Congress establishes "Superdupercommittee" to deal with debt issue

Agent Zero · Nov 21, 2011

Sunday, Congressional leaders announced the creation of a so-called "Superdupercommittee" to deal with the nation's rising debt in the wake of the Supercommittee's failure to reach an agreement. The new panel will consist of three Republicans and three Democrats. Both House Minority Leader Nancy Pelosi (D-CA) and Speaker John Boehner (R-OH) applaud the decision to establish this new committee. The President weighed in, stating "I have a lot of confidence that this new panel can do things differently...fail to reach an agreement with half the committee members."

botenth · Nov 23, 2011

I think their committee is "superdoped".

waltky · Dec 2, 2011

Goin' deeper an' deeper inna hole...

Debt for First 11 Months of 11: $1.1 Trillion
December 1, 2011 - The federal government accumulated approximately $1.1 trillion in new debt in the first 11 months of calendar year 2011, according to data released by the U.S. Treasury on Thursday.

At the close of business on Dec. 31, 2010, the federal governments debt equaled $14,025,215,218,708.52. At the close of business on Nov. 30, 2011, it equaled $15,110,498,560,876.77. The total increase in the debt for that 11-month period was $1,085,283,342,168.25--or approximately $1.1 trillion. The federal debt has now increased by more than $1 trillion in each of the last four calendar years.

In calendar year 2008, it climbed from $9,229,172,659,218.31 to $10,699,804,864,612.13 for an increase of $1,470,632,205,393.82. In calendar year 2009, it climbed from $10,699,804,864,612.13 to $12,311,349,677,512.03 for an increase of $1,611,544,812,899.90. In calendar year 2010, it climbed from $12,311,349,677,512.03 to $14,025,215,218,708.52 for an increase of 1,713,865,541,196.49.

As noted, so far in calendar year 2011, it has increased $1,085,283,342,168.25. Prior to 2008, the U.S. debt had never increased by a trillion dollars in any year. During World War II, when the federal fiscal year ran from July 1 to June 30, the federal debt in fiscal year 1943 climbed from $72,422,445,116.22 to $136,696,090,329.90an increase of $64,273,645,213.68.

According to the Bureau of Labor Statistics' inflation calculator, that $64.27 billion increase in the federal debt, in a year at the height of World War II, would equal $841.21 billion in 2011 dollars. Although the fiscal 1943 debt was smaller in inflation-adjusted dollars than the debt has been in recent years, the annual budget deficit that year was larger as a share of GDP then that it has been in recent years. In 1943, according to the Office of Management and Budget, federal deficit spending was 30.3 percent of GDP. In fiscal 2011, it was 10.9 percent of GDP.

http://cnsnews.com/news/article/debt-first-11-months-11-11-trillion
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HillBilly · Dec 3, 2011

Yep , same old song & dance routine ,,, the old bury it in another comittee routine... some things never change ...

botenth · Dec 5, 2011

HillBilly said: ↑

Yep , same old song & dance routine ,,, the old bury it in another comittee routine... some things never change ...
Click to expand...

But they have to, before a Soviet-style collapse happens.

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Congress establishes "Superdupercommittee" to deal with debt issue

Agent Zero New Member

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Congress establishes "Superdupercommittee" to deal with debt issue

Agent Zero New Member

botenth Banned

waltky Well-Known Member

HillBilly New Member Past Donor

botenth Banned

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