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: 503

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

cheeki kea left a comment for Holyroller
"Greetings to you Holyroller very awesome you've joined up with us all. I know you'll find…"
30 minutes ago
cheeki kea commented on Doc Vega's blog post Are the End Times Drawing Near?
"Yes it's a sad and sorry situation we see evolving here. On one front and it's a large…"
1 hour ago
Doc Vega commented on tjdavis's video
Thumbnail

When the Communists Take Over America!...Famous 1957 Anti-Communist Movie

"I remember this when I was a little seeing it on TV years after it was filmed and it scared me even…"
5 hours ago
tjdavis posted a video

When the Communists Take Over America!...Famous 1957 Anti-Communist Movie

Starring Jack Webb and Robert Conrad, this 1957 movie by the United States Armed Forces Information Agency is perhaps the best known anti-communist movie eve...
9 hours ago
Doc Vega posted a blog post

Are the End Times Drawing Near?

Are we seeing the gradual fulfillment of the Battle of Armageddon? Think of it. The US and Israel…See More
14 hours ago
Holyroller is now a member of 12160 Social Network
23 hours ago
tjdavis posted a blog post
yesterday
Sandy posted photos
Sunday
Burbia posted a video

Catherine Fitts: Epstein, CIA Black Budget, the Control Grid, and the Banks’ Role in War

Programmable digital currency is the final piece of the global control grid that’s finally snapping into place. Catherine Austin Fitts on how to defeat it. C...
Saturday
Евеліна posted a status
"цікаво, воно цитатами виділяє, як моє особливе "я""
Friday
Евеліна posted a status
"на роботі, сонце світить, потрібно перепочити."
Friday
Евеліна posted a blog post

Ключові слова в тексті: як органічно їх вписати в статтю

Що таке ключові слова і чому вони важливіКлючові слова — це слова або фрази, які користувачі…See More
Friday
Евеліна is now a member of 12160 Social Network
Friday
Burbia left a comment for pohonemas33 team
"Quit promoting gambling on another site"
Friday
tjdavis posted a photo
Friday
pohonemas33 team commented on DTOM's photo
Thumbnail

Orwell - Football, Beer & Gambling

"kalau kamu cari tentang trik dan tips main slot online biar gampang menang, coba cek di situs…"
Feb 25
pohonemas33 team commented on tjdavis's photo
Thumbnail

DejaVu

"coba iin main game slot online di situs POHONEMAS33"
Feb 25
tjdavis posted a video

I, Pet Goat VI by - Seymour Studios | I, Pet Goat 6

I, Pet Goat VI by - Seymour Studios | I, Pet Goat 6It's time for great JihadI presented the events in the Middle East as an animated short film based on the ...
Feb 23
tjdavis posted a photo
Feb 22
rlionhearted_3 posted photos
Feb 22

© 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