Knightskye
11-06-2010, 11:15 PM
The current debt limit is $14.3 trillion.
The current debt is $13,723,439,668,440.18
http://www.treasurydirect.gov/NP/BPDLogin?application=np
If we don't raise the debt ceiling, then Congress has to bring spending in line with revenues, with about $500 billion of leeway.
So, if tax revenue is $2.3 trillion, and the proposed budget is $3.6 trillion... Congress would have to cut $800 billion.
That's possible, but not likely. I think the debt limit will end up being raised.
Then again, I'm not sure how that works, and may have gotten the whole thing wrong.
The current debt is $13,723,439,668,440.18
http://www.treasurydirect.gov/NP/BPDLogin?application=np
If we don't raise the debt ceiling, then Congress has to bring spending in line with revenues, with about $500 billion of leeway.
So, if tax revenue is $2.3 trillion, and the proposed budget is $3.6 trillion... Congress would have to cut $800 billion.
That's possible, but not likely. I think the debt limit will end up being raised.
Then again, I'm not sure how that works, and may have gotten the whole thing wrong.