While not news to Zero Hedge readers who knew about the final debt settlement of US debt about 10 days ahead of schedule, it is now official: according to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09.
Since the beginning of the debt ceiling debate, Democrats have criticized Tea Party representatives for taking a hard-line stance on spending cuts and caps. During the debate they were described as “rebels” and attacked as unwilling to compromise.
Vice President Joe Biden caught some flak recently after he and other Democrats reportedly compared tea partiers to terrorists during the debate to raise the debt ceiling.
Gold at $2,000? I didn’t used to think so – but now I am not so sure. In fact, I’m almost convinced it will happen before the year is out.
The debt ceiling agreement could jeopardize millions of dollars, and perhaps billions, in initiatives from President Barack Obama’s health care reform law if the super committee can’t come up with required spending cuts.
Aug. 3 (Bloomberg) — President Barack Obama’s signature on a bill raising the debt limit sealed a compromise that averted a U.S. default even as it did nothing to narrow the gulf between Republicans and Democrats over tax increases and spending cuts.
When you are running for president, taking on the incumbent is standard stump on the campaign trail. But after Vice President Joe Biden reportedly said that Tea Party legislators “acted like terrorists” during the debt-ceiling negotiations, which he has denied saying, the 2012 GOP presidential contenders –and those still thinking about jumping in — are taking on the second-in-command.
FORTUNE — In declaring victory in the debt-ceiling standoff with Democrats, Congressional Republicans have been crowing that the deficit-cutting deal they negotiated won’t raise a dime through higher taxes.
It’s not over. Not by a long shot.
If the proposed debt limit deal becomes law, it will create a 12 member bipartisan congressional committee charged with coming up with $1.5 trillion in deficit reductions by Thanksgiving.
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