XIAM007

Making Unique Observations in a Very Cluttered World

Saturday 13 February 2010

Behind closed doors no cameras present, Obama signed law Friday the bill raising public debt $12.394T to $14.294T

Reading - Behind closed doors no cameras present, Obama signed law Friday the bill raising public debt $12.394T to $14.294T


Behind closed doors and with no cameras present, President Obama signed into law Friday afternoon the bill raising the public debt limit from $12.394 trillion to $14.294 trillion.

The current national debt is $12.3 trillion. Check out the National Debt Clock, which tells you your share of that -- roughly $40,000 per citizen, $113,000 per taxpayer.

The bill also establishes a statutory Pay-As-You-Go procedure requiring that new non-emergency legislation affecting tax revenue or mandatory spending not increase the Federal deficit – in other words, that any new spending or tax cuts be paid for with new taxes or spending cuts.

No comments:

Post a Comment