Tag Archives: bankrupt

Shut it down

Our government in action: An NIH nationwide study to track hundreds of thousands of children from birth to age 21 is wracked with budget and management problems.

All told, this study has already cost the taxpayers almost a billion dollars for the enrollment of only 4,000 children, not the 100,000 envisioned. That’s about $250,000 per child, an amount that seems incredibly high.

In addition to the above problems, it appears there are scientific ones as well:
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Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling

Get ready for another battle in Congress: The U.S. Treasury added another $20 billion in debt last night, putting it just $160 billion below the newly passed debt ceiling.

The total US treasury balance (subject to the ceiling) is $14.54 trillion (and $14.58 trillion for total), an increase of $20 billion overnight, the Treasury will hit its latest ceiling no later than the end of September. . . . The debt ceiling now is $14.694 trillion: a number which Tim Geithner will hit in about a month.

According to the bill that raised the debt ceiling, the ceiling is only raised in stages. The next stage of $500 billion requires Obama to request it and Congress to okay it.

Going Broke: Treasury Down to $58.6B in Cash, $130.5B Borrowing Authority

The reckoning is about to arrive: The federal treasury is down to $58.6 billion in cash with only $130.5 billion in borrowing authority.

Meanwhile former Democratic operative George Stephanopoulos reports that a tentative deal between the parties in Congress will finalize the cuts from last year’s budget at $33 billion.

As I said, the reckoning is about to arrive.