To: TimF who wrote (437992 ) 7/30/2011 3:21:22 PM From: KLP 2 Recommendations Read Replies (1) | Respond to of 793964 You asked how many dollars $14.3 Trillion was........ Time to Raise the $14.3 Trillion Debt Ceiling Published on March 28th, 2011 Posted by KD Martin in economy , Politics Viral More dollarss than galaxies in the Universe As Congress turns its attention to the budget and the country’s fiscal situation, the debt ceiling debate that has been simmering underneath the surface could come to a boil in the near future. The Treasury Department estimates that the United States will reach its debt limit between April 15 and May 31. Administration officials are ringing alarm bells and warning of dire consequences if the $14.3 trillion ceiling isn’t raised. “Republicans in the Senate will not be voting to raise the debt ceiling unless we do something significant about the debt,” Senate Minority Leader Mitch McConnell, R-Ky., said earlier this month. “I don’t think he [Obama] has to lay out in public exactly what he’s willing to do, but we need to begin serious discussions, and time’s a wasting.” Senate Republicans reportedly are working on a Balanced Budget Amendment, a Constitutional amendment that would require a balanced budget every year, as a condition to raising the debt ceiling. The Tea Party’s influence could make negotiations more challenging, especially if the two parties and Obama cannot find a middle ground on how to cut entitlement programs. Treas. Sec. Geithner warned that a failure to raise the debt limit would mean the government would not be able to make the payments on the current debt, which stands at $13.96 trillion . “Even a very short-term or limited default would have catastrophic economic consequences that would last for decades.” dvorak.org