Federal Reserve Bank, Printing Press Division: A trillion dollar here and trillion dollar there. The US is "running out of time" to reach a deal on raising the country's debt ceiling to avert a possible early August default.
It took the United States of America 200 years to rack up $1 TRILLION dollars, by 1980. in National Debt. Over the next 30 years, the National Debt figure of the United States of America, has reached $14 TRILLION dollars. Not bad going, eh?
The United States national debt equates to nearly $350,000 per person. Think 1920s Weimar Republic of Germany. That level of debt can NEVER be repaid in today's dollars, only in (further) devalued dollars by US children. Will it end in tears?
A lot of people confuse millions, billions and trillions. If you had a pile of $1,000 bills:
- A National Debt of $1 million would be 10 cm high.
- A National Debt of $1 billion would be 100 metres high.
- A National Debt of $1 trillion would be 100 kilometres high (into space).
- A National Debt of $14 trillion would be 1400 kilometres high.
By comparison, Mount Everest is 8.4 km high.
Members of the US Congress are deliberating. Republicans will only agree to vote on raising the $14.3 trillion US debt limit if the entire Congress approves a balanced budget amendment to the US Constitution. This will include $2.5 trillion in spending cuts, caps overall government spending as a percentage of GDP, and calls for a balanced budget amendment.
A vote on that measure, would require two-thirds of the House and Senate to set up a vote by three quarters of the 50 states, would follow, trailed by a final ballot on raising the debt ceiling, lawmakers said.
Where has all the money gone? NASA are going to use all that useless currency, as a space elevator to the moon!! While we all wait, US President Barack Obama, keeps storming out of meetings as the impending financial crisis escalates further!!