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: 506

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

Doc Vega posted blog posts
12 hours ago
honeygirl posted videos
16 hours ago
Doc Vega's 2 blog posts were featured
yesterday
Less Prone commented on Sandy's photo
Thumbnail

FB_IMG_1775463256193

"Then they had the same old photo edited. Very stupid!"
yesterday
Less Prone favorited Sandy's photo
yesterday
Doc Vega posted a blog post

The Escape

The dreamland comes as I close my eyesTake me from the forbidden lands that I despiseWhere all…See More
Wednesday
cheeki kea commented on Sandy's photo
Thumbnail

FB_IMG_1775463256193

"ahh yes but one must be well  practised in the art of double think for such occasions as these…"
Wednesday
honeygirl posted videos
Tuesday
Doc Vega posted a blog post

You’ve Heard of Champ, right? This Aint it!

 CHAMP, you might be thinking of is a legendary cryptid supposedly existing in the waters of Lake…See More
Monday
Less Prone favorited Sandy's photo
Monday
Less Prone favorited Sandy's photo
Monday
Doc Vega posted a blog post

Truth or Fiction? You Figure it Out

 Working for the federal government, specifically, the Pentagon. I was, what you might call a…See More
Apr 11
tjdavis posted a video

GOLDSPHINCTER - Donald J Trump is Acrid Goldsphincter (James Bond Music Parody)

In this James Bond parody, Donald J Trump is Acrid Goldsphincter in our version of the classic Bond "Goldfinger" theme song. All voices and singing performed...
Apr 11
Doc Vega posted a blog post

How Long does Destabilization Take?

How long does it take to topple a society targeted by the left? What ingredients go into this toxic…See More
Apr 9
tjdavis posted a photo
Apr 9
tjdavis posted a video
Apr 8
Doc Vega posted blog posts
Apr 7
Burbia commented on Cryptocurrency's group Video Archive
Apr 7
Doc Vega commented on Doc Vega's blog post How Many Clues Did You Need To Figure out the Covid scare was Bogus? Revisiting Stupidity
"cheeki kea you are spot on. It won't be until the elephant on Wall Street is as high as the…"
Apr 6
Sandy posted photos
Apr 6

© 2026   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