'Extraordinary Accounting Tools' -- U.S. Debt Limit Exceeded!

1 post / 0 new
machinehead's picture
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
'Extraordinary Accounting Tools' -- U.S. Debt Limit Exceeded!

National debt limit? Don't worry about it -- we've got a workaround!

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. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.)

The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.


Mwa ha ha ha --'extraordinary accounting tools'! I get the feeling Bernie Madoff is running the Treasury from his federal prison cell, much like a Mafia capo keeping charge of the family while he's doing time.

But a more disturbing possibility has occurred to me. Namely, that the brave men and women serving in our nation's capital are being called 'tools.' When are these dedicated public servants going to get the respect they deserve from a grateful populace? If it weren't for their creative workarounds, why, why -- well, I don't know what. But it would be bad, I assure you!

So we're blowing through $50 billion a week now -- KEWL! I, too, an a wild and krazy guy!

* opens entire six-pack and pours it on his grizzled face *

Login or Register to post comments