05 January 2011

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American National Debt crosses $14 trillion – the situation when debt reaches magic number of $14.294 trillion and President Obama what Obama will do

American National Debt crosses $14 trillion – the situation when debt reaches magic number of $14.294 trillion and President Obama what Obama will do

On June 1, 2010 the American national debt was $13 trillion
On December 2010 the debt reached to the 14 $ trillion.

In seven months the national debt increased by $1,000,000,000,000.
It took 212 days for an additional trillion dollars to be added to the American national debt.

So what the debt is carried forward, President Obama is not responsible for the overall debt.

Here comes the magic number $14.294 trillion

Last February President Obama and congress signed a law which fixed the statutory ceiling limit that is $14.294 trillion

What does mean the statutory limit ?
In this case Congress and President Obama can not borrow more than $14.294 trillion.

So congress has to increase this borrowing , taking loan limit.

NRO President Obama’s economic advisor Austin Goolsbee argued that a refusal by the Senate to increase the government’s debt ceiling would be “catastrophic” and a sign of “insanity.” Hmm, intertingly enough that’s not the position the Obama had in the past.

But the problem is that in Past President Obama said that
Year 2006 March –
President Obama said at the time of voting when American National Ceiling on debt was increased ,
He said: “The fact that we are here today to debate raising America's debt limit is a sign of leadership failure.
It is a sign that the U.S. Government can't pay its own bills.
It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.
Increasing America's debt weakens us domestically and internationally.
Leadership means that ‘the buck stops here.
Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.
America has a debt problem and a failure of leadership.
Americans deserve better.”

Thus President Obama voted against the increase in the American national debt ceiling limit.

Now the situation is that if President Obama supports the increase in ceiling limit on debt
Don’t you think it will prove or is a sign of leadership failure.

I will say he will increase it and using good speech he will prove it , he is right while in past he was right when he opposed the increase in debt ceiling .

Since Barack Obama took the Oath of Office, the American national debt has increased from $ 10,626,877,048,913.08 to $ 14,025,215,218,708.52.
That’s an increase of $ 3,398,338,169,795.44 in 710 days.

Fourteen trillion is 14-thousand billions.
A billion is a thousand millions.
A million is a thousand thousands.
A trillion has 12 zeros, to be exact.

Do you know what the national debt of India is ?
You will not find this information easily.

Reality views by sm –
Wednesday, January 05, 2011


Renu January 05, 2011  

I nevr knew that Big Sam also have fiscal deficits, no different than us then:)

Irfanuddin January 05, 2011  

....is this still Bush’s fault?

Insignia January 05, 2011  

As usual excellent compilation. Now lets see what will Barack Obama do to save the Big Brother.

This also means strengthening of Chinese foothold further huh!

sm,  January 05, 2011  


sm,  January 05, 2011  


sm,  January 05, 2011  


Bikram January 05, 2011  

well i guess we will have to jsut wait and see what happenes , though i am sure the congress will increase the loan limit for sure ..

after all big brother cant do without borrowing more money


Jon January 05, 2011  

interesting piece of info...it has got to have much consequence in India too

Amrit January 05, 2011  

An excellent post. Yes, USA has a big debt issues right now.

sm,  January 05, 2011  

Yes they will increase the ceiling limit

sm,  January 05, 2011  


Blognostic January 06, 2011  

U.S. Government is bruised but it has good chances of a recovery soon.

sm,  January 06, 2011  


Nrupen January 07, 2011  

Now that's what we call real news. Thanks SM.

sm,  January 08, 2011  


Anonymous,  January 16, 2011  

Thanks Obama?!

What are you talking about, 2/3 of that debt is from GW Bush! It was balanced by Clinton!

sm,  February 18, 2011