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(CNSNews.com) - The U.S. Treasury needed to pay off a record of approximately $7,546,726,000,000 in maturing Treasury securities in fiscal 2013, which ended last Monday, according to Treasury's official accounting.

During the same period, the Treasury turned around and issued another $8,323,949,000,000 in new Treasury securities.

The spread between the old debt held by the public that matured and was paid off during the fiscal year and the new debt that was sold to cover government spending over and above tax revenues, increased the net federal government debt held by the public by $777.223 billion during the fiscal year.

In the previous fiscal year, 2012, the Treasury had needed to redeem only $6,804,956,000,000 in Treasury securities, but then it needed to turn around and issue $7,924,651,000,000 in new securities—increasing the net debt held by the public by $1.119695 trillion......................."

It’s a shell game and the joke is on us. This administration has far surpassed it’s predecessors for reckless spending and the American people are too stupid to understand what is really happening.

Obama has by far, hands down, been the best friend the banksters have ever seen in the White House. On top of that, he is firmly stuck on the academic dreams of socialism and his policies have further weakened the poor economy he inherited. The rats have not passed a budget for a reason and every year without a budget has seen government spending explode as entitlement spending is not capped. Obama even doubled down on entitlements by ramming a new one down our throats that will further tax the productive.

The joke is on our children because we are dumping this mess on young and future Americans. The left believes we have become more sophisticated than our ancestors, but future generations will view us as the most selfish. We have made quite a mess of things and soon the day of reckoning will be here. There are many scenarios about how it ends, but all of them suck.

the only people buying our bonds right now is the Federal Reserve <<

and that my FRiends is all u need to know...

Think about it...who can write a bogus check to cover the last bogus check you wrote and get away with it?

Per month, federal government revenues are $250 billion and spending is $310 billion, resulting in a deficit of $60 billion, which the government must fund by increasing outstanding Treasuries. Since total outstanding Treasuries cannot be increased without a debt ceiling increase, how can the government pay its bills? Prioritizing won't work, since you must spend $310 billion per month. The only way would be to reduce spending by almost 20%: $60 billion per month. Many strategies have been proposed, but none are able to come up with $60 billion per month of cuts. Furloughs are a drop in the bucket. The vast majority is entitlements and the military.

So Senator Burr's comment is glib at best, in my view.