Federal Borrowing on Pace to Hit Debt Limit in Less Than Week

CNSNews ^

[Sub-Driver]

Federal Borrowing on Pace to Hit Debt Limit in Less Than Week Wednesday, April 20, 2011 By Terence P. Jeffrey

(CNSNews.com) - Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.

As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $ 14.268365 trillion. (The total national debt, including the portion exempted from the legal limit, was $14.3205 trillion.)

This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.

On April 4, Treasury Secretary Timothy Geithner sent a letter to Senate Majority Leader Harry Reid (D.-Nev.) in order to warn Congress that the Treasury was approaching the legal debt limit. In an appendix to this letter, Geithner pointed to the rapid pace at which new debt was accumulating.

“On average,” Geithner wrote, “the public debt of the United States increases by approximately $125 billion per month (although there are significant variations from month to month).”

In a 31-day month, $125 billion in new debt works out to an average of $4.03 billion in new debt per day. At that pace, the $25.635 billion in legal borrowing authority the Treasury had left at the close of business on Tuesday would be exhausted in less than seven days.

[Sub-Driver]

I think BO needs another vacation...all this economic stuff tends to distract him.........

[screaminsunshine]

we need to replace the Congressional Record with old issues of Mad Magazine and Mr. Natural.

[gorush]

Not one cent more!

[Grampa Dave]

What, we are seeing now, is history* re the tax and spenders doing what they did in 1934. Check the banner on the wagon saying, "Young Pinkies from Columbia and Harvard". Now, we can add Yale and basically any other left wing university.

[allmost]

Extend the week, and cry for bad measure.

[oust the louse]

Just print more baby....just print more.

[spyone]

So in a week, they’ll be in violation of the law. It looks like they intend to blow on through, laws be damned. Totally in keeping with the elites of the country.

[catbertz]

These numbers are almost unimaginable. This can’t end well.

[RC2]

I agree. No more money. I don’t think it will make any difference. If it has a negative effect, we can handle it and will dig our way out. This has to stop some place. Let it be now.

[JIM O]

Apparently our Secretary of Treasury can't count, just yesterday he was estimating the 3rd week of may before he hit the ceiling.

[relee]

So in a week, they’ll be in violation of the law.

Unless all those income tax checks that were mailed this weekend start rolling in.

[Repeal The 17th]

Debt limit; schmebt limit.
What’re they gonna do?
Foreclose on the Grand Canyon?
Tell our debt owners to just go pound sand.

[mcshot]

That's right as 0 is still dishing out millions and billions to Muslim countries including the questionable rebels in Libya and then there are the Palestinian gifts.

[RightGeek]

But first Obammy will issue an executive order that authorizes ignoring the debt limit

[Georgia Girl 2]

Well I guess the GOP needs to hurry up and raise that debt ceiling.

[BobP]

But first Obammy will issue an executive order that authorizes ignoring the debt limit

--------------------------

Spot on RightGeek!

Now Zer0 has a track record that he must run on and the winning rule in 2012 is: direct and non-stop political attack on Obama! Cancel 'Amateur Hour' at the White House!

The alternative is Obama's bullet train to bankruptcy.

Obama: Millionaires don't have a right to keep their hard-earned cash.
It all belongs to the government.

Countdown until Obama leaves Office: 640 days as of April 20, 2011.

[LibLieSlayer]

Shut it down... force the government into taking the proper action to solve this problem... the SAME action that all successful American families take... we cut expenses and curtail spending so that we can live within our means and stay current with all of our bills... and even pay them off.

LLS

[April Lexington]

and Mr. Natural.

What does it all mean, Mr. Natural? What does it all mean? "It don't mean sh*t, boy..."

[April Lexington]

The Federal government of the United States of America is a FAILED STATE. Its over. The system is broke and broken. Economic collapse is certain. Y'all better be prepared for the ensuing social upheavals...

[k5kor]

This madness must end. We must move the rinos out of our party and seize control like we did in Wisconsin and Ohio and show no mercy to the parasites. These weak republicrats have got to go.