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Posts Tagged ‘US economy’

US Debt Surges by Hundreds of Billions in One Day

Posted by feww on October 19, 2013

US Government Borrowed Record $328.23Billion On Thursday

A day after the government shutdown ended, US National Debt surged by 328.23 billion.

US Debt surged the first day government was able to borrow money. The total public debt outstanding at the close of business on Wednesday, October 16 was $16,747,360,549,057.23billion [ Rounded up to $16.75trillion.]

On Thursday, the debt grew to $17,075,590,107,963.57, a massive spike of $328.23billon, shattering the previous one-day borrowing record of $238 billion set in 2011.

national debt clock - durst org
US Debt as of Saturday, October 19, 2013 at 13:26UTC as shown at the ‘Our National Debt’ website, maintained by the Durst Organization in New York.

Debt Limit [U.S. Department of the Treasury ]

The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past. 

Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit

The government debt had hovered near $16.7 trillion since May 2013. On Wednesday, the lawmakers agreed to suspend the debt ceiling until February 7, 2014, which meant the government could borrow as much money as it wanted, and that’s exactly what they have done.

$1 Trillion On Defense

U.S. will have spent an astonishing $931 billion on DEFENSE in 2013, and that’s a conservative figure, according to The American Conservative .

“And this will turn out to be a conservative figure. We won’t spend less than that, but among other things, it doesn’t include the interest we’re paying on money we borrowed to fund past military operations; nor does it include portions of the National Aeronautics and Space Administration that are dedicated to national security. And we don’t know if this number captures the entire intelligence budget or not, because parts of intelligence funding are classified.”

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9 Utah Counties Declare State of Emergency due to “Economic Disruption”

Posted by feww on October 8, 2013

Gov’t shutdown impacts tourism, prompts  emergency declaration in Utah counties

The closure of national parks across the country due to government shutdown is causing economic hardship in Utah, forcing nine counties to declare a state of emergency.

Commissioners from 9 Utah counties of Washington, Kane, San Juan, Garfield, Sevier, Grand, Iron, Wayne and Piute met Monday, along with representatives from Coconino and Mohave counties in Arizona, to discuss the economic impact of park closures on tourism-dependent communities, said a report.

Utah is experiencing a sharp drop-off in Tourism, which has left  many communities “eerily empty” toward the end of busiest season, the report quoted the county leaders as saying.

“We definitely need to get (the national parks) reopened. It’s been a huge financial impact on us already,” said Washington County Commissioner Alan Gardner.

“The declaration emphasizes that a significant amount of Washington County residents rely on tourism dollars from the 3 million annual visitors who travel to Zion National Park, which also reaches into Iron and Kane counties.”

Gardner believes other Utah counties would adopt similar resolutions, declaring states of emergency due to economic hardship.

“A significant portion of the annual visitors come to Zion in the month of October to enjoy the fall temperatures and avoid the summer crowds. By no means has the tourism season ended at the beginning of October,” the declaration states.

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USDA Website Down

Posted by feww on October 2, 2013

USDA website down due to “lapse in federal government funding” 

The “lapse in federal government funding” with immediate effect!!

USDA website

The Federal Government is America’s largest employer with about 2.1 million civilian workers and more than 1.45 million active duty military who work in 50 states and operate more than 1,000 US Bases and/or Military Installations in 156 other countries around the world.

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U.S. Government Shuts Down

Posted by feww on October 1, 2013

Government in partial shutdown amid budget standoff between the House, Senate and White House

The House and Senate were unable to agree on a government-funding bill before a midnight Monday deadline, forcing the federal government to shut down for the first time in 17 years.

The shutdown means that 800,000 federal workers are to be furloughed (unpaid leave) and more than a million others would be asked to work without pay. There would be NO guarantee of back pay once the deadlock is over.

U.S. NATIONAL DEBT CLOCK (usdebtclock.org)

The Outstanding Public Debt as of 01 Oct 2013 at 05:40:00UTC
$ 1 6 , 9 5 9 , 4 3 1 , 8 7 4 , 5 4 1

  • Estimated population of the United States: 316,799,517 million
  • U.S. Income Tax Payers: $114,432,092
  • U.S. Citizen’s share of the Debt: $53,535
  • Debt per Taxpayer: 148,205

USDebtClock
Snap shot of the U.S. NATIONAL DEBT CLOCK recorded on October 1, 2013 at 05:40:00UTC. (usdebtclock.org)

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