Posted on 05/02/2016 7:14:18 PM PDT by xzins
In the six months that have passed since then-retiring House Speaker John Boehner and Senate Majority Leader Mitch McConnell cut a budget deal with President Barack Obama that suspended the legal limit on the federal debt until March 15, 2017, the federal debt has increased by more than $1 trillion.
The Senate passed “The Bipartisan Budget Act of 2015” with a vote held in the early morning hours of Friday, Oct. 30. Obama signed it on Monday, Nov. 2.
At the close business on Oct. 30, 2015, the total federal debt was $18,152,981,685,747.52. By the close of business on April 28, 2016—the latest date for which the Treasury has published the number--the total federal debt was $19,186,207,744,589.55.
That is an increase of $1,033,226,058,842.03.
On Monday, Nov. 2--the day Obama signed the Bipartisan Budget Act and thus suspended the debt limit--the debt took a big leap. It closed that day at $18,492,091,120,833.99—up $339,109,435,086.47 from its $18,152,981,685,747.52 closing on Friday, Oct. 30.
Prior to that, the part of the federal debt subject to the then-legal limit of $18,113,000,080,959.35 had been frozen just below that limit for more than seven months (from March 13, 2015 through Oct. 30, 2015), during a “debt issuance suspension period” that Treasury Secretary Jacob Lew had declared on March 13, 2015, to push back the date at which the debt limit would be exceeded.
In a July 29, 2015, letter to Speaker Boehner, Lew indicated he was planning to extend the then-ongoing debt issuance suspension period, and explained its basic operations.
“On March 16, 2015, the outstanding debt of the United States reached the statutory limit,” Lew wrote. “As a result, Treasury had to begin employing extraordinary measures to continue to finance the government on a temporary basis. These measures, which we have used in previous debt limit impasses, include a debt issuance suspension period with respect to investment of the Civil Service Retirement and Disability Fund and suspension of the daily reinvestment of Treasury securities held by the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan. The debt issuance suspension period currently lasts until July 30. Tomorrow, I expect to extend the debt issuance through October 30.”
According to the official summary of the law, Section 901 of the “Bipartisan Budget Act,” which Congress passed on Oct. 30 and Obama signed Nov. 2, provided that the “public debt limit is suspended through March 15, 2017.”
The $1,033,226,058,842.03 increase in the debt in the six months since then equals approximately $6,828 for each of the 151,320,000 persons whom the Bureau of Labor Statistics estimated had a full or part-time job in the United States as of this March.
Bkmrk
The uphill insurmountable problem is he wants to raise taxes on corporations and the rich to pay for healthcare, etc. Doing that will kill any growth potential for the GDP. He has absolutely got to slash the budget, entitlements, welfare and major freestuff, even military. Doing that and we become sitting ducks for China and Russia.
That is the debt quicksand that is consuming America. If you cut spending now, revenues fall and the welfare crowd riots. That is why debt ceiling restrictions and limits are so very important. Cause once you get fully immersed into the quicksand, there is no way out.
The good news is that it appears that this is a Jubilee Year, and all of this debt is going to be forgiven! ;-)
exactly my thoughts. Our Congress/President are out of control.
I’ve decided to call the Omnibus the Omni-bust...more fitting.
Other than God dropping a 999 Trillion dollar gold bar, yes, only a Jubilee Year would release the debt monster.
But, for most of the world, as Harvey Korman said.....”Too Jewish”.
Inflating the dollar will raise interest rates, making it impossible to service the debt = default = Plan B
it’s been exponential for quite some time... and we’re past the inflection point
Ain’t the world going to be surprised when the Jewish King of Kings comes back to rule them with a rod of iron!!!
The followers of the Antichrist who resisted the Gospel all their lives will be.
Which, of course, never existed
The military *is* being cut. It may be the only government function that is. Meanwhile, other government agencies have bloated way beyond the functions specified in their charters, and any talk of cutting them brings howls from the left. The number of people on some sort of dole has skyrocketed during Obama's presidency, and the number of people working is at its lowest since the 1970s, which is even worse than it sounds when you consider that the population was ~216 million back then. And while the country edges closer to total economic collapse, the left is sending out its rent-a-mobs to harass Trump supporters because a President Trump--and no other--is a real threat to achieving their imaginary utopia in which no one works and everyone magically has everything they need--food, clothing, health care. Do they think that the Chinese will be content to take worthless money forever in return for real merchandise? What happens when the Chinese want something of value in return for their products?
Yep, we're in a mess. As the experience of Venezuela shows, it doesn't take long for an inept socialist to destroy a vibrant country.
Sorry for the rant. It reflects my concern for the future.
Time to fire up Excel and start crunching some numbers, I guess. I have a feeling there is no way the numbers can be crunched that would look good.
There is no plan B. :-)
That’s what he says.
But the timing of the debt suspension agreement is set to,booby trap the next administration, expiring just 2 months after inauguration
The next POTUS will be thrust immediately into a struggle with congress over raising the debt ceiling yet again, and when the figures are published there will be horror. Of course if it is hillary , Ryan and company will just hand her the keys to the fed and roll over. If it is Trump, God help him and us as the democrats do their best to force this country to shut down and blame Trump and the gop ... And it is hard to say which side the treacherous gop will take.
OMG!
Stocks would be too much of a temptation for them. Put them in Bonds.
what is the debt suspension agreement?
The dems will want to shut the country down? isn’t that the reverse of their usual policy, with them funding everything about adding to the debt?
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