/09/Hungry-for-Cake">Go here for an interactive</A>.) The national debt (how much we owe) raises as the national deficit (how much more we spend than what we bring in) increases.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F601C873-846B-47E6-819F-34A811D4F311/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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