US Trade Deficit

Update March 2006 - Faced with a potential government shutdown, the Senate voted 52-48 to raise the federal debt limit to $8.965 trillion. The measure, the fourth time the cap has been raised since 2002, now goes to President Bush for signing into law. Treasury Secretary John Snow applauded passage of the legislation saying it "ensures that the U.S. can deliver on promises already made, such as Social Security and Medicare payments and aid for the victims of the 2005 hurricanes."

U.S. Debt Clock Here
The estimated population of the United States is 298,811,829 so each citizen's share of this debt is $27,699.92.
The National Debt has continued to increase an average of $2.03 billion per day since September 30, 2005
(Warriors Note- Illegal Aliens drain on free medical emergency room care and cash for labor are not factored in by the U.S.)

March 2006- U.S. Treasury uses federal employee retirement funds to defer possible default on the national debt
The Treasury Department has started drawing from the civil service pension fund to avoid hitting the $8.2 trillion national debt limit. The civil service trust fund will provide the Treasury with several billion dollars for extra borrowing. The fund had an estimated balance of about $655 billion at the start of the year, but only a small portion of that is available to the Treasury because of the statutes restricting the fund's use during "debt issuance suspension" periods. The G Fund has assets of about $65.3 billion, and all are available for Treasury's use.

The Treasury has leaned on federal employee retirement funds in past years when officials worried about a possible default on the national debt, and most federal employees take it in stride. Still, many employees object to the financial maneuvers, arguing that they amount to a raid on their personal accounts.

Colleen M. Kelley , president of the National Treasury Employees Union, said last month that federal employees should not have their pension accounts "used as a rainy day fund. . . . No private-sector employer would ever be allowed to do this."

Snow wrote to Congress that his maneuvers will buy time until mid-March and urged lawmakers "to pass a debt limit increase immediately." He said the Treasury "has now taken all prudent and legal actions to avoid reaching the statutory debt limit."

Wednesday, March 8, 2006

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