U.S. debt jumps a record $328 billion — tops $17 trillion for first time

[CaseyJones]

http://www.washingtontimes.com/news/...llion-first-t/

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.

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 will rise by as much as the government spends between now and the Feb. 7 deadline.

[Acala]

Party ON!!!!!

[tod evans]

Something about robbing Peter to pay Paul...

[angelatc]

A new world record! We're number 1! We're number 1!

[Root]

This is the image fedbook.gov choose when I shared this link.

This is fiscally responsible, amirite? (Hey, at least there's cheerleaders if you click the link.)

http://<wbr>www.washingtontimes.com/news/<wbr>2013/oct/18/<wbr>us-debt-jumps-400-billion-tops-<wbr>17-trillion-first-t/

[Kords21]

We're good for it

[69360]

Why not? Congress gave Obama a 4 month no limit shopping spree. Hope he doesn't start a war with it.

[Cap]

So, when is this house of cards going to collapse?

[phill4paul]

Party ON!!!!!

[tod evans]

So, when is tis house of cards going to collapse?

The prez just got a fresh load of grease for the presses..................

[fatjohn]

I dont get this, were 328 billion new bonds created today? Surely that influx would have crashed the bond market.

[CBC4L]

Not if the Federal Reserve bought them all

[Seraphim]

I have a hunch that by the time the 3 month debt ceiling lift is over the debt will be around 17.5T.

[bunklocoempire]

Debt Ceiling crisis averted! WOOT!

[DFF]

If the politicians had the country's best interest in mind and not their own, they would immediately slash spending across the board...but they're thinking about being reelected, and subsequently they won't do anything about the out-of-control national debt...however, when the dollar loses a significant amount of purchasing power and the 10 year note is being slaughtered on the open market...then, the politicians will be forced to do the right thing...but until this day comes, the beat goes on...17 trillion and counting...20 trillion in sight!

[oyarde]

I have a hunch that by the time the 3 month debt ceiling lift is over the debt will be around 17.5T.

So , pushing 22 Trillion begining 2016 ? or more ?

[oyarde]

So, when is tis house of cards going to collapse?

I dunno , 2018 ??

[gwax23]

So, when is tis house of cards going to collapse?

Hopefully soon.

[Cap]

Hopefully soon.

Yes indeed, the bowl is pretty full, definitely needs flushing.

[ronpaulfollower999]

SHOCK NEWS: Obama lied!

[brushfire]

We're good for it

[Zippyjuan]

That was five months worth of debt being added in one month- bills postponed to keep the debt from rising. Now they are caught up again. Total debt for the year is expected to be about $650 billion.

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.

[juleswin]

Every 2 term president(Clinton was helped by the internet bubble) since Reagan have been doubling the national debt. I wonder if Obama can do better and triple it

[Zippyjuan]

Keep in mind that Congress, not presidents, write budgets. A deficit may occur while a person is president but he was not responsible for spending/ revenues other than signing or vetoing what budgets Congress creates. Even having Rand or Ron Paul as president would have little power over that.

It also matters when you start the count. The president takes office in January but until October (which is when the new fiscal year starts) we are operating on a budget passed under the previous president. When Obama took office in January 2009, the US debt was $10.7 trillion. http://nationaldebtbusters.blogspot....cs-posted.html To double that, it must hit $21.4 trillion by January 2017 which would require us to run annual deficits of more than $1 trilion a year- the estimated deficit for FY 2013 is about $750 billion and next year is projected to be even lower. A triple would be $32.1 trillion and would need to have a deficit of about $4 trillion a year which would require more than doubling the current budget.

If we start at the October 2009 figure (the start of the first budget period under Obama), our base is $11.4 trillion so doubling would be at 22.8 trillion- $5 trilion higher than now and that would require a $1.3 trillion deficit every year. http://www.usgovernmentspending.com/...ebt_chart.html

[ronpaulfollower999]

Congress passes the budget, but the President has the bully pulpit and the power to veto. If I'm not mistaken, I think Obama requested an even bigger stimulus package than what Congress actually passed...so it's not like he wants to fiscally responsible.

[Zippyjuan]

The fact he did not get it shows that his power on budgets is very limited.

[Jordan]

Not if the Federal Reserve bought them all

Awesome. Basically zero interest.

[oyarde]

Awesome. Basically zero interest.

Pretty soon they will be paying someone to take them....

[Zippyjuan]

So , pushing 22 Trillion begining 2016 ? or more ?

Since we just hit 17 trillion, going to $22 trillion means $5 trillion more. To get there by 2016 (three years) you need an average annual deficit of $1.7 trillion. Actually since 2013 is mostly over you need closer to $2 trillion a year deficits. Currently we are running about $600 billion a year. If that is maintained, we can get to $22 trillion by the end of 2021 (8.3 years). $20 trillion would be reached in five.

[oyarde]

Since we just hit 17 trillion, going to $22 trillion means $5 trillion more. To get there by 2016 (three years) you need an average annual deficit of $1.7 trillion. Actually since 2013 is mostly over you need closer to $2 trillion a year deficits. Currently we are running about $600 billion a year. If that is maintained, we can get to $22 trillion by the end of 2021 (8.3 years). $20 trillion would be reached in five.

What was the avg for previous 4 , around 1.3 Trillion ?