Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000

by
March 16, 2017

chart-debt_limit-8With the close of business today, the period in which Congress suspended any legal limit on the federal debt expires and as of tomorrow the limit on the federal debt will be set at whatever the level of debt happens to be.

Since President Barack Obama signed the “Bipartisan Budget Act” on Nov. 2, 2015 there had been no legal limit on the amount of money the federal government could borrow until now. That law included a section entitled “Temporary Extension of Public Debt Limit.” It said that the law imposing a limit on the federal debt “shall not apply for the period beginning on the date of the enactment of this Act and ending on March 15, 2017.”

As of Nov. 2, 2015, the federal debt subject to the legal limit stood at $18,452,108,000,000. As of the close of business on Tuesday, the latest day reported, it stood at $19,865,505,000,000.

  • justinwachin

    Now would be a good time to implement major cuts. Payments to Planned Parenthood should end immediately. The EPA should be cut immediately. The leak prone federal bureaucracy should be cut immediately. Aid to foreign terrorist groups like the Palestinian Authority should be cut immediately.

    The Democrats have indicated they will shut the government down if any deal removes the big government payout to Planned Parenthood. The truth is Planned Parenthood is making a huge profit of the baby slaughter business. It doesn’t need taxpayer funds to stay open. If the Democrats are willing to shut government down to protest eliminating government funds to baby killers, that’s fine with me. The Democrats’ wild spending has got us to this point.

  • Webb

    As a Nation…We are In every Manner and Form Bankrupt!
    Bankruptcy has not been declared in name only…
    We Wait…

    • Rodney Steward

      Absolutely, Opey pushed us past the point of no return a long tome go! GREED has destroyed almost every country at one time!!

      • Yvettejurbina

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    • bobnstuff
      • Webb

        OK…
        JUST BROKE…which equates to a potential bankrupt Nation…
        But Who’s counting right?

        • bobnstuff

          Well since Trump has decided to give up the title of Leader of the Free World we could cut the military down to the size of other nations and save a lot of money. We are handing over the title to China and Russia it looks like. If we are going to have a third world healthcare system and a third world education system we might as well have a third world military. We can also save $38 billion dollars by not giving it to Israel. If we are bankrupt we shouldn’t be spending all that money to protect another country. Only third world dictators take money from human services to spend on the military. The worlds largest economy can’t even afford to give healthcare to all it’s people so maybe we shouldn’t be wasting all that money on gifts for our friends.

          • Webb

            Healthcare and Education are two areas of our life that Government should never be involved in ever…
            Foreign Governments unfriendly to the USA especially at the UN should never receive Funds from our Government…

            Israel…Is our Only Ally in the Middle East that we can depend on 100%..
            My hope would be that Government would be Cut 50% in every Agency and Dept…

          • bobnstuff

            The very first public institution set up in the new world was education. Our government was founded to provide education. We are the only industrialized nation with out universal healthcare. It puts us at a disadvantage in business because our employers have to add the cost of healthcare in their prices that even Canada doesn’t have to. As far as allies in the middle east since we are dropping out as the leaders of the free world we don’t need any allies in the middle east. We are no longer depended on the oil from there and if we stop supporting Israel their neighbors will no longer feel the need to hate us. If you are in fact worried about government spending defense and foreign aid are to places to start. I guess the make America Great Again is no longer what Trump supports believe in and now it’s make the poor suffer for being poor. Let’s just hope that no one you care about dies from a disease that we cut funds for finding a cure for. The Trump budget is good for one group, the drug smugglers, by cutting back on the Coastguard it will make it clear sailing for them. It also will improve the market for them since much of the treatment for drug abuse is being cut.

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