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Wednesday, August 3, 2011

Thank you Congress: US joins highly indebted European countries like Italy and Belgium

Treason or stupidity? Is congress full of fools? Surely they can’t be dense enough to believe they just cut spending.

Maybe they believe they will be among the one billion left after the ‘great culling’ and just sold us to the highest bidder.

They tried to pass the deal off as a spending cut and they must think we’re stupid enough to believe it. Or they think they can do whatever they want and we can’t do a thing about it!


US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.

Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.

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