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Tuesday, July 16, 2013

Funny Money: National debt has stayed exactly the same for 2 months and will remain so another month and a half

National debt calculator shows 17,050,093,000.00 and counting as of 8:30 am 7/16/2013…

One way to deal with the national debt is just to stop counting it. Try to do that with your own budget, it won’t work. I know there’s a difference in macroeconomics and the household budget but 2+2 still = 4.

Everyone in the world knows this façade can’t continue, the bills are going to come due and we don’t have the money to pay and our debtors won’t take our funny money forever!

Treasury: Debt Has Been Exactly $16,699,396,000,000.00 for 56 Days

By Terence P. Jeffrey

Jack Lew, Barack Obama

Treasury Secretary Jack Lew and Barack Obama (AP Photo/Carolyn Kaster)

( - According to the Daily Treasury Statement for July 12, which the U.S. Treasury released this afternoon, the federal debt that is currently subject to a legal limit of $16,699,421,095,673.60 has stood at exactly $16,699,396,000,000.00 for 56 straight days.

That means that for 56 straight days the federal debt has remained approximately $25 million below the legal limit.

Even though the portion of the federal debt that is subject to a legal limit has not changed in almost two months, the Treasury has continued to sell bills, notes and bonds at a value that exceeds the value of the bills, notes and bonds it has been redeeming.

The “public debt subject to limit”--as the Treasury calls the portion of the federal debt that is legally limited by Congress--first hit $16,699,396,000,000.00 at the close of business on May 17.

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