Socio-Economics History Blog

Socio-Economics History Blog

70 Straight Days: Treasury Says Debt Stuck at Exactly $16,699,396,000,000 !

by mosesman
US Treasury department officials see pigs fly all the time!
US Treasury department officials see pigs fly all the time! Believe! Believe!
  • If you believe the US debt can stay exactly the same for the past 70 days, I have a seaside bungalow on planet Jupiter I wanna sell to you! You can swim with the Jovian dolphins. It is a steal at US$1million! Have faith! Believe!
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  • 70 Straight Days: Treasury Says Debt Stuck at Exactly $16,699,396,000,000.00! 
    by Terence P.  Jeffrey, http://www.cnsnews.com/ 
    According to the Daily Treasury Statement for July 26, which the Treasury released this afternoon, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days.
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    That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress has imposed on the debt.
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    The portion of the federal debt subject to the legal limit set by Congress first hit $16,699,396,000,000.00 at the close of business on May 17. At the close of every business day since then, it has also been $16,699,396,000,000.00, according to the official accounting published by the Treasury Department.
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    If the debt had increased by even $30 million at any time during those 70 days, it would have exceeded the statutory limit. But, according to the Treasury, the debt did not do that. Instead, it remained precisely $16,699,396,000,000.00.
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    Even though the government’s official accounting of the debt has not budged for 70 days, the Treasury has continued to sell bills, notes and bonds at a value that exceeds the value of the bills, notes and bonds it was redeeming.
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    In fact, according to the Daily Treasury Statement for May 17, the Treasury had by then already redeemed approximately $4,776,995,000,000.00 since the beginning of the fiscal year (which started on Oct. 1, 2012). As of that same day, the Treasury had already sold $5,354,508,000.000.00 new bills, notes and bonds during the fiscal year. That represented a net increase in publicly circulating U.S. government debt instruments of $577,513,000,000.00 for the fiscal year.
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    As of July 26, according to the latest Treasury statement, the Treasury had already redeemed approximately $6,128,368,000,000.00 in bills, notes and bonds during this fiscal year. But, at the same time, according to the statement, the Treasury had sold an additional $6,759,148,000,000.00 bills, note and bonds–for a net increase of $630,780,000,000.00 for the year.
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    Thus, the value of U.S. Treasury debt instruments circulating in the public has increased $53.267 billion since May 17–even though the Treasury says the debt has remained exactly at $16,699,396,000,000.00 during that time.
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