The Debt Limit Debate FITSNews
The debate over the federal debt limit – which has U.S. President Barack Obama acting “ like a dick ,” according to one pundit – continues to rage in Washington, D.C.
A month ago, the U.S. House voted overwhelmingly against raising the limit from $14.2 trillion to $16.7 trillion. Eighty-two Democrats joined 236 Republicans in rejecting the measure – while 97 Democrats voted to raise the debt limit.
In exchange for approving an unprecedented upping of the federal government’s credit card – Republicans (and obviously more than a few Democrats) are insisting on spending cuts and an amendment that would require the federal government to balance its budget. Obama and his allies? They’re rhetorically open to a balanced budget – but they want to get there via tax increases, which the GOP has insisted are off the table.
Meanwhile fiscal conservatives in both chambers are pushing for broader spending concessions – as they should be. Specifically, they want larger immediate cuts, long-term spending caps and a balanced budget amendment that includes a new “super-majority” requirement on any Congressional vote to raise taxes.
In Memory Of The Glorious Red Army
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Credit card Debt math payment question?
The average american credit card debt in 2004 was $8,400. With an annual interest rate of 18%, a payment of $246.75/month would payoff the balance in 4 years. I would cost $_______ ($246.75 times 48 payments) to pay off the $8400 debt?
So you paid $ _________ in interest for the privilege of buying on credit.
Could someone help me fill in the blank spaces ... the first one obviously I would say is $ 11,844.00 but I'm not sure how you find the second blank.
Please Help!!!!
The answer to the second question is the difference between how much you actually paid, and how much the original debt was:
$11844.00 - $8400.00
2004 american card credit debt in - News
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