Mr Kerviel did not have a defined gross-exposure limit.

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At the same time, its budget deficit is expected to hit 4.8% this year, well above the EU limit of 3% of gross domestic product.

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Therefore, meeting Social Security obligations in August, September and all future months in this fashion would add nothing to the gross government debt subject to the debt limit.

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That's because an overpayment one year must be included in adjusted gross income the next, which can limit eligibility for the child credit, education credits, a Roth IRA, itemized deductions or even personal exemptions.

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The limit is 50% of adjusted gross income for cash contributions and 30% for gifts of appreciated property.

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The wide-reaching nature of the strategy, as led by Bill Gross, implies that the ETF would have no limit.

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Those federal IOUs are rightly accounted for in federal finances not as assets but as part of the Gross Federal Debt, subject to the national debt limit.

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Among them: freeze entitlement programs and raise the Social Security retirement age to 70, tackle health care in a "serious way" and limit government spending to below 1% of nominal gross domestic product while setting up a modern Works Progress Administration to build infrastructure.

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He incurred the wrath of the International Monetary Fund and the financial community by unilaterally declaring a limit on debt repayment equal to 10% of the Gross National Product, isolating Peru from international financial markets.

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