The U.S. government’s national debt – the accumulated debt from past budget shortfalls – totaled more than $7 trillion for the first time as of Tuesday, according to a Treasury Department report.
In its daily financial statement released on Wednesday, the Treasury said the U.S. debt subject to a Congressionally set limit totaled $7.015 trillion, up from $6.983 trillion on Friday. The government was closed on Monday for the Presidents Day holiday.
Whoa! That’s more than I made last year!
Does anyone think the national debt will ever be repaid? Cynical me: Not as long as the taxpayers get to foot the bill for $200 billion+ in annual interest payments.
I have a lot of 0% until 2005 offers from Citibank, MBNA, et.al. I would be happy to shoulder my portion of the debt if I could keep some of that interest. I wonder if, when added up, the cumulative limits add up to a billion or so. I get a lotta offers. Of course, when that time is up I will have to transfer it to some other card and it will take a month or two for me to get my act together and do it. What is 2 months interest at 8.99% APR on one Billion dollars?
You cant get late on the payments… or your interest defaults to 1million percent!