“Government debt” on The Daily Caller

America is in a financial crisis. For years, politicians on both sides of the aisle have ignored the 800-pound gorilla in the room — our climbing $14 trillion national debt. That trend seems like it will continue with reports coming out over the weekend that President Obama will request more government spending in the State of the Union. I had hoped that a detailed plan on how to curb our government’s overspending would be the focus of the president’s speech. However, it looks like what he really wants is, in essence, another stimulus. We all know that the stimulus package passed during the early days of this administration failed miserably and contributed to the $14 trillion debt. If we do not address the ever-increasing debt, America may sink into a dangerous financial abyss.  (more)

Peter Orszag, President Obama’s former White House budget chief, issued a dire warning to the nation Friday about the inability of Democrats and Republicans to overcome political motivations and act to prevent a fiscal crisis. (more)

The unemployment rate and the nation’s increasingly precarious fiscal position – its enormous budget deficits and its ballooning debt – will be the dual points of emphasis in President Obama’s second State of the Union address on Tuesday. (more)

Treasury Secretary Timothy Geithner’s warning that refusing to increase the debt ceiling would plunge the nation into fiscal catastrophe is unfounded, at least according to some congressional Republicans. (more)

Virginia Rep. Frank Wolf threatened Thursday to oppose raising the country’s $14.3 trillion debt limit, becoming one of the first members of Congress to draw a line in the sand over the looming vote. (more)

For too long, our government has been fiscally irresponsible and allowed reckless spending that has added three trillion dollars to the national debt in just the two years since Obama took office. In fact, since Democrats took control of Congress in 2007, we’ve seen our debt level increased by 91 percent. These actions have serious consequences. The health of the American economy is at risk, and we must work together to put America back on the path to prosperity. (more)

I’ll admit to not being an economist; but as the son of a banker, I have almost an innate appreciation for the importance of meeting obligations. The recent discussion in Washington about raising the debt ceiling has brought about serious concerns from the financial community about the consequences of not doing so. (more)

The Pentagon will have to cut spending by $78 billion over the next five years, Defense Secretary Robert M. Gates said Thursday, forcing the Army and Marine Corps to shrink the number of troops on active duty and eventually imposing the first freeze on military spending since the Sept. 11, 2001, attacks. (more)

Treasury Secretary Tim Geithner sent a cage-rattling letter to congressional leaders Thursday, warning that a failure to raise the debt limit could plunge the nation into an economic crisis more severe than 2008′s and cost millions of jobs. (more)

In March, Congress will have to decide whether or not to increase the limit on how much debt the country can consume. Debt limit bills usually lack much controversy and generally pass with bipartisan support. However, the election of 2010 has turned this issue into the first real litmus test of the new Congress. (more)

In August of this year, Admiral Michael Mullen, Chairman of the Joint Chiefs of Staff, advised Congress that “The National debt is the biggest threat to our national security.” In November, voter sentiment against the debt and deficit led to an historic rebuke of Congressional incumbents. In December, the president’s debt commission laid out in stark terms the imminent economic impact of continued deficit spending. Apparently rejecting these clarion calls, the president and Congress acted in the lame-duck session to cut not one dime of federal spending, while increasing the national debt by nearly $1 trillion. They are ignoring a glaring problem that, if not addressed soon, will cause a panoply of other problems. (more)

As pundits and bloggers over the coming months celebrate, deprecate, or otherwise pontificate about the secession of Southern states from the Union 150 years ago, it would be well to remember Alexander Hamilton’s claim that the “national debt, if not excessive, will be to us a national blessing; it will be a powerful cement of our union” because both of those claims have been proven correct time and again. (more)

Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery. Nor are European cities safe – Florence, Barcelona, Madrid, Venice: all are in trouble (more)

Discussions about deficits and debt reduction inevitably center on whether and how to reduce government spending or increase tax rates. Proponents of increasing taxes argue over what level tax rates should be increased to and for which segments of the population. Proponents of decreased spending debate which federal programs should be trimmed or eliminated altogether. But this choice is a classic false dichotomy. If we grow the economy enough, we won’t have to rely on massive tax hikes or spending cuts. (more)

Brand new Congressmen don’t take office until January, but they’re already consumed with worry about the national debt. They’ll face a vote next year to raise the debt ceiling beyond its current $14.3 trillion (about $47,000 apiece for everyone in America). (more)

Last month American reporters expressed concern at a recent study published by the Conference Board which claimed that the US economy would be overtaken by China in two short years.  This alarming news came just weeks after a ranking of the world’s most powerful people put President Barack Obama at number two — beaten into second place by Chinese premier Hu Jintao. (more)

Final reports from government commissions are not generally known to be stirring or often acted upon. Most of the time, that’s OK. Commissions are usually government’s way of pretending to address a problem without really doing so. (more)

On February 24, Ben Bernanke went before Congress to issue a stern warning regarding the national debt. Simply put, it was growing much more quickly than the chairman of the Fed deemed appropriate. Along with chastising the out-of-control spending, Bernanke issued this warning about the possibility of the Fed printing money to pay off Uncle Sam’s credit card: “We’re not going to monetize the debt.” (more)

Summoning the most urgent and stern rhetoric possible, President Obama’s debt commission co-chairmen released their final report Wednesday morning upon a capital culture waiting eagerly to tear it to shreds. (more)

“Politicians will always spend every penny of tax raised and whatever else they can get away with.” (more)