Auto and School Debt up the Most The AP reports that US consumers borrowed more in November in order to purchase cars and to go to school but left their credit cards alone. The Federal Reserve said consumer borrowing rose by $16 billion in November to a record high of $2.77 trillion.  Borrowing for autos […]

Failing to renew the Bush tax cuts in the recent “fiscal cliff” legislation has, as we predicted in December, brought back the Marriage Penalty.  A Sun Sentinel report talks to Plantation, FL accountant Sheri Schultz.  Schultz says her family “is facing tax hikes to the tune of thousands of dollars this year.” They are not […]

What Is the Government’s Borrowing Limit? The borrowing limit or debt ceiling is the maximum amount the U.S. government is allowed to borrow to meet its existing legal obligations. These obligations include Social Security and Medicare benefits, military salaries, interest on national debt, tax refunds, and other payments. Raising the debt ceiling doesn’t authorize new […]