RECORD: DEBT JUMPS $328 BILLION IN ONE DAY
U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money
under the deal President Obama and Congress sealed this week.
The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.
The $328 billion increase shattered the previous high of $238 billion set two years ago.
The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.
Under the law, that replenishing happens as soon as there is new debt space.
In this case, the Treasury Department borrowed $400 billion from other funds beginning in May, awaiting a final deal from Congress and Mr. Obama.
Usually Congress sets a borrowing limit, or debt ceiling, that caps the total amount the government can be in the red.
But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt will rise by as much as the government spends between now and the Feb. 7 deadline.
Judging by the rate of increase over the last five months, that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more.
Republicans initially sought to attach strings to the debt increase, but surrendered this week, instead settling on a bill that reopened the government and included some special earmark projects, but didn’t include any spending cuts.
Democrats insisted that the debt increase be “clean,” meaning without any strings attached. They say the debt increase only allows Mr. Obama to pay for the bills he and Congress already racked up, and that it doesn’t encourage new spending.
more: http://www.washingtontimes.com/news/2013/oct/18/us-debt-jumps-400-b...
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Replies to This Discussion
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Permalink Reply by Central Scrutinizer on
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...and we all know its more than this MSM reported 17 trillion anyway. When are these morons gonna figure out this shits never ever getting paid off? Oh wait, they already DO know. But they are diligently solving this by the only way these fuktards know how, Spend all ya want, WE'LL MAKE MORE!!! oh wait, end of month...look out!!! Here comes another 85 billion of worthless printed paper See, its all good now, we're swimming in paper!!! ;)
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Permalink Reply by Frances Farmer on
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"But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt will rise by as much as the government spends between now and the Feb. 7 deadline." Thats really.... messed up.
You know the saying- 'When someone owes you $100, they've got a problem, but when someone owes you $1,000,000, you've got a problem. '
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ONLY fix ....... wipe this contrived, illegally gained debt figure, dismantle the Fed, Prosecute all involved, give these bankster felons NOTHING but the Jail time they've so justifiably earned, just the notion that we owe all this BS debt back to the actual Criminals nauseates me. US Treasury is Constitutionally setup to print it's own, Interest free, Debt free currency backed by a gold standard. Proof there's NO Common Sense left in the District of Criminals. Me just don't understand, THIS IS A GIVEN HERE folks, interest free currency that's actually worth something?......although there is another snafu yet to be dealt with here if we ever did go back to a interest free, Treasury printed, gold backed dollar. I fear the infamous Nation's gold depository in Kentucky known as Fort Knox no longer has any gold in it, these thieving pricks robbed it 30 years ago by most accounts.
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