Guest Post by Mara Zebest
The Treasury Department has frozen the debt limit at $16,699,396,000,000 for the last 100 straight days. Sounds like Obama does not have Congressional approval to exceed the debt limit thus attempting to cook the books in order to exceed it under the radar. Boehner seems to be OK with applying Common Core math to the national debt. Meanwhile, the debt clock still keeps ticking at the USDebtClock.org.
CNSNews reports the following:
The Treasury Department’s latest official daily accounting of the U.S. government’s receipts, expenditures and borrowings–released this afternoon at 4:00 p.m.–indicates that the legally limited debt of the federal government has now been exactly $16,699,396,000,000 for 100 straight days.
The Daily Treasury Statement released today showed the status of the government’s accounts as of the close of business on Friday, Aug. 23. Because the Treasury does no business over the weekend, the federal government’s debt did not change on Saturday or Sunday.
The statement for Aug. 23 said the federal debt subject to the legal limit set by Congress was $16,699,396,000,000—or $25 million below the current limit of $16,699,421,000,000. Every Daily Treasury Statement since May 17 has also shown the legally limited debt at $16,699,396,000,000, or $25 million below the limit.
During the 100-day period from Friday, May 17 to Sunday, Aug. 25, according to the Treasury, the legally limited debt of the federal government did not change.
On May 17, Treasury Secretary Jack Lew sent House Speaker John Boehner a letter indicating that the Treasury was then hitting the legal limit on the debt and that he would begin using “extraordinary measures” to allow the government to continue borrowing money without exceeding that limit. [...]
In a subsequent letter sent to House Speaker John Boehner on Aug. 2, Secretary Lew said he had originally calculated that the Treasury would stop using the extraordinary measures on Aug. 2. But on that day, he said his new estimate was that the Treasury would keep using extraordinary measures, and thus keep borrowing without running over the legal limit, until Oct. 11. [...]
In a new letter that he sent to Speaker Boehner today, Lew estimated that the Treasury can keep borrowing until “the middle of October” until it runs out of headroom. [...]
For the last 100 days, there has been no variability at all in the federal government debt subject to the legal limit: It has remained precisely $16,699,396,000,000.
Between now and mid-October when Lew expects to exhaust the extraordinary measures he is now using to keep the debt at that number, Congress and the administration will negotiate the spending bill or bills that are needed to fund the government after this fiscal year ends on Sept. 30.
Thus, under Lew’s current estimate, the administration and Congress could negotiate new spending bills first—before the exhaustion of the Treasury’s “extraordinary” measures requires them to negotiate a new legal limit on federal borrowing.
Read more here.