Record $14 trillion-plus debt weighs on Congress

Return To Article
Add a comment
  • worf Mcallen, TX
    Jan. 16, 2011 9:12 p.m.

    Are there any reasons why this great country had to borrow money in the first place? We were the most powerful-richest country in the world, and had to borrow money? Fourteen trillion? If our government was a business, they would all be fired. If we paid the loans back at a rate of a dollar per second, it would take about 445,000 years.

  • NeilT Clearfield, UT
    Jan. 16, 2011 8:54 p.m.

    GWB. If you favor raising the debt ceiling by all means contact our new Junior Senator and voice your opinion. He is emphaticaly against raising it. I believe the federal government wastes billions on unnecessary projects. We will have to make sacrifices. It is a matter of priorities. Ford make it through the recession without a gov't bailout. They made hard choices. We now have a leaner more competitive auto industry. It can be done. I would pay more taxes if I could be guaranteed the money would go for deficit reduction and not more spending.

  • GWB West Jordan, UT
    Jan. 16, 2011 7:24 p.m.

    NeilT, when you say that we shouldn't raise the debt ceiling, are you ready to stop paying for the soldiers in Iraq and Afghanistan?

    Are you ready for your parents to no longer have social security payments? What about medicare? are you ready to pay for the medical care for your parents out of your pocket?

    Are you ready to have interest rates at 20% on mortgages when the US T-bills are forced to pay 20% to attract a buyer?

    Are you ready for Arches, Zions and Canyonlands to close to the public?

    Are you ready for construction on the freeways in Utah to screech to a halt?

    Are you ready for massive unemployment in Layton, Clearfield and Ogden as the civilian positions at Hill AFB are terminated?

    If you are not ready for those things, then maybe you should rethink your position on raising the debt ceiling.

  • NeilT Clearfield, UT
    Jan. 16, 2011 5:51 p.m.

    I agree that massives differences between rich and poor are bad for any country. America needs a strong middle class that are property owners and have decent employment.

    The debt problem is not a Republican or Democrat problem it is America's problem. We need to stop pointing fingers and do something now. Congress is the problem, not the president. The President can't spend a dime congress does not appropriate. I agree with Republicans, don't raise the debt ceiling. We have to find a way to return to fiscal sanity before it is to late.

  • true huddersfield, england
    Jan. 16, 2011 12:45 p.m.


    "The US can get away with this only because it is the world's reserve currency. This would be totally unacceptable in any other country. We think these problems will start to crystallise for the US in the second half of 2011, once the European debt crisis has stabilised," he said. The warnings were echoed by Li Daokui, a rate-setter for China's central bank. "The focus of the market is still in Europe, but we must be aware that the US fiscal situation is much worse than in Europe," he said

    America's budget deficit will remain stuck near 10pc of GDP, not just in 2011 but also in 2012. This will push gross public debt to 110pc of GDP under the IMF definition, near the brink of a debt compound spiral. The contrast with fiscal tightening in Europe has become starkly evident."

    The USA is going the same way that has caused great empires to collapse in the past. Overspending on foreign wars, immorality, corruption in high places,
    massive difference between rich and poor which will eventually result in civil war, and debt that cannot be repaid leading to bankruptcy.

  • true huddersfield, england
    Jan. 16, 2011 11:28 a.m.

    Increasing Debt is like slowly blowing up a Balloon. The pressure continually increases to the point that the whole thing bursts and nothing is left but the pieces.

    Are American people being told the truth. Quote from the English Daily Telegraph 10 Dec 2010
    "Agreement in Washington on a fresh fiscal package has set off dramatic rise in yields of US Treasuries and bonds across the world, threatening to short-circuit any benefits of stimulus. The bond rout raises concerns that the US authorities may be losing control over events.

    The White House deal with Congress will renew the Bush tax cuts for rich and poor alike for two years, as well as adding a further a 2pc cut in payroll taxes and an extension of unemployment aid.

    David Bloom, currency chief at HSBC, said it is hard to disentangle whether investors are shunning bonds because they expect US stimulus to boost growth next year, or whether they are losing patience with profligacy in Washington. "If this is all about growth, that's brilliant. But if yields are rising because people think Amirca's fiscal situation is unsustainable, then its armaggedon," he said

  • Gracie Boise, ID
    Jan. 16, 2011 11:17 a.m.

    The last line of the article sums up the scare tactics that have gotten us into this mess. We're not going to be fooled this time around. Congressional pressure to hold firm and steadfast to reverse years of insane governmental encroachment is exactly what's needed now. Fight on, summon moral courage, hang in, and exact smaller government including the smaller budgets that go with it. "Budgets"... Congress should start with the premise that they will ALWAYS have one in place before proceeding in any Constitutionally approved direction. If we can't already pay for whatever project is being considered without raising further money from any particular entity, then we don't proceed--such as American families have to do, if they show any wisdom at all.

  • patriotandmore Spanish Fork, UT
    Jan. 16, 2011 10:31 a.m.

    Does anyone in the U. S. suppose members of Congress really care? They won't be around to fight the Chinese communists when they come knocking to collect their debt. Keep spending, keep buying goods produced in China, keep going into debt. It's the American way.

  • Hawkeye79 Iowa City, IA
    Jan. 16, 2011 8:59 a.m.

    While I am not opposed to the idea of foreign aid, I find it funny that the US is, in essence, borrowing money from China to give to poorer countries.

    The cost of our government is unsustainable. Cuts will be necessary at some point, and they will be painful. As is the case with all situations of debt, we are left with the decision to make cuts and start on a better path now, procrastinate and wait until the cuts will be even more painful, or allow our debts to push us to bankruptcy.

    The decisions made by Congress in the next few months will have a tremendous impact on the financial future of our beloved country.

  • GWB West Jordan, UT
    Jan. 16, 2011 8:48 a.m.

    This is interesting, they mention the Right wing talking point that Obama voted against raising the debt ceiling, but the forget to note that it did not get filibustered by the Democratic Minority in the Senate. The Dems in the Senate, voted against it when it was assured of passing. The author also forgets to point out what the debt ceiling was being raised for, paying for an off budget war in Iraq.

    The author also fails to note that of the almost $4Trillion that was added to the deficit since Obama was inaugurated, $1.5Trillion of that was the 2009 fiscal year budget of President Bush (that included the TARP program Bush initiated).

    They also fail to mention that Bush increased the deficit from $4.5Trillion to $10Trillion while the economy was supposedly booming.

  • Rickety Kaysville, UT
    Jan. 16, 2011 8:26 a.m.

    A $100 billion spending cut from a trillion dollar yearly deficit just doesn't cut it. I hope we see much greater cuts before the debt ceiling is raised. Although a conservative, I would not object to a tax increase as well as cuts, to get the budget balanced.

  • my screen name Murray, UT
    Jan. 16, 2011 8:23 a.m.

    Wow. A pretty fair article from the AP. And appears to be well researched. This is truly a time of miracles.

  • My2Cents Kearns, UT
    Jan. 16, 2011 4:02 a.m.

    Often overlooked there is a 4th and more powerful element of government that has a voice in how this country functions and spends its money and that is the people. And its time for congress to listen to them and commit themselves to sacrifices just as the citizens must do in any crises, whether it be war or loss of services. We are stronger in poverty than we are in false prosperity.

    Congress and governess have this false belief that this country would not function if it was not for government, well they must think again. Because of the people we can and will survive without the bureaucrats and their self-interest greed. We the people do sacrifice every day for the country, not government leaders. As long as the government will provide law and order and support its people this country cannot fail. We might get more paupers and large business fail but we the people will survive and if the people survive the country survives.

    So cut and stop spending, there is no choice about it. The rest of world will survive without our government interference, our borrowing is causing more world financial problems.

  • Brother Chuck Schroeder A Tropical Paradise USA, FL
    Jan. 15, 2011 11:31 p.m.

    If only our founding fathers were here today, what would they say?. What are those medal things on wheels driving past us on the roads, why are all these slaves running free, that's a huge shiny Eagle flying in the sky with big wings, why do people dress that way, the Constitution use to be, in Thomas Jefferson's words, a peculiar security for liberty, why do people talk that way now, yesterday was Constitution Day, the anniversary of the day in 1787 when delegates to the constitutional convention in Philadelphia signed the draft charter so it could be considered for ratification by the states. The Constitution was one of the four organic laws of the United States and declares itself to be the supreme law of the land. Federal and state officials in all three branches of government must swear to preserve, protect, defend, or otherwise support the Constitution. America's founders believed that liberty requires limits on government and that those limits come from a Constitution that the people established and the people alone may control. Now there's just bureaucrats, earmarks, pork spending and nut cases running Congress. Let's roll-over in our graves.

  • Brother Chuck Schroeder A Tropical Paradise USA, FL
    Jan. 15, 2011 10:49 p.m.

    WHEW, can you imangine that the United States just passed a dubious milestone. Government debt surged to an all-time high, topping $14 trillion, $45,300 for each and everyone in the country. And now for more Pork Spending. The U.S. census was declared a failure by Democrats this week after only sixty-five percent of all households chose to respond to the questionnaire. But what's the point of a census if they already have a complete list of all U.S. residents to mail the census to?. Hey, don't blame me, I was not voted into Congress. I just vote.

    Think about that.

  • KM Cedar Hills, UT
    Jan. 15, 2011 10:38 p.m.

    Its appropriate to have a photo of a tax cheat along with this great news of the Cloward and Piven spending spree that has taken place recently.
    Note to Geitner, what would be catastrophic would be to suffer more of you and your bosses misguided economic policies.