"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Saturday, September 15, 2007

US debt limit has risen 70% under Dubya

The US Congress through the The Senate Finance Committee ( Chairman Max Baucus,DEM Montana) must approve any increase in borrowing powers of the US Government.

On Wednesday they approved an US $850 billion increase to US$9.815 trillion lest the Government default as its current borrowing limit of $8.965 trillion (agreed March 20thth 2006) is reached. (Federal debt Friday was US8.929 Tr.)

The committee approved the bill on a voice vote and the full Senate will approve by early October (they have no fucking choice having voted for the 'o8 Budget spending bonanza). Treasury Secretary Henry Paulson has been urging Congress to act quickly to avoid unnerving financial markets that are already jittery over rising mortgage foreclosures.

At current rates of pissing the taxpayers money into the Iraqi sand, on Osprey, B2, bridges to nowhere etc., that will give Bush and his spendthrifts the ability to continue borrowing into 2009, well after next year’s presidential and congressional elections.

This will be the 5th increase in the U.S. borrowing limit during Dubya's Presidency when U.S. borrowing limits stood at US$5.6 trillion and will shortly have risen by 70%.

Meanwhile the US$ has slumped to it's lowest ever against the Euro and the Oil price is bumping up against US$80 a barrel.

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