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October 18, 2013

After jumping a record $328 billion Thursday, U.S. debt now tops $17 trillion for first time

Topics: Political News and commentaries

Well, that didn't take long. Thursday was the first day the federal government was able to borrow money under the debt deal just agreed upon ... and BOOM, right out of the box the debt jumped a record $328 billion ... taking our national debt over $17 trillion for the very first time.

According to figures posted online by the Treasury Department the debt on 10/17/2013 stood at $17.075 trillion, and it's growing at the rate of $1.79 billion per day with unfunded liabilities growing at an additional $5 trillion per year.

Via The Washington Times:

[...] 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.

[...] 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.

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.

More here.

As for the claim by Obama and his fellow Democrats that an increase in the debt limit "doesn't encourage new spending," if that was true then why, pray tell, has our debt increased every other time the debt ceiling has been raised ... and how in the hell have we now arrived at owing over $17 trillion for the first time! We keep raising the debt ceiling and right behind it comes more spending and more interest to be paid.

Obama and his fellow Democrats must be using new Common-Core math standards along with their typical revision of history.

And as bad as our debt is now, the national debt is set to double by the time President Barack Obama leaves office, if it continues to increase at the current rate.

Suggested read: Democrats' Debt-Limit Doubletalk

Posted by Hyscience at October 18, 2013 8:26 PM

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