US Government Borrowed Record $328.23Billion On Thursday
A day after the government shutdown ended, US National Debt surged by 328.23 billion.
US Debt surged the first day government was able to borrow money. The total public debt outstanding at the close of business on Wednesday, October 16 was $16,747,360,549,057.23billion [ Rounded up to $16.75trillion.]
On Thursday, the debt grew to $17,075,590,107,963.57, a massive spike of $328.23billon, shattering the previous one-day borrowing record of $238 billion set in 2011.
US Debt as of Saturday, October 19, 2013 at 13:26UTC as shown at the ‘Our National Debt’ website, maintained by the Durst Organization in New York.
Debt Limit [U.S. Department of the Treasury ]
The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.
Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit
The government debt had hovered near $16.7 trillion since May 2013. On Wednesday, the lawmakers agreed to suspend the debt ceiling until February 7, 2014, which meant the government could borrow as much money as it wanted, and that’s exactly what they have done.
$1 Trillion On Defense
U.S. will have spent an astonishing $931 billion on DEFENSE in 2013, and that’s a conservative figure, according to The American Conservative .
“And this will turn out to be a conservative figure. We won’t spend less than that, but among other things, it doesn’t include the interest we’re paying on money we borrowed to fund past military operations; nor does it include portions of the National Aeronautics and Space Administration that are dedicated to national security. And we don’t know if this number captures the entire intelligence budget or not, because parts of intelligence funding are classified.”
Related Links
- Govt to Borrow More Money, Buy More Bombs October 17, 2013
- Who Better to Win the Noble Prize for “Economic Science?” October 14, 2013
- U.S. Government Shuts Down October 1, 2013
- U.S. Public Debt Defies Gravity for 68 Days July 26, 2013
- Global Disasters/ Significant Events – September 19, 2013 September 19, 2013
- Most Unethical Nations in 2011 [and Probably 2012] December 31, 2011
Fire Earth 