U.S. debt $417 billion below the debt ceiling
September 5th, 2012
02:02 PM ET
2 years ago

U.S. debt $417 billion below the debt ceiling

New York (CNNMoney) - Republicans are trying to make political hay of the fact that the federal gross debt this week crossed the $16 trillion mark.

But reaching that milestone was expected. And while notable, it overshadows the number that is of more immediate concern to Congress: the amount of debt subject to the legal borrowing limit.

FULL STORY

Filed under: Budget • Congress • Debt
soundoff (13 Responses)
  1. Namejkane fl SEND THE THREE TIME LOSER romney HOME AND MAKE IT FOUR.

    Blame the Gop goofballs party and Lyin Ryan for a lot of it .

    September 5, 2012 02:05 pm at 2:05 pm |
  2. Rudy NYC

    Despite conservative denials, this country has had a serious revenue problem for the past decade.

    Let's not forget John McCain on the Senate floor pointing out that for the first time in our country's history, we had started a ware and did not raise taxes to pay for it, instead the Republicans had cut taxes. What did Republicans do with that warning? They started a second, even bigger war, complete with another tax cut.

    September 5, 2012 02:31 pm at 2:31 pm |
  3. Tony

    What about that 16 trillion the fed loaned out at 0% interest to corporations and banks around the world while Americans were losing their f'ing jobs?!

    2.5 trillion to Citibank?

    September 5, 2012 02:34 pm at 2:34 pm |
  4. BlkPwr817

    Both parties are responsible for this, but somehow the GOP neglects to mention the 8 years of war that was left unpaid for. The Dems are at fault for keeping most of the same Bush tax policies that also help cause this problem.

    September 5, 2012 02:37 pm at 2:37 pm |
  5. Scott in NH

    Yeah, the war cost well over $10,000 per American family, but the Republicans want us to forget about it, and the 1 million dead people, and focus on Solyndra, wihch cost each family a couple bucks.

    September 5, 2012 02:40 pm at 2:40 pm |
  6. Time for Real Change

    Despite liberal denials, this country has had a serious spending problem for the past decade...

    September 5, 2012 02:41 pm at 2:41 pm |
  7. betterdays

    Spend more. That will help.

    September 5, 2012 02:43 pm at 2:43 pm |
  8. Gurgyl

    GOP deny hurting this nation–they are bunch of idiots. Period. These idiots want to ban SS, Medicare.

    September 5, 2012 03:01 pm at 3:01 pm |
  9. Fair is Fair

    At $4 Billion a day, that won't even get us till the end of the year.

    September 5, 2012 03:08 pm at 3:08 pm |
  10. Pete

    Remember republicans yah can't pay your bills if revenue ain't coming in,that's economics 101...Two unfunded wars,Medicare Part D unfunded, a lot of unknowns unfunded,come on guys you know what Bush did and obviously he got away with it,like being intelligent,that alone should have gave him away,republicans intelligent,Romney, Ryan no where near that as brains are concerned.But republicans follow them everywhere than complain they don't trust them,well get rid of them then,its more safer if he's not Mormon in chief right!!You republicans can't think straight,haven't in years,keep picking then voting for losers and than chastise the opposition saying we didn't do it right when in fact your own party is the only problem,only one that's kept this Pres.Obama from really turning this problem started by Bush,republicans around and making it a distant memory.Pres.Obama did it after your other Bush,we're getting pretty good at fixing up your messes aren't we!!!

    September 5, 2012 03:29 pm at 3:29 pm |
  11. Joan

    They say a picture is worth a thousand words. Well, a few days ago on CNN Christine Romans showed a graph depicting the breakdown of the spending over the last few years. A HUGE amount of the debt goes to the two unfunded wars and we all know how long they have been going on. The US will be paying for those wars for decades. Apparently no US war has been started before this that was not paid for. The next largest expenditure is to pay for the Bush tax cuts. Reagan raised taxes several times but he didn't have a Grover Norquist to contend with. In order to get a bill through a couple of years ago the Democrats had to agree to extending these cuts for a short time. It was blackmail by the Republicans but at least the Democrats compromised to get a helpful bill passed. Wish that went both ways. The next big chunk goes to paying for the huge crisis and we know when that started. The stimulus is actually a small part of the deficit and the CBO says it created a million jobs. It would have created more if many governors had not used it to pay down their mismanaged state debt. That leaves the last part which pays for all of the necessary bills which have to be paid. Remember when the Congress thought that wasn't important and it led to the downgrading of the US debt to AA. Shame on them. It is too bad when the media decides on its headlines and stories that it wouldn't enlighten the public more with this information. I hope the Obama campaign latches on to a similar graph because it certainly enlightened me. The huge growth in spending is NOT because of President Obama's policies. The country is paying for the outstanding unpaid bills and will be for a long time. It is so irritating when Ryan smirks and blames it all on Pres. Obama. He is being very sly and misleading to say the least.

    September 5, 2012 03:38 pm at 3:38 pm |
  12. BostonianNTheWoodlandsTX

    Time for Real Change

    Despite liberal denials, this country has had a serious spending problem for the past decade...

    September 5, 2012 02:41 pm at 2:41 pm |

    ==================================

    THANK YOU !

    I appreciate conservatives making our case.

    As you stated...the past DECADE.

    4 years is no decade. Whch should be obvious to most Americans that Clinton left this country in good shape,we should have paid off our debt by what ? 2007,2008 ?

    But for the past decade going back to 2002 the so-called genius who was in the white house spent at LEAST a good 10 trillion all by himself.

    Ironic your screen name....so are you saying lets change BACK to 2001-2008 ?

    September 5, 2012 03:40 pm at 3:40 pm |
  13. Rudy NYC

    betterdays

    Spend more. That will help.
    -----------------
    It would help. That's how Ronald Reagan climbed out of his self inflicted recessions. Reagan was also forced to raise taxes to make up for his overzealous tax cuts, which eventually stalled the economy every time he tried it. The catch phrase in the 1980s was "boom then bust economics". The bad part is that the bust phase seems to always last twice as long as the boom phase. We rode the Bush Tax Cuts through a 6 year boom, which means we could go through a 12 year bust phase. Past history says that's how long it wil take, 2019, 12 years after the recession began.

    September 5, 2012 03:44 pm at 3:44 pm |