Over the past several years, a raging debate among debt-watchers was whether Obama would leave the presidency with more than $20 trillion in US national debt. We now have the answer, and can report that Obama failed in this particular endeavor... but just barely. According to the US Treasury, as of the most recent update, total Federal debt was some $39 billion short of the key "psychological level", clocking in at precisely 19,961,467,137,973.64.
According to a report from The Hill this morning, President-elect Trump's transition team is already working with career staff at the White House on plans to slash federal spending. The Hill reports that significant cuts are expected to the budgets of the Department of Commerce, Energy, Transportation, Justice and State, among others, and would total $10.5 trillion over 10 years.
Budgeting can be difficult, particularly for expansive state budgets that require a ton of inputs to support 1,000s of line items each of which can result in massive variances depending on the development of various economic indicators like interest rates, commodity prices, etc. throughout the year.
Hillary Clinton supporting Democrats have begun plans in initiate the impeachment process just hours before President-elect Donald Trump’s inauguration. Democratic lawmaker Rep. Jamie Raskin told The Young Turks that he will push forward impeachment proceedings as soon as possible, and may even get the ball rolling this week. Dailycaller.com reports: The former state Senate majority whip wants to make his mark, by impeaching the president-elect. Raskin currently serves as a professor of constitutional law at the American University law school.
Submitted by Peter Schiff via Euro Pacific Capital,