Wednesday, May 26, 2010

$13 Trillion National Debt and Counting Furiously

See the debt clock ticking on the left column of this blog? It's passed $13 trillion. The debt limit was raised in February this year to $14.3 trillion.

Let's see,

Larry Summers wants the second stimulus, $200 billion
Organized labor unions wants union pension bailout, $165 billion

I think the supplemental appropriation bill for 2010, an omnibus bill of Congress spending sprees, is coming in June. A few hundred billion dollars there.

And remember, the federal government's accounting method is CASH ACCOUNTING. They don't account for it, until they actually spend it.


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