Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.

As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $14.268365 trillion. (The total national debt, including the portion exempted from the legal limit, was $14.3205 trillion.)

This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.

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“The dollar struck its lowest in almost three years against a basket of currencies on Thursday, with market players selling the greenback to buy buoyant risky assets in a move that threatens to drive the dollar index toward its all-time low….The chart outlook for the dollar is looking dire after it tumbled through the 74.17 low touched in November 2009, a move that may spark a run toward the 70.698 all-time low hit in 2008.”

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“In 2008, the most recent year for which full data is available, the infamous top 1% – those earning over $380,354 – paid 38.02 percent of federal income taxes, according to an analysis of IRS data by the Tax Foundation. Meanwhile, the bottom 50 percent of income earners – the group that, according to the liberal world view, is subsidizing tax handouts to the wealthy – shouldered just 2.7 percent of the federal income tax burden. And keep in mind, in 2008, the higher income earners share of taxes slipped from the previous year’s 40.4 percent due to the economic downturn.”

“When you make this argument to liberals, they’ll often respond that the only reason such a distribution exists is that there’s a lot of income inequality in America. But even if you account for that, the wealthy are paying disproportionately. The top 1 percent, for instance, earned 20 percent of the nation’s adjusted gross income in 2008 – yet their share of the tax burden was nearly twice that. Meanwhile, the bottom 50 percent earned 12.75 percent of the nation’s income, while their share of the tax burden was about one-fifth of that. You can see this demonstrated in the chart below.”

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How long is too long ? Reports say the people have reached a boiling point over violent opposition to democratic demonstration….

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Home value chart shows the swan dive in homer prices and that we are still 10-20% above major support…

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Happy anniversary….

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Markets up close to 1%.

Commissioner Bud Selig has “deep concerns” over their finances. Hence, he snatched the Dodgers.

Bring them back to Brooklyn.

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