News About <![CDATA[US National Debt]]> News About en-us <![CDATA[How Your Tax Money Is Spent]]> Who takes the biggest cut of our tax money?

The military, according to an infographic from the National Priorities Project.

The ...

<![CDATA[U.S. National Debt Is Equal To $53,000 Per American]]> United States national debt has exceeded $17 trillion, and two-thirds of the that is owed to the public, businesses and foreign ...

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<![CDATA[10 Things Most People Don't Know About The Debt Ceiling]]> With the Senate's recent approval of the House-passed clean debt limit legislation, now might be a good time to define the debt ceiling (aka “debt limit”).

The U.S. Treasury defines the debt limit as “the total amount of money that the United States government is authorized to borrow to

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<![CDATA[Four Things the Debt Ceiling Deal Doesn't Fix]]> While everyone in Washington right now is patting themselves on the back in the wake of Wednesday's debt ceiling deal, the reality is that it does little to address the nation's deepest budget issues.

True, the Band-Aid agreement will fund the U.S. government through Jan. 15 and lift the debt limit through Feb. 7.

<![CDATA[Default Looming, Day 14 of Shutdown, No Solution]]> Alex Brandon/APA protester speaks to people gathered at a rally at the World War II Memorial in Washington on Sunday. By DONNA CASSATA WASHINGTON -- The United States moved perilously closer to an economy-rattling default and a partial government ... Read more]]> <![CDATA[Tokyo's Winning 2020 Olympics Bid Will Add to Japan's Debt Headache]]> AP By Gwynn Guilford Get ready for Tokyo 2020. The International Olympic Committee (IOC) evidently thought it better to go with safe instead of exotic but risky (Istanbul) or bargain-basement (Madrid, which pitched a "low financial investment" ... Read more]]> <![CDATA[Return of the Debt Ceiling: U.S. Will Hit Borrowing Limit Again in October]]> Hector Casanova, The Kansas City Star, via Getty Images By Brett LoGiurato Treasury Secretary Jack Lew said in a letter to Congressional leaders on Monday that the nation will hit its borrowing limit in mid-October, giving Congress a clear deadline ... Read more]]> <![CDATA[Are We Really In The Middle of An Economic Recovery?]]> Related posts:
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<![CDATA[Mystery Donor Left Huge Inheritance for Britain... With a Twist]]> Photo by Oli Scarff/Getty ImagesThe Treasury Building in London, England An anonymous half-million pound bequest to Britain has mushroomed to 350 million pounds ($546 million) since it was made 85 years ago, trustee Barclays Bank said on Saturday - ... Read more]]> <![CDATA[The Real Reason Government Is Paying Down the National Debt]]> After six years of non-stop deficit spending that has added $8.2 trillion to the national debt, the U.S. Treasury has announced that it expects to reduce the country's debt by $35 billion this quarter.

Given that national debt growth has rocketed past $16.7 trillion and is on track to exceed $17 trillion at some point in the fall, a $35 billion reduction is laughably tiny. It's just 0.02% of what we as a nation owe.

And in the very same statement, the Treasury admitted that in the following quarter it expects to be back to borrowing as usual - $223 billion worth, more than six times the amount it plans to pay down this quarter.

So why bother?

"I don't believe in coincidences," said Money Morning Chief Investment Strategist Keith Fitz-Gerald. "Our leaders in Washington on both sides of the aisle are terribly under pressure from the American public right now, and I think this is a very convenient announcement to say, "Hey, we're doing the right thing, keep us all in office for a little while longer.'"

And apart from any political motivations, Fitz-Gerald wonders whether the plan to pay down $35 billion of the national debt can even be considered legitimate, given the way the government borrows money from itself.

"It's like taking blood from the left arm and putting in in the right arm and calling it a transfusion," Fitz-Gerald said.

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