Treasury Issues $1 Trillion in New Debt in First 6 Weeks of FY14

Treasury Forced to Issue $1T in New Debt in First 6 Weeks of FY14

November 18, 2013 - 5:52 PM
Barack Obama, Jacob Lew

Treasury Secretary Jacob Lew and President Barack Obama (AP Photo)

(CNSNews.com) - Between Oct. 1, 2013, the first day of fiscal 2014, and Nov. 14—which was less than a month after Congress agreed to temporarily suspend the legal limit on the federal debt—the Treasury was forced to issue more than $1 trillion in new debt.

During that time, according to the Daily Treasury Statement, the Treasury issued $1,014,215,000,000 in new bills, notes, bonds and other securities.

The government needed this $1,014,215,000,000 to cover government obligations and expenses that exceeded the $255,080,000,000 it raked in through tax revenues during the same six-week period.

Where did that combined $1,014,215,000,000 in newly borrowed money and $255,080,000,000 in new tax revenues go?

The lion’s share went to payoff maturing securities the Treasury had sold before and had now come due.

In total, according to the Daily Treasury Statement, the Treasury needed to redeem $879,734,000,000 in maturing debt during the first six weeks of the fiscal 2014.

After that, the government’s biggest expenses were $98.853 billion in Social Security benefits, $77.704 billion in Medicare expenses, $35.304 billion to Defense Department vendors, $34.623 billion for Medicaid, $20.537 billion for the salaries for federal workers (who have now been compensated for the time they missed during the partial shutdown), $20.155 billion for the Department of Education, $13.060 billion for the Department of Agriculture’s Food and Nutrition Service (which includes the food stamp program), $11.152 billion in Health and Human Services Department grants, $10.648 billion for Housing and Urban Development Department programs, and $9.172 billion to buy insurance for federal employees over and above the $20.537 billion they were paid in salaries.

The Treasury also had $67.234 billion cash on hand at the close of business on Nov. 14--but that was down $21.152 billion from $88.386 billion cash on hand the Treasury had when the fiscal year started Oct. 1.

So, in addition to the $1,014,215,000,000 in new borrowing the Treasury undertook in the first six week of fiscal 2014, it also drew down its cash by $21.152 billion.

When Treasury Secretary Jacob Lew appeared in the Senate Finance Committee on Oct. 10 and called for Congress to increase the legal limit on the federal debt, he lamented that people do not understand that the Treasury needs to constantly borrow new money to meet ongoing expenses and pay off the tremendous volume of old debt that must be redeemed.

 


- See more at: http://cnsnews.com/news/article/terence-p-jeffrey/treasury-forced-i...

 

ADD a Disqus Comment here

 


Check out the member blogs, videos, and discussions http://12160.info/

Views: 497

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted videos
3 hours ago
cheeki kea commented on cheeki kea's photo
Thumbnail

Prime clown idiot of the year.

"Wow the Pause button for this circus just got hit. Prime clown silenced his own self right out of…"
15 hours ago
tjdavis commented on tjdavis's video
yesterday
tjdavis posted a video

In The Year 2525 - Groove Guild feat. Jean Rohe

Master recording by Groove Guildwww.grooveguild.comSocial handles - @GrooveGuildAll visuals by Sarofskywww.sarofsky.comSocial handles - Instagram - @Sarofsky...
yesterday
tjdavis posted a blog post
yesterday
Doc Vega posted blog posts
yesterday
Doc Vega commented on Doc Vega's blog post Veiled Aggression
"Keisha Ruan I guess I misunderstood your sarcasm. Please do more content."
yesterday
Doc Vega commented on Keisha Ruan's blog post The Alienadox – by Kaiya
"Yes a witty way to put it !"
yesterday
Doc Vega favorited Keisha Ruan's blog post The Alienadox – by Kaiya
yesterday
Sandy posted a video

THE FALL OF THE CABAL by Janet Ossebaard & Cynthia Koeter (THE SEQUEL) Part 9

"The Fall of The Cabal, The Sequel" by Janet Ossebaard and Cynthia Koeter unveils the matrix's truth, unravels secret agendas, and exposing shadow government...
yesterday
tjdavis favorited Sandy's video
Monday
tjdavis posted photos
Monday
tjdavis posted a video
Monday
tjdavis posted a blog post
Monday
Less Prone favorited Snakedaddy's photo
Sunday
Less Prone favorited Parrhesia's photo
Sunday
Less Prone commented on cheeki kea's photo
Sunday
Less Prone commented on cheeki kea's video
Sunday
Less Prone favorited Keisha Ruan's blog post The Alienadox – by Kaiya
Sunday
Less Prone commented on Keisha Ruan's status
"End it, yes!"
Sunday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted