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Swattherascals :: It's the Spending Stupid :: Government Spending Us into Bankruptcy
 

 Choking on Interest

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Judy
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Posts : 75
Join date : 2007-09-18

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PostSubject: Choking on Interest   Choking on Interest Icon_minipostedSat Sep 22, 2007 10:54 pm
Choking on Interest

Quote :
In FY2006, the federal government spent a whopping $406 billion just paying interest on the then $8.5 trillion federal debt. Since then, we’ve added more than $400 billion in debt. According to Treasury Secretary Paulson, Congress needs to increase the debt limit from $8.923 trillion by the start of October or else the country is at risk of defaulting on our creditors. We don’t want foreign governments to show up our doorsteps with their repo men.

Congress is working on legislation to jack up the debt limit by $850 billion, breaking the $9 trillion threshold.
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