US closes 2011 with record$15.22 TRILLION in debt.

[powderman]

US Closes 2011 With Record $15.22 Trillion In Debt, Officially At 100.3% Debt/GDP, $14 Billion From Breaching Debt Ceiling

While not news to Zero Hedge readers who knew about the final debt settlement of US debt about 10 days ahead of schedule, it is now official: according to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09. And, as was observed here first in all of the press, US debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the US government decided to delay exposing until the very end of the calendar year.

A bit more here: http://www.zerohedge.com/news/us-clo...y-1003-debtgdp 

[Junior1942]

It's all the fault of the president because he pushed that dang bailout bill through Congress in 2008.

[magooch]

The size of the debt has not been a secret except to those who haven't been paying attention.
 
There's plenty of blame to go around, but when you get right down to it, it is the Congress that has the prime responsibility for all spending and all federal debt.  Which party had complete control of Congress from 2007 untill 2011?  Which party still controls the Senate and has not dealt with a budget for years.  Which party refuses to deal with budget plans that have been submitted by the Republican controlled House of Representatives?
 
Yup, no matter what the facts are, it must be Bush's fault.

[powderman]

The size of the debt has not been a secret except to those who haven't been paying attention.
 
There's plenty of blame to go around, but when you get right down to it, it is the Congress that has the prime responsibility for all spending and all federal debt.  Which party had complete control of Congress from 2007 untill 2011?  Which party still controls the Senate and has not dealt with a budget for years.  Which party refuses to deal with budget plans that have been submitted by the Republican controlled House of Representatives?
 
Yup, no matter what the facts are, it must be Bush's fault.

 
HEH, Uhhhhhh, let me guess, hmmmm, the dems?? Do I get a cigar?? POWDERMAN. 

[Junior1942]

.....  Which party had complete control of Congress from 2007 untill 2011? 

The bailouts are the fault of the president in 2008.  They're also the fault of Gingrich and Romney who voted FOR the president's bill.  If it rains on your parade tomorrow it won't be the fault of a Democrat.
If the 2008 president & company were still in office today, we'd be buying burqas for our women and learning how to raise goats.

[BUGEYE]

.....  Which party had complete control of Congress from 2007 untill 2011? 

The bailouts are the fault of the president in 2008.  They're also the fault of Gingrich and Romney who voted FOR the president's bill.  If it rains on your parade tomorrow it won't be the fault of a Democrat.
If the 2008 president & company were still in office today, we'd be buying burqas for our women and learning how to raise goats.

since romney has never been in congress and newt left in 1999, how did they manage to vote on the bailout in 2008 ?

[Gary G]

The fault really goes back to J.M. Keynes who said that government should spend to stimulate a weak economy. Of course, he was wrong as has been proven and which violates common sense, however government welcomed the thought of more spending from Roosevelt forward. All presidents have added to the debt since, but the two worst offenders are Bush and Obama.
Nixon taking us off the gold standard was a biggie because it opened the doors to unlimited spending. In Nixon's defense, he just about had to, or default, as a result of LBJ's promises.
The can being kicked is nearing the end of the road.


The already established can kickers are Romney, Santorum, Gingrich, and Obama. Vote for one of them and get it over with sooner, or vote for Paul and just maybe he can pull us out of this, something that has never happened at 103% debt to GDP.

[DDZ]

.....  Which party had complete control of Congress from 2007 untill 2011? 

The bailouts are the fault of the president in 2008.  They're also the fault of Gingrich and Romney who voted FOR the president's bill.  If it rains on your parade tomorrow it won't be the fault of a Democrat.
If the 2008 president & company were still in office today, we'd be buying burqas for our women and learning how to raise goats.

Gee, the democrats hands are clean of the debt mess we are in. Thanks for that bit of info there Jr.

Gary G. Yes, the good ole Keynesian economics test. Our elected officials still can't figure out that it doesn't work, while the hole gets deeper, and deeper. I can't believe they are that stupid though, that they don't know Keynesian economics doesn't work. I think its more a matter of them knowing it doesn't work, so as to increase governments power and remove ours.

[powderman]

If the 2008 president & company were still in office today, we'd be buying burqas for our women and learning how to raise goats. 

     junior.HEH. With your imam obama in the whitehouse I'm sure it's in the plans. Go by the whitehouse any Friday for prayer, you'll see plenty of both, I hear the goat pen in back of the whitehouse is well stocked.  POWDERMAN.