As the Debt Ceiling Deal is Celebrated … US Treasury Borrowing at 100% of GDP … America Disapproves of the Raising of Debt Ceiling
American families struggle with their budgets and do without to make ends meet … NOT THE OBAMA LEAD US GOVERNMENT.
UNBELIEVABLE. US Borrowing now equals 100% of GDP. I am sure the credit agencies will embrace this news. How is it that Obama and and other fool hearty politician on the LEFT or the RIGHT celebrates the debt ceiling deal while the United States is borrowing 100% of the GDP. In one day, just one day the US debt went up $239 billion, largest one-day bump in history. As the PJ Tatler states, we will be downgraded, how on earth can’t we be?
US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
Obama took his minions out to lunch to congratulate them for all their hard work on the debt ceiling deal, with the looks of the financial state that Obama has taken America, I hope The One made them pay “Dutch” treat.
The actions of those in Washington, DC are just criminal. 2012 cannot come fast enough, I just hope we have an America left.
UPDATE I: Here is a shocker, the American public hate the debt ceiling law. According to a USA TODAY/Gallup Poll taken hours after the Senate passed and President Obama signed the deal, 46% disapprove of the agreement; while only 39% approve. Many believe that this the agreement that was passed to raise the debt ceiling will do more harm to the economy than good. A Rasmussen poll has the polling data even worse … just 22% of likely voters nationwide approve of the agreement while and overwhelming 53% disapprove.
The hard-won, last-minute agreement to raise the debt ceiling and cut the deficit gets low ratings from Americans, who by more than 2-1 predict it will make the nation’s fragile economy worse rather than better.