U.S. National Debt Jumps A Record $328 Billion In A Single Day… Tops $17 Trillion

U.S. Debt Jumps A Record $328 Billion… Tops $17 Trillion For First Time – Washington Times

U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

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The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.

The $328 billion increase shattered the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” – the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.

Under the law, that replenishing happens as soon as there is new debt space.

In this case, the Treasury Department borrowed $400 billion from other funds beginning in May, awaiting a final deal from Congress and Mr. Obama.

Usually Congress sets a borrowing limit, or debt ceiling, that caps the total amount the government can be in the red.

But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt can rise as much as Mr. Obama and Congress want it to, until the Feb. 7 deadline.

Judging by the rate of increase over the last five months, that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more.

Republicans initially sought to attach strings to the debt increase, but surrendered this week, instead settling on a bill that reopened the government and included some special earmark projects, but didn’t include any spending cuts.

Democrats insisted that the debt increase be “clean,” meaning without any strings attached. They say the debt increase only allows Mr. Obama to pay for the bills he and Congress already racked up, and that it doesn’t encourage new spending.

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Unbelievable!

Democrats Propose $1.9T Increase In Debt Limit – Yahoo News

Senate Democrats (Communists) on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats (Communists) who, as the party in power, hold the responsibility for passing the legislation.

It’s hardly the debate Democrats (Communists) want or need in the wake of Sen.-elect Scott Brown’s victory in Massachusetts. Arguing over the debt limit provides a forum for Republicans to blame Democrats (Communists) for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.

The measure came to the floor under rules requiring 60 votes to pass. That’s an unprecedented step that could mean that every Democrat (Communist) no matter how politically endangered, may have to vote for it next week before Brown takes office and Democrats (Communists) lose their 60-vote majority.

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