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The Spectacle Blog

$13 Trillion: It's Only Money!

By Doug Bandow on 6.3.10 @ 7:15AM

I have a collecting buddy who seems to buy the most items when he has the least cash. Of course, that's what credit is for. As he explains, "It's only money!"

That obviously is Uncle Sam's position. Reports the Washington Times:

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill.

Calculated down to the exact penny, the debt totaled $13,050,826,460,886.97 as of Tuesday, leaping nearly $60 billion since Friday, the previous day for which figures were released.

At $13 trillion, that figure has risen by $2.4 trillion in about 500 days since President Obama took office, or an average of $4.9 billion a day. That's almost three times the daily average of $1.7 billion under the previous administration, and led Republicans on Wednesday to place blame squarely at the feet of Mr. Obama and his fellow Democrats.

$13 trillion in debt? The administration and Congress obviously share my friend's view: It's only money!

View all comments (4) | Leave a comment

Tim| 6.3.10 @ 10:07AM

Big inflation coming.

Greg| 6.3.10 @ 12:06PM

The only way of dealing with that much debt is to both monetize it and raise taxes -- on everyone, not just the rich. Through inflation and taxation, everyone shares the burden. But just like it makes no sense to reform our immigration laws until the "border is sealed", it will do no good to tackle the debt until the "spending is sealed." Since that's not too likely with the low accountability levels Congress operates under, then it would be better to take no action until we can vote in people who will bring the fiscal sanity to Washington that has been absent for most of the last 40 years. When spending is cut by 25%, I will gladly pay higher taxes for awhile to erase the debt so my kids can live in a healthier, stronger country. But not before.

Tim*| 6.3.10 @ 3:10PM

We ,Tea Party Rebels say , CUT SPENDING !

Remembering ,80% of the budget falls into five categories: Social Security, Medicare/Medicaid, Defense, Veteran’s Benefits, and Interest on the Debt.

The Tea Party Rebellion Escalates

randyinrocklin| 6.4.10 @ 10:32AM

Imagine how much it is costing us to fly Obambi on Air Foorce One everyday that he flies. I never saw any President do so much flying. When AF1 flies there are two 747's flying along with fighter escorts. Imagine all the logistical costs this guy is racking up evrytime he flies around making his BS speeches.