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History of Deficits
2011 Debt Ceiling
Fiscal Cliff
Foreign Effects
"Extraordinary Measures"
100
The amount of the United States' current National Deficit.
What is 16.5 Trillion?
100
A limit given by Congress to the National Treasury for the annual amount allowed to be borrowed to pay government expenses.
What is the Debt Ceiling?
100
The time to which the Fiscal Cliff was extended to at the end of 2012 when a compromise could not be reached in Congress.
What is March 2013?
100
Country that owns $884 billion worth of the American debt, for a total of 9.8% of the total debt.
What is China?
100
Steps taken by the Sectary of the Treasury to insure that the United States will not default on its legal obligations. Such steps will create $200 billion in headroom.
What is "Extraordinary Measures"?
200
Times when the National Deficit rises greatly.
What is times of war and recession?
200
The Debt Ceiling of 2011
What is 14.2 Trillion?
200
A measure instituting tax increases and spending cuts on Government Programs if no plan to lower the National Deficit is agreed upon by Congress.
What is the Fiscal Cliff?
200
Events that occur when foreign countries begin to lose confidence in the American dollar and system.
What is creditors pull holdings and higher interest rates to attract capital?
200
This government agency that completes 80 million payments a month on average. This includes daily payments of $30 billion in interest payments, $6.8 billion in tax refunds, $3.5 billion in federal salaries, $2.7 billion in military pay, $2.3 billion in Medicaid and Medicare payments, $1.5 billion owed to military contractors and a smattering of other commitments.
What is the U.S. Treasury
300
This party, since 1980, has used the "trickle down" theory for economics, as well as cutting taxes for Americans and increasing military spending, has raised the national deficit at an increased rate compared to their opposing party.
What is the Republican Party?
300
A form of National Government revenue that was to expire at the end of 2012.
What is Bush Tax Cuts?
300
The term given to National Government programs spending cuts such as a 27% decrease in Medicare Payments.
What is Sequestration?
300
Object that has allowed the U.S. to gain power, borrow effortlessly, sustain large scale foreign military commitments, and made the U.S. into the center of the international monetary system.
What is the dollar-the world's reserve currency?
300
Secretary of the Treasury under the Obama administration. Whom sent a total of four letters to Congress since December 26, 2012 warning of the debt ceiling.
Who is Timothy F. Geithner
400
This president was the only president to leave office in the last century with a budget surplus.
Who is Bill Clinton?
400
The Bipartisan solution suggested by President Obama after a political impasse concerning the reaching of the 2011 Debt Ceiling.
What is a $2.7 trillion raise in the Debt Ceiling?
400
The estimated dollar amount rise in taxes paid by Middle Class families a year once over the Fiscal Cliff.
What is about $2000?
400
Holders of $4.7 trillion of the American debt, a total of 53% of all debt.
What is the American public and Federal Reserve?
400
In 1987 this politician said "Unfortunately, Congress consistently brings us to the edge of default before facing it's responsibility. This brinkmanship threatens holders of government bonds and those who rely on Social Security and Veteran benefits...The United States has a special obligation to itself and the world to meet its obligations. It means we have a well earned reputation for reliability and credibility- two things that set us apart in much of the world."
Who is President Regan
500
The national deficit was about 108.6% of the national gross domestic product during this historical event, the highest percentage of deficit to GDP in the United States' history.
What is World War II?
500
A condition of the 2011 Debt Ceiling solution compromise.
What is Fiscal Cliff?
500
The date in which the National Government expenses exceeds revenue, possibly resulting in the first ever default by the United States Government and the expiring of all government programs.
What is March 27, 2013?
500
Country that has begun to diversify away from the U.S. dollar, their foreign exchange reserves in 2010 being 65% in dollars down to 54% in 2011.
What is China?
500
Government Programs effected by "Extraordinary Measures".
What is Civil Service Retirement and Disability Fund, Postal Service Retiree Health Benefits Fund, Government Securities Investment Fund (G Fund), Federal Employees' Retirement System Thrift Savings Plan, Exchange Stabilization Fund?