The U.S. national debt hit $18 trillion for the first time on Friday, according to the U.S. Treasury Department.

The milestone is likely to renew Republican scrutiny over the federal government’s spending habits, just as the GOP is set to widen its majority in the House and resume control of the Senate in 2015. While Republicans have made a point of saying they would use their new control of Congress to fight Obamacare and ease federal regulations, they have also made a point of saying debt reduction is critical.

House Speaker John Boehner (R-Ohio) and incoming Senate Majority Leader Mitch McConnell (R-Ky.) said Congress must take steps to pare back “a national debt that has Americans stealing from their children and grandchildren, robbing them of benefits that they will never see and leaving them with burdens that will be nearly impossible to repay.”

The national debt has soared nearly 70 percent under President Barack Obama. When he took office, it stood at $10.626 trillion, and it’s risen nearly $7.5 trillion under Obama.

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Read more:http://www.theblaze.com/stories/2014/12/...ion-under-obama

That a lot of increases in the debt limit. I wonder how that happened?

This isn't a big deal. Since the Fed devalued the dollar so much, this $18 Trill is the equivalent of $438.76 in 2010 dollars.

Quote: Rev wrote in post #7

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This doesn’t count unfunded liabilities like Social Security, Medicare, and W’s brilliant prescription drug entitlement. The actual debt is much higher.

While the media keeps us distracted with circuses, the Cloward–Piven strategy has been thrown into overdrive.

We will never pay off this debt. Neither will our children or grandchildren. When that fact sinks in, the house of cards comes down, and Obama et al. can move to the next phase: replacing the current quasi-socialist crony capitalist system with straightforward totalitarian communism.

http://moonbattery.com/

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Quote: Sanguine wrote in post #8

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Quote: Rev wrote in post #7

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This doesn’t count unfunded liabilities like Social Security, Medicare, and W’s brilliant prescription drug entitlement. The actual debt is much higher.

While the media keeps us distracted with circuses, the Cloward–Piven strategy has been thrown into overdrive.

We will never pay off this debt. Neither will our children or grandchildren. When that fact sinks in, the house of cards comes down, and Obama et al. can move to the next phase: replacing the current quasi-socialist crony capitalist system with straightforward totalitarian communism.

http://moonbattery.com/

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I don't have a good understanding of what this will mean. We just don't have historical examples to draw from. Well, maybe a few, and they were all pretty horrible.

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Quote: Cyber Liberty wrote in post #3

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That a lot of increases in the debt limit. I wonder how that happened?

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