US debt passes $14 trillion, Congress weighs caps

[The Northerner]

WASHINGTON – The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.

That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.

Today's debt level represents a $45,300 tab for each and everyone in the country.

Already, both sides are blaming each other for an approaching economic train wreck as Washington wrestles over how to keep the government in business and avoid default on global financial obligations.

Read more: http://news.yahoo.com/s/ap/20110115/ap_on_re_us/us_debt_wars

[Tierra_y_Libertad]

1. Not to worry, they'll stop the "necessary" wars and cut "defense" spending by half.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

[KansDem]

2. Not to mention the Bush/Obama tax-cut extensions and the TARP bailouts...

If these sons-of-bitches who got TARP money want to maintain "capitalism," then let them crash and burn. No way should we be rewarding failed capitalists! It goes against their very tenets!