Congressional Budget Office study warns of long-term debt woes in United States

  • Article by: ANDREW TAYLOR , Associated Press
  • Updated: September 17, 2013 - 12:45 PM

WASHINGTON — The government could run out of cash to pay its bills in full and on time sometime between the end of October and the middle of November if lawmakers fail to increase its $16.7 trillion borrowing cap, Congressional Budget Office Director Doug Elmendorf said on Tuesday.

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theagonybhoSep. 17, 1310:42 AM

Well maybe our next president will address it, Obama does not see it that way.

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EleanoreSep. 17, 1311:00 AM

Ya think?

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ranger1873Sep. 17, 1311:15 AM

This can't be true. Mr. Obama said he'd cut the deficit in half in his first four years, and we have a Republican House that never, ever caves in to his spending demands. This article has to be false.

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dogmanSep. 17, 1311:24 AM

"This can't be true. Mr. Obama said he'd cut the deficit in half in his first four years" -- my comment from another article.. 'deficit for fiscal year 2009 = $1.41 trillion, 2013 = < $700 billion'

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ranger1873Sep. 17, 1311:48 AM

Deficit upon taking office: $11.9 trillion. Deficit at end of FY 2012: $16 trillion. Sorry, dogman. That ain't halved.

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dogmanSep. 17, 1312:00 PM

"Deficit upon taking office: $11.9 trillion. Deficit at end of FY 2012: $16 trillion. Sorry, dogman. That ain't halved" -- you're talking federal debt, not deficit. Sorry, ranger1873. Try again.

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firefight41Sep. 17, 1312:11 PM

"This can't be true. Mr. Obama said he'd cut the deficit in half in his first four years" -- my comment from another article.. 'deficit for fiscal year 2009 = $1.41 trillion, 2013 = < $700 billion' ****************** You cannot help yourself, Obama said his first term, 2013 is part of Obama's SECOND term. Prior to this administration the average deficit was $250 billion dollars. I said average!

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firefight41Sep. 17, 1312:15 PM

Deficit upon taking office: $11.9 trillion. Deficit at end of FY 2012: $16 trillion. Sorry, dogman. ************** Wrong on both accounts, it was the debt and that was sitting at 10 Trillion dollars as of October 2008. The debt is now 16.7 trillion dollars, an increase of 6.7 trillion in just under 5 years, I bet the congress and obama are proud of their achievement

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paige7Sep. 17, 1312:24 PM

We need to remove the ridiculous cap on wages that social security (OASDI) taxes are withheld from, currently $113,700. That would probably go a long way toward making social security solvent. As for Medicare, if the current 1.45% tax isn't enough, than perhaps it needs to go up to 2% (or whatever number makes that work.) Current social security benefits aren't overly generous, as far as I've seen. The current rates are based on a certain proportion of payees vs. retirees. If that balance is shifting, then the percentages need to shift too.

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jd55604Sep. 17, 13 1:00 PM

paige7 : "We need to remove the ridiculous cap on wages that social security (OASDI) taxes are withheld from, currently $113,700. That would probably go a long way toward making social security solvent."..........Why would someone making more than $113, 700/yr even need social security?

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