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U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.
The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.
That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.
Originally posted by burdman30ott6
Uh, this was the money that the Treasury had to pay back into the Federal pension funds they stole from between hitting the debt ceiling back in May and the passage of the recent debt bill.edit on 4-8-2011 by burdman30ott6 because: Spelling error
Originally posted by MasterAndrew
2.8 billion dollars a day is spent on war, they needed the bill to pass to keep military missions going. Anyone else notice how Syria has ramped up since the increase. USA is a joke. Plus I think they believe they will still be spending this much a day on war in 10 years when the debt will be even larger around 24 trillion. Then you have foriegn aid handouts these would have ceased to continue, now the countries that can't make money themselves will still be reliant on US handouts to survive.