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Debt limit reached...now what?

May 16 (Reuters) - The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said.

 

The U.S. Treasury will issue $72 billion in bonds and notes on Monday, which will push the country right up against its $14.294 trillion borrowing cap, the official said.

http://www.reuters.com/article/2011/05/16/usa-debt-idUSTLAGGE73B20110516

 

 
sweet-a-kins

Asked by sweet-a-kins at 10:23 AM on May. 16, 2011 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (26)
  • Raise the ceiling and taxes.
    adnilm

    Answer by adnilm at 11:33 AM on May. 16, 2011

  • Now it's time to start cutting government programs
    -Eilish-

    Answer by -Eilish- at 11:02 AM on May. 16, 2011

  • No problem! We can just use the money in Obama's STASH.

    "Borrowing" from the federal retirement system = Robbing Peter to pay Paul. What happens when they run out of disciples.
    yourspecialkid

    Answer by yourspecialkid at 10:46 AM on May. 16, 2011

  • Change we can believe in?
    Anonymous

    Answer by Anonymous at 10:26 AM on May. 16, 2011

  • Thank Obama?
    Anonymous

    Answer by Anonymous at 10:23 AM on May. 16, 2011

  • Dont worry! Obama can print more money.
    Anonymous

    Answer by Anonymous at 10:24 AM on May. 16, 2011

  • Now we look to our overspending congress to make up for it and give them a paycut and put the cut money into getting ourselves out of debt!

    Thanks Obama for making sure our kids have it worse off than we do.. jerk
    Anonymous

    Answer by Anonymous at 10:25 AM on May. 16, 2011

  • Got to love the progressives. Keynesian economics on steroids. I think even Keynes would be shocked.
    Carpy

    Answer by Carpy at 10:54 AM on May. 16, 2011

  • Now what? Well cut back, simple!!!!
    gammie

    Answer by gammie at 11:34 AM on May. 16, 2011

  • The same thing a family has to do when the realize they've maxed out their credit cards. Stop crazy spending!

    We can't think, "oh no, this is hard to cut." We need to think, " if we only had enough money for one thing, where would it go?" and then add on one thing at a time to have a low spening budget with common sense priorities.
    Dkhilly

    Answer by Dkhilly at 12:32 PM on May. 16, 2011