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

Posted on 04/20/2011 4:39:15 PM PDT by 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.

(Excerpt) Read more at cnsnews.com ...


TOPICS: Breaking News; Government; News/Current Events; Politics/Elections
KEYWORDS: bankrupt; borrow; broke; debt; deficit; fubo; inflation; spend; spending; tax; turbotaxtimmy
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I think BO needs another vacation...all this economic stuff tends to distract him.........
1 posted on 04/20/2011 4:39:17 PM PDT by Sub-Driver
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To: Sub-Driver

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


2 posted on 04/20/2011 4:41:14 PM PDT by screaminsunshine (Shut up and eat your Beans!)
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To: Sub-Driver

Not one cent more!


3 posted on 04/20/2011 4:41:55 PM PDT by gorush (History repeats itself because human nature is static)
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To: Sub-Driver
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.


4 posted on 04/20/2011 4:43:02 PM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: Sub-Driver

Extend the week, and cry for bad measure.


5 posted on 04/20/2011 4:43:09 PM PDT by allmost
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To: Sub-Driver

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


6 posted on 04/20/2011 4:43:17 PM PDT by oust the louse (We have moved decisively from a Nation of makers to a Nation of takers.)
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To: Sub-Driver

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.


7 posted on 04/20/2011 4:43:23 PM PDT by spyone (ridiculum)
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To: gorush

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


8 posted on 04/20/2011 4:44:25 PM PDT by catbertz
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To: gorush

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.


9 posted on 04/20/2011 4:45:05 PM PDT by RC2
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To: Sub-Driver
Apparently our Secretary of Treasury can't count, just yesterday he was estimating the 3rd week of may before he hit the ceiling.
10 posted on 04/20/2011 4:46:27 PM PDT by JIM O
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To: spyone
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.

11 posted on 04/20/2011 4:57:51 PM PDT by relee ('Till the blue skies drive the dark clouds far away)
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To: Sub-Driver

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


12 posted on 04/20/2011 5:05:14 PM PDT by Repeal The 17th (Tagline closed for repairs. Please use the next available tagline. We appreciate your patience.)
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To: Repeal The 17th
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.
13 posted on 04/20/2011 5:14:05 PM PDT by mcshot (The not possible days are here. The GREATEST GENERATION would not accept.)
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To: Sub-Driver

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


14 posted on 04/20/2011 5:15:40 PM PDT by RightGeek (FUBO and the donkey you rode in on)
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To: gorush

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


15 posted on 04/20/2011 5:18:52 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: RightGeek
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.

point-it-out1sm
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.
16 posted on 04/20/2011 5:30:46 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: Sub-Driver

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


17 posted on 04/20/2011 6:54:43 PM PDT by LibLieSlayer (WOLVERINES!!!)
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To: screaminsunshine
and Mr. Natural.

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

18 posted on 04/20/2011 8:08:43 PM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: Sub-Driver
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...
19 posted on 04/20/2011 8:11:41 PM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: April Lexington

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.


20 posted on 04/20/2011 8:21:41 PM PDT by k5kor
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