U.S. debt jumps a record $328 billion in one day — tops $17 trillion for first time.

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U.S. debt jumps a record $328 billion — tops $17 trillion for first time

By Stephen Dinan

The Washington Times

Friday, October 18, 2013

U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.



The $328 billion increase shattered the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.

Under the law, that replenishing happens as soon as there is new debt space.

In this case, the Treasury Department borrowed $400 billion from other funds beginning in May, awaiting a final deal from Congress and Mr. Obama.

Usually Congress sets a borrowing limit, or debt ceiling, that caps the total amount the government can be in the red.

But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt can rise as much as Mr. Obama and Congress want it to, until the Feb. 7 deadline.



Judging by the rate of increase over the last five months, that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more.

Republicans initially sought to attach strings to the debt increase, but surrendered this week, instead settling on a bill that reopened the government and included some special earmark projects, but didn’t include any spending cuts.

Democrats insisted that the debt increase be “clean,” meaning without any strings attached. They say the debt increase only allows Mr. Obama to pay for the bills he and Congress already racked up, and that it doesn’t encourage new spending.

Demanding that others in his pay scale pay up to 50% Obamas pay only 18% taxes. Landlord Joe Biden pocketed $26,400 renting cottage to the Secret Service.

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Obamas pay only 18%  in taxes.

By COREY BOLES

WASHINGTON—President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

The first family’s income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.

The Obamas paid $29,450 in state income tax to Illinois for 2012.

As in recent years, the Obamas made significant contributions to charity. In 2012, they gave $150,034—or about 24.6% of their adjusted gross income—to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation, a group that provides free housing to family members of injured military veterans.   The release of the 2012 tax returns comes as the debate over what level of taxes the wealthy should pay shows signs of heating up again as the president makes another push for a “grand bargain” on deficit reduction.

Landlord Joe Biden pocketed $26,400 in 2012 renting cottage to the Secret Service.  Gives 2% to charity.

By Susan Crabtree

The Washington Times

Friday, April 12, 2013

** FILE ** Vice President Joe Biden gives a thumbs-up before President Barack Obama's State of the Union address in front of a joint session of Congress Tuesday, Jan. 24, 2012, at the Capitol in Washington. (AP Photo/Saul Loeb, Pool)

Vice President Joe Biden and his wife, Dr. Jill Biden, took in $26,400 in 2012 by renting a cottage on the property of their Delaware home to the Secret Service, tax records released by the White House revealed.

They netted $17,944 of that rental money.


The arrangement under which the vice president charged the Secret Service personnel for staying on his Delaware property was first reported by The Washington Times in 2011.

The 2012 payouts were part of the $385,072 in adjusted gross income the Bidens reported to the IRS in 2012, according to their 2012 tax returns.

They reported paying $87,851 in total federal tax for 2012. The amount was roughly the same as it was the previous two years.

The couple contributed just $7,190 to charity, including $2,400 to the Annual Catholic Appeal for the Diocese of Wilmington, Del., $1,000 to the Westminster Presbyterian Church and $1,000 to the Northern Virginia Community College Education Foundation.

They also donated $2,000 worth of household items to Goodwill and the Ministry of Caring, a Wilmington-based nonprofit serving the poor and homeless.

The Bidens listed donations of clothing, boots, kitchenware, glassware, bicycles, toys, pottery and kitchenware to Goodwill and furniture and exercise equipment to The Ministry of Caring.

Bridgeport’s Democratic mayor Bill Finch jokes about corruption:

Democratic corruption and arrogance continues. 

Bridgeport’s Democratic mayor Bill Finch, a supporter of Connecticut congressman Chris Murphy’s bid for the U.S. Senate against Republican Linda McMahon, jokes about corruption:

Bridgeport Mayor Bill Finch is at it again. The Democrat who presided over a Bridgeport’s Democratic mayor Bill Finch, a supporter of Connecticut congressman Chris Murphy’s bid for the U.S. Senate against Republican Linda McMahon, jokes about corruption:2010 vote casting and counting scandal in the tight race for governor was caught on video Friday guaranteeing Democratic U.S. Senate candidate Christopher Murphy a big result in the state’s largest city–even if it takes days to count.

Bridgeport provided a crucial and dubious margin of victory to Democratic and Working Families Governor Dannel P. Malloy in 2010 amidst unprecedented chaos at the city’s polling places. The 2010 Bridgeport assault on democracy included photocopied ballots, altered hours at polling places, a mysterious bag of votes and Finch’s abuse of the city’s emergency notification system to increase turnout on Election Day.

Murphy, locked in a dead heat with Republican Linda McMahon, needs the grimy Bridgeport Guarantee. He got it from Finch on Friday while visiting small businesses in the poverty-wracked city. A laughing Finch boasts even if it takes a couples of days to get the results,”You can be guaranteed you’re going to get the vote.” Two years after the 2010 fiasco, it remains no laughing matter to the rest of Connecticut.

Murphy and Finch served together in Connecticut’s state Senate for four years.  Listen carefully to the video and the way the others laughed.