You are probably right, but I can’t help but think that somebody did some “borrowing” along the way.
No doubt borrowing happens. If a private company did this with 401k match money, its a crime...but if a municipality does it, its considered good fiscal policy.
Ever noticed that whenever we have a faux fight over raising the debt limit, it is preceded by weeks of no increase in national debt, punctuated by a huge jump in debt immediately after the limit is raised. Among other things, the money changers in Washington are borrowing from federal employee pension funds to keep the government open...so they can essentially ‘schedule’ the debt limit fight for the optimal time.