Deficit going down and credit limit to be reached?
Official Photograph
Saw the following headline and report:
WASHINGTON (AP) – The U.S. budget deficit is set to fall to $514 billion this year, down substantially from last year and the lowest level by far since President Barack Obama took office five years ago, a congressional report said Tuesday… Last year’s deficit registered $680 billion. Obama inherited an economy in crisis and the first deficits ever to exceed $1 trillion. The 2009 deficit, swelled by the costs of the Wall Street bailout, hit a record $1.4 trillion, while the deficits of 2010 and 2011 both registered $1.3 trillion. http://www.aol.com/article/2014/02/04/us-deficit-to-drop-to-514b-lowest-of-obamas-years-in-office/20822809/?icid=maing-grid7%7Chtmlws-main-bb%7Cdl1%7Csec1_lnk2%26pLid%3D438840
After seeing the above report, I saw the following:
6 Takeaways from the CBO’s Latest Budget Report
- Over the next decade, there will be millions fewer full-time workers because Obamacare creates disincentives to work...
- Fewer people are expected to gain insurance through Obamacare as a result of the botched rollout of the exchanges…
- CBO estimates that Obamacare’s risk corridors program—the provision which has been dubbed a bailout of insurance companies—will result in a net revenue gain for the government rather than a net payout to insurance companies…
- Taken by themselves, Obamacare’s insurance provisions will increase the deficit by $1.4 trillion…
- Under current law, annual budget deficits will remain roughly equal to their current size for a few years before they start to rise again…
- Total federal debt is huge. http://reason.com/blog/2014/02/04/6-takeaways-from-the-cbos-latest-budget
The total federal debt is huge. Nor am I convinced that number 3 is quite right. What I am convinced of is that the debt continues to rise. Treasury Secretary Lew believes that the debt has not risen enough? When will the USA believe it has enough debt and stop increasing it? Notice a chart from Wikipedia:
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National debt for selected years
| End of Fiscal Year |
Gross debt in $billions undeflated Treas. |
Gross debt in $billions undeflated OMB |
as % of GDP Low-High est. or BEA/OMB (a – Treas. audit) |
Debt held by public ($billions) |
as % of GDP (Treas/MW, OMB or Treas/BEA) |
GDP $billions BEA/OMB est.=MW.com |
|---|---|---|---|---|---|---|
| 1910 | 2.65 | 8.0 | 2.65 | 8.0 | est. 32.8 | |
| 1920 | 25.95 | 29.2 | 25.95 | 29.2 | est. 88.6 | |
| 1927 | 18.51 | 19.2 | 18.51 | 19.2 | est. 96.5 | |
| 1930 | 16.19 | 16.6 | 16.19 | 16.6 | est. 97.4 | |
| 1940 | 42.97 | 50.70 | 44.4–52.4 | 42.97 | 42.1 | -/96.8 |
| 1950 | 257.3 | 256.9 | 92.0–94.2 | 219.0 | 80.2 | 279.1/273.1 |
| 1960 | 286.3 | 290.5 | 53.6–56.0 | 236.8 | 45.6 | 535.1/518.9 |
| 1970 | 370.9 | 380.9 | 35.4–37.6 | 283.2 | 28.0 | 1,049/1,013 |
| 1980 | 907.7 | 909.0 | 32.4–33.4 | 711.9 | 26.1 | 2,796/2,724 |
| 1990 | 3,233 | 3,206 | 54.2–56.4 | 2,412 | 42.1 | 5,915/5,735 |
| 2000 | (a1) 5,674 | 5,629 | a55.8/57.6 | 3,410 | 34.7 | 10,150/9,821 |
| 2001 | (a2) 5,807 | 5,770 | a54.8/56.6 | 3,320 | 32.5 | 10,570/10,230 |
| 2002 | (a3) 6,228 | 6,198 | a57.2/59.0 | 3,540 | 33.6 | 10,880/10,540 |
| 2003 | (a) 6,783 | 6,760 | a 59.8/61.8 | 3,913 | 35.6 | 11,330/10,980 |
| 2004 | (a) 7,379 | 7,355 | a 61.0/63.2 | 4,296 | 36.8 | 12,090/11,680 |
| 2005 | (a4) 7,933 | 7,905 | a 61.4/63.8 | 4,592 | 36.9 | 12,890/12,430 |
| 2006 | (a5) 8,507 | 8,451 | a 62.0/64.4 | 4,829 | 36.5 | 13,690/13,210 |
| 2007 | (a6) 9,008 | 8,951 | a 62.8/64.8 | 5,035 | 36.2 | 14,320/13,860 |
| 2008 | (a7) 10,025 | 9,986 | a 67.8/69.8 | 5,803 | 40.2 | 14,760/14,330 |
| 2009 | (a8) 11,910 | 11,876 | a 82.6/85.2 | 7,552 | 53.6 | 14,410/13,960 |
| 2010 | (a9) 13,562 | 13,529 | a 91.6/94.4 | 9,023 | 62.2 | 14,790/14,350 |
| 2011 | (a10) 14,790 | 14,764 | a 96.0/99.0 | 10,127 | 15,390/14,930 | |
| 2012 | (a11) 16,066 | 16,051 | a 99.8/103.2 | 11,270 | 16,090/15,550 | |
| 2013 | ~16,738 | ~100.7/- | ~16,600/- | |||
| 2014 (Oct. ’13- Nov. ’13) |
~17,152 |
———————————————————————————————————–
The recognized federal debt has raised by over USD$ 7 trillion since 2008. Barack Obama took office January 2009. Notice also the following:
Debt Up $6.666 Trillion Under Obama…
When President Obama was first inaugurated on Jan. 20, 2009, the debt of the U.S. government was $10,626,877,048,913.08, according to the Treasury Department’s Bureau of the Public Debt. As of Jan. 31, 2014, the latest day reported, the debt was $17,293,019,654,983.61—an increase of $6,666,142,606,070.53 since Obama’s first inauguration.
The total debt of the United States did not exceed $6.666 trillion until July 2003. In the little more than five years of the Obama presidency, the U.S. has accumulated as much new debt as it did in it’s first 227 years.
http://cnsnews.com/news/article/ali-meyer/debt-6666-trillion-under-obama#nationaldebt
But now, even that increase is apparently not enough:
Treasury Secretary Jack Lew urged Congress on Monday to act quickly to raise the federal debt limit, saying he will run short of cash to pay the nation’s bills by the end of the month without additional borrowing authority. Enforcement of the debt limit is suspended, but it will come back into force Friday under the terms of a deal lawmakers struck in the fall. http://www.washingtonpost.com/business/government-likely-to-exhaust-debt-ceiling-options-soon-lew-warns/2014/02/03/88f66ac8-8ce0-11e3-833c-33098f9e5267_story.html
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Republican leaders in Congress have said they do not want another showdown over spending or health care such as that led to a partial shutdown of the government. And Lew said he is optimistic that an agreement to raise the debt limit above its current level — approximately $17.2 trillion — will be reached soon. http://www.npr.org/blogs/thetwo-way/2014/02/03/271091973/time-is-short-on-debt-ceiling-treasury-secretary-says
It should be noted that if the Federal Reserve’s ‘quantitative easing’ program (essentially a ‘legal’ form of counterfeiting) is also considered and continued at current levels, then, for 2014, there is an additional $780 billion in debt. So roughly (as calendar and fiscal years do not align) $1.3 trillion in debt increase for this period of deficit decrease (quantitative easing ‘debt’ was also higher in 2013). The total amount of Federal Reserve debt is about $3.3 trillion. So, the recognized USA debt (not counting future liabilities, interest, etc.) is over USD$ 20 trillion.
These amounts are so massive that most do not realize that the USA cannot reasonably expect to pay them off in real terms (hyperinflation or some other method might be used). Creditors will not be happy when they are not paid.
The Bible warns:
6 My people are destroyed for lack of knowledge. Because you have rejected knowledge, I also will reject you from being priest for Me; Because you have forgotten the law of your God, I also will forget your children. 7 “The more they increased, The more they sinned against Me; I will change their glory into shame. 8 They eat up the sin of My people; They set their heart on their iniquity. 9 And it shall be: like people, like priest. So I will punish them for their ways, And reward them for their deeds. 10 For they shall eat, but not have enough; They shall commit harlotry, but not increase; Because they have ceased obeying the Lord. (Hosea 4:6-10)
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6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his — how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you, Because of men’s blood And the violence of the land and the city, And of all who dwell in it. 9 “Woe to him who covets evil gain for his house, That he may set his nest on high, That he may be delivered from the power of disaster! (Habakkuk 2:6-9)
Regularly coveting increased debt results in an evil gain–that will result in disaster. The Bible shows that Prophet Daniel was asked to interpret handwriting that was written on a wall for a government leader. The moral trend in that kingdom was not good according to Daniel (Daniel 5:22-23). After stating that, here is the interpretation that the prophet Daniel gave of that handwriting on the wall:
24 Then the fingers of the hand were sent from Him, and this writing was written. 25 “And this is the inscription that was written: MENE, MENE, TEKEL, UPHARSIN. 26 This is the interpretation of each word. Mene: God has numbered your kingdom, and finished it; 27 Tekel: You have been weighed in the balances, and found wanting; 28 Peres: Your kingdom has been divided, and given to the Medes and Persians.” (Daniel 5:24-28) 30 That very night Belshazzar, king of the Chaldeans, was slain. (Daniel 5:30)
That kingdom was taken over that very night (Daniel 5:30-31)–but the USA still has several years, at least, left. But, let us look at the words from the wall and apply them to the United States.
- Mene: Your days as being on the top of the world order are numbered. And more in the world are starting to realize this.
- Mene: Despite signs of your decline, instead of repenting, you seem to be taking steps to speed it up–you are soon to be finished.
- Tekel: Your morality and “conscience” have been weighed in the balances, and found wanting.
- Peres/Upharsin: Your nation will be divided by the final Beast, the King of the North (Daniel 11:39), and he will make your people slaves as your nation will be finished.
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves?
Can those in the USA/UK see the Handwriting on the Wall? Is everything fine in the USA/UK or is it like the days of Noah? Can we learn from the handwriting that appeared on a wall thousands of years ago? Here is a link to a related YouTube video Can you see the ‘Handwriting on the Wall’?
Hillary Clinton in Prophecy Prophecy, Hillary Clinton? Are there prophecies that Hillary Clinton may fulfill? Are there any prophecies that she has already helped fulfill? Could Hillary Clinton be apocalyptic? Could Hillary Clinton be the final Antichrist?
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future.
Protestant and Church of God views of the United States in Bible Prophecy Is the USA mentioned in Bible prophecy? Some Protestants say yes, while others say no. What does the Bible really teach? Learn the truth about this. There is also a video available: Is The United States Mentioned In Bible Prophecy?
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? Here is a link to a video titled: The Future King of the North.
The Gospel of the Kingdom of God was the Emphasis of Jesus and the Early Church Did you know that? Do you even know what the gospel of the kingdom is all about? You can also see a YouTube video sermon The Gospel of the Kingdom.
Just What Do You Mean the Kingdom of God? A booklet that was written by Herbert Armstrong answers questions about the Kingdom.
Who is the King of the West? Why is there no End-Time King of the West in Bible Prophecy? Is the United States the King of the West?
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.
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