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The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.
Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government.
Originally posted by burdman30ott6
The debt limit has always been a point of great amusement to me. The same idiots spending the tax payers' dollars and mortgaging our childrens' future are the idiots who set the limits. It is a constantly moving scale bar which really has no meaning whatsoever. The nation will not "colapse" until the day when foreign investing nations cease purchasing our debt, regardless of what the official "debt ceiling" is.
(Unfortunately, the day when foreign nations will stop buying the US debt is rapidly approaching. After that point is reached, the debt ceiling will truly be exposed as a useless marker as we will have nobody left to give us money, regardless of how far above or below the ceiling we are.)
Originally posted by andy1033
reply to post by Erasurehead
Remember Bernake just got man of the year, for spending americas money into this debt.
They will keep spending or you know the other choice, lol.