Guest post by Kristinn Taylor
Half a Trillion in Just Three Months
Latest numbers from the US Treasury show the National Debt has increased $526-billion since Congress suspended the Debt Limit Oct 17th.
— Mark Knoller (@markknoller) January 22, 2014
President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February 7th.
Treasury Secretary Jack Lew sent a letter to Congress today imploring the debt ceiling be raised by February 7th, or the end of February at the latest. Lew cited a limited amount of financial trickery the Treasury can employ to skirt the re-imposition of borrowing authority until the end of February.
CBS News’ Mark Knoller reported on Twitter that Obama had racked up $526 billion in new debt since October 17. The deficit for the entire 2013 fiscal year was $680 billion.
Last April Obama proposed a FY 2014 budget with a deficit of $744 billion.
The national debt now tops $17.2 trillion.