US debt now at an astonishing $53 trillion
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July 21, 2008, 11:22 am
Filed under: Credit Crisis, DEBT, Dollar, Economic Collapse, Economy, GAO, George Bush, Great Depression, Greenback, Inflation, Stimulus Package, Stock Market, US Economy, central bank, david walker, economic depression, fannie mae, freddie mac, housing market, mortgage companies, neocons, real estate, subprime, subprime lending, tax rebates
Filed under: Credit Crisis, DEBT, Dollar, Economic Collapse, Economy, GAO, George Bush, Great Depression, Greenback, Inflation, Stimulus Package, Stock Market, US Economy, central bank, david walker, economic depression, fannie mae, freddie mac, housing market, mortgage companies, neocons, real estate, subprime, subprime lending, tax rebates
US debt now at an astonishing $53 trillion
SF Gate
July 17, 2008
As the Bush administration proposes backstopping mortgage giants Fannie Mae and Freddie Mac with a $300 billion line of credit and Congress contemplates another economic stimulus, the question is who will bail out the government?
“People seem to think the government has money,” said former U.S. Comptroller General David Walker. “The government doesn’t have any money.”
A rare consensus has developed across the political spectrum that the government’s own fiscal affairs are precarious, with an astonishing $53 trillion in long-term liabilities, according to the Government Accountability Office.
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