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Title: Going Broke: Treasury Down to $58.6B in Cash, $130.5B Borrowing Authority
Source:
CNS News
URL Source: http://www.cnsnews.com/news/article ... ke-treasury-has-only-586b-cash
Published: Mar 31, 2011
Author: Terence P. Jeffrey
Post Date: 2011-03-31 05:04:47 by Happy Quanzaa
Keywords: Obama-doma-ding-dong, Obamanomics in Action
Views: 18132
Comments: 40
(CNSNews.com) - Imagine that you had an average monthly income of about $170 balanced against average monthly expenses of about $940--and that you were more than $14,000 in debt. Then imagine that as of today, you had only $58.60 in cash left in your bank account and $130.50 left on your line of credit. Now multiply these numbers by 1 billion and you will have the up-to-date financial situation of the U.S. government. According to the Daily Treasury Statement released by the U.S. Treasury Department today at 4:00 p.m., the Treasury had $58.6 billion in cash in its accounts as of the close of business on Tuesday. That was down from $190.6 billion at the beginning of March and $309.8 billion at the beginning of this fiscal year on Oct. 1, 2010. In the first five months of this fiscal year (Oct.-Feb.), the federal government averaged $169.6 billion per month in revenue. (During these months, the Treasury brought in a cumulative total of $845.3 billion—including all moneys from individual income taxes, corporate income taxes, payroll taxes, excise taxes, unemployment insurance taxes, estate taxes and other taxes.) In the same five months that it was averaging this $169.6 billion in revenue, the federal government was averaging $943.4 billion in monthly spending. (During those months, the Treasury actually spent $4.717 trillion—including, for example, $2.492 trillion to pay off the holders of Treasury securities that had matured, $245.7 billion in Social Security benefits, $212.8 billion in Medicare benefits, $158.4 billion to pay defense contractors, $113.0 billion for Medicaid benefits, $111.6 billion for Department of Education programs, $94.3 billion in interest on debt, $73.4 billion in salaries for federal workers, and $26.7 billion in insurance benefits for federal workers.) All of these cumulative federal expenditures--and more—from the period of October through February were itemized in the “withdrawal” column of “Table II” in the Daily Treasury Statement for Feb. 28. Thus far in March, as itemized in the Daily Treasury Statement released today, the federal government has spent $927.3 billion while taking in $184.2 billion in revenue. Currently, the legal limit on the federal debt (as set in law by an act passed by Congress and signed by President Barack Obama) is $14,2940 trillion. As of the close of business Tuesday, the portion of the national debt subject to this legal limit was $14,1635 trillion. That leaves the federal government with just $130.5 billion in legal borrowing authority. When that $130.5 billion in remaining legal borrowing authority is added to the Treasury’s $58.6 billion cash on hand, it leaves the government with a net $189.1 billion in spending room—or about one-fifth of the federal government’s $943.4 billion monthly spending habit.
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#1. To: Happy Quanzaa (#0)
Remember GO65 insisting Owe-bama, Pelosi Galore and Dingy Harry Reid DID NOT triple the national deficit? Seems so quaint today....
I hear you knockin...go back where you been....
So raise more money by taxing the rich who pretty much got rich by manipulation a corrupt financial system. Problem solved.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
I see your grip on financial reality is tenuous at best given that 'suggestion'.
I hear you knockin...go back where you been....
Eisenhower taxed the oligarchs at 90%. Bleed them them till it hurts.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Ah, no the Democrat controlled congress did that. And in the end JFK reduced it sparking massive economic growth til LBJ reversed it in much teh same way Owe- bama is doing today, to even worse effect. Leaving that aside, the math shows your suggestion wouldn't come close to fixing the problem, a 15 trillion dollar national deficit, it would only excerbate it. Replacing basic math and generally accepted accounting principals with liberal social theory always leads to economic disaster. History demonstrates this conclusively. The irony here is it was LBJ's 'Great Society' programs that Nixon didn't have time to kill that were at the heart of Carter's economic woes, and his termination for 'cause' by voters in 1980. Again, thanks for bring up another similiarity.
I hear you knockin...go back where you been....
With Ike's blessing since he needed to balance the budget while waging the Cold War.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
It was actually raised back up in the Congress prior to Ike. It had reached 94% during the last years of the war then the Dem Congress cut it to ~85% in 46 or 47 and then cut it again to 82%. When the GOP took over in 1949, one of their last acts was to RAISE it back. to 85%. They had the Congress for 2 years, screwed everything up and so the Dems were put back in. When the dems re-took the Congress in 1951, they raised the top bracket to 92%. Eisenhower was then given a GOP majority for his first two years and they cut it to 91%. Confused enough?
There were thousands of tax deductions then, too. Not just for the Evil Rich, either. Blue collar craftsmen could deduct tools, work clothes, etc. etc. etc.. As the DC moochers reduced tax rates they killed deductions. Comparing a 90% 50's-60's tax rate to an '00+ tax rate is apples & oranges.
There is no confusion. Until that idiot Reagan came along - tax rates were not linked to Republican ideology. Balancing budgets were Republican ideology but not this trickle down ideology that stated if you lower taxes it means there will be more revenue because the tax money returned will serve as some sort of seed for economic growth. That is BS and that is a recent ideology the GOP adopted in the 1980s and in never worked. When Clinton raised taxes in the 1990s and the economy boomed regardless I thought that would put an end to this BS theory the way Columbus discovering America put an end to the flat earth theory but I see it still persists.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
So what there were tax deductions then! They did not have this idiotic theory that raising or lowering taxes made the economy boom. Until that idiot Reagan came along - tax rates were not linked to Republican ideology. Balancing budgets were Republican ideology but not this trickle down ideology that stated if oiu lower taxes it means there will be more revenue because the tax money returned will serve as some sort of seed for economic growth. That is BS and that is a recent ideology the GOP adopted in the 1980s and in never worked. When Clinton raised taxes in the 1990s and the economy boomed regardless I thought that would put an end to this BS theory the way Columbus discovering America put an end to the flat earth theory but I see it still persists.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Clinton's tweak of the tax rates resulted in the most optimal revenues since the early 1960's. Boy Blunder and his GOP COngress totally screwed the pooch...revenues fell...business formation fell...borrowing in all sectors increased and debt went to the moon. Gotta love shills like Dick tho...they shit all over the floor and leave...when they come back and see someone cleaning up their mess they ask with ironic incredulity: "Whatchoo do?!?"
Do you mean the same Nixon that proposed health care reform pretty much like "Obama care"?
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Evidently some posters just don't believe that the USA existed before they were alive.
"http://first-draft-blog.typepad.com/.a/6a00d8341c5ced53ef0148c7a28c4b970c-320wi"
Boy Blunder and his GOP COngress totally screwed the pooch...revenues fell...business formation fell...borrowing in all sectors increased and debt went to the moon. The majority of American voters did not support Bush's tax cuts preferring to pay down the debt. Bush and his ilk managed to prove that government can't be trusted, raised the debt, and now few want to pay taxes to support a government that can't be trusted. Republicans are using the mess they made as a weapon against the middle class hoping to distract long enough to make off with the whole enchilada.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Yep. It was a terrible idea then, its even worse now given we're broke.
I hear you knockin...go back where you been....
Reagan killed the credit card deduction too. Oh that's right, the 'smartest' president in my lifetime later said he was snookered on that too, like they also snookered him on amnesty and S and L regs. What a naive dolt he was.
"http://first-draft-blog.typepad.com/.a/6a00d8341c5ced53ef0148c7a28c4b970c-320wi"
The irony is the majority of Americans still want to pay down the debt, and Owe- bama chose to triple it instead. Which is why he's going to be fired for 'cause' next year.
I hear you knockin...go back where you been....
Yep.
I hear you knockin...go back where you been....
$10.6 trl to $14 trl is "tripling"? Do you realize how smart you'd have to get to be stupid, Dick?
The difference is that they now want to reduce the debt by stabbing their fellow citizens (neighbors in the Christian sense) in the back.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Product Description PROBLEM Have you found yourself trying to visually quantify the amount of money being proposed and spent in Washington? The Obama administration takes no shame in using the term trillions where most Americans were shocked when the term billions were used in recent years. Look around your home or office for a calculator with enough digits for a trillion dollars. You'll find standard calculators from school or office supply stores with 8, 10, or 12 digits. A trillion dollars is $1,000,000,000,000 (12 zeros) and requires a 13 digit calculator. SOLUTION The Obama Spendulus Calculator is a full featured calculator with large keys and an easy to read display. With 14 digits, it can handle the spending and stimulus packages coming from Washington. RRP:
At least we are making progress, you admit Owe-bama and company tripled the deficit. Now that its indisputable, its not surprising GO65 doesn't come around these days here. You can make up any excuse you want about who is going to get screwed by reducing this unsustainable spending. But the bottom line is we are bankrupt, and the world won't continue to provide financial assistance to us much longer. The day the IMF stops using US currency as its basic financial instrument, the dollar goes to zero value. And every single one of us gets fucked, no matter who you voted for, what party you belong to.
I hear you knockin...go back where you been....
Its telling GO65 doesn't post any more. I guess he can't face the fact he can be shown to be lying for almost two years about Owe-bama tripling the deficit.
I hear you knockin...go back where you been....
He departed on his own volition, drama queen. Happy Quasia's childish and racist titles finally made him decide to walk away.
He departed because he knew he looked ridiculous in light of established fact, freddie.
I hear you knockin...go back where you been....
Rules for Libtards #3). When I’m about to look foolish change the subject or just leave.
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
I have a much better idea... Why don't we raise the tax rate to 100% for all of those who are registered to vote Democrat!!!!!!
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Turnabouts fair play don't ya think........
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
That's pretty much what one might expect when pursuing a starve the beast, lower taxes for the wealthy policy. Some Americans are doing really, really well.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Children born to low income parents are stabbing you in the back? You're one of the guys getting stabbed in the back by the very people and policies you support.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Exactly.
I hear you knockin...go back where you been....
Yep...like those 'fat cats' on Wall Street Senator Owe-bama railed against. Then the various union 'fat cats' that benefitted from his insane 'stimulus that didn't stimulate' and the bailout of Government Motors. Appreciate you mentioning it.
I hear you knockin...go back where you been....
Yep
So tell me why you object to taxing them at a higher rate on their ill-gotten gains?
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Tell what kind of tax policy you mean here, and I'll decide.
I hear you knockin...go back where you been....
Yeah, ill-gotten gains. Kind of weird to justify an economic theory with a quote from a novel, a work of fiction?
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Yea, using a badly done work of fiction as a basis for an economic policy is like basing foreign policy on a Captain America comic book.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
The Communist Manifesto was fiction, and proven a disaster by the Useful Idiots that tried it. Yet some fools still believe.
Amen to that.... Instead of usieng the verbage Useful Idiots, a more descriptive word might be "Ignoranuses"...... (means Ignorant A$$holes) but then again I will leave that up to you.......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
#2. To: Badeye, Happy Quanzaa (#1)
#3. To: Godwinson (#2)
#4. To: Badeye (#3)
(Edited)
#5. To: Godwinson (#4)
Eisenhower taxed the oligarchs at 90%.
#6. To: Badeye (#5)
Ah, no the Democrat controlled congress did that.
#7. To: Godwinson (#6)
#8. To: Godwinson (#4)
Eisenhower taxed the oligarchs at 90%. Bleed them them till it hurts.
#9. To: war (#7)
(Edited)
Confused enough?
#10. To: Happy Quanzaa (#8)
(Edited)
#11. To: Godwinson (#9)
#12. To: Badeye (#5)
The irony here is it was LBJ's 'Great Society' programs that Nixon didn't have time to kill ...
#13. To: lucysmom, badeye (#12)
Do you mean the same Nixon that proposed health care reform pretty much like "Obama care"?
#14. To: war (#11)
Clinton's tweak of the tax rates resulted in the most optimal revenues since the early 1960's.
#15. To: lucysmom (#12)
#16. To: Happy Quanzaa (#8)
(Edited)
There were thousands of tax deductions then, too. Not just for the Evil Rich, either. Blue collar craftsmen could deduct tools, work clothes, etc. etc. etc.. As the DC moochers reduced tax rates they killed deductions. Comparing a 90% 50's-60's tax rate to an '00+ tax rate is apples & oranges.
#17. To: lucysmom (#14)
The majority of American voters did not support Bush's tax cuts preferring to pay down the debt.
#18. To: Rek (#13)
#19. To: Boofer, lucysmom (#17)
The irony is the majority of Americans still want to pay down the debt, and Owe- bama chose to triple it instead.
#20. To: Badeye (#17)
The irony is the majority of Americans still want to pay down the debt, and Owe- bama chose to triple it instead.
#21. To: Badeye (#17)
Obama Spendulus Calculator
Finding a calculator with enough digits to perform simple math on the spending and stimulus packages coming from the Obama administration.
The Obama Spendulus Calculator has 14 digits; enough digits for $99,999,999,999,999. That's one dollar short of 100 trillion dollars. 
$20.00
#22. To: lucysmom (#20)
#23. To: Happy Quanzaa (#21)
#24. To: Badeye (#23)
#25. To: Fred Mertz (#24)
#26. To: Badeye (#25)
He departed because he knew he looked ridiculous in light of established fact, freddie.
#27. To: Godwinson (#4)
Eisenhower taxed the oligarchs at 90%. Bleed them them till it hurts.
#28. To: lucysmom (#20)
The difference is that they now want to reduce the debt by stabbing their fellow citizens in the back.
#29. To: Badeye (#22)
But the bottom line is we are bankrupt, and the world won't continue to provide financial assistance to us much longer.
#30. To: CZ82 (#28)
Turnabouts fair play don't ya think........
#31. To: CZ82 (#26)
#32. To: lucysmom (#29)
Some Americans are doing really, really well
#33. To: lucysmom (#29)
Some Americans are doing really, really well.
#34. To: Badeye (#32)
Yep...like those 'fat cats' on Wall Street Senator Owe-bama railed against. Then the various union 'fat cats' that benefitted from his insane 'stimulus that didn't stimulate' and the bailout of Government Motors.
#35. To: lucysmom, All (#34)
#36. To: lucysmom (#34)
So tell me why you object to taxing them at a higher rate on their ill-gotten gains?
#37. To: Happy Quanzaa (#35)
#38. To: lucysmom, Happy Quanzaa (#37)
Kind of weird to justify an economic theory with a quote from a novel, a work of fiction?
#39. To: lucysmom (#37)
#40. To: Happy Quanzaa (#39)
The Communist Manifesto was fiction, and proven a disaster by the Useful Idiots that tried it. Yet some fools still believe.
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