- Posted August 14, 2013 by
Washington, District of Columbia
This iReport is part of an assignment:
It's a Miracle!
The Bureau of the Fiscal Service, a component of the Department of the Treasury, released the Monthly Treasury Statement ending 31 July 2013. On the very first page, they report that in the month of July, the federal government ran a deficit of $98B.
While that number may not be very interesting by itself, it becomes very interesting when viewed in the context of the national debt. On 1 July the same organization reported the total national debt as $16,699,396,000,000.
Then on 31 July, the FMS reported in the same daily report that the national debt was $16,699,396,000,000. You read that right…the exact same as it was on 1 July.
So maybe someone can explain this miracle to me…how do we run a $98B deficit in the month of July without adding a single dollar to the debt?
Why does it matter? Well, the debt ceiling happens to be $16,699,421,000,000. That means any debt incurred above that limit is a violation of federal law. The executive has spent more than the legislative branch has authorized.
So we started the month of July with a total debt that was a mere $25M below the legal limit, then we added $98B in deficit spending during July, and somehow the debt is unchanged?
I am no budget expert, but that sounds like a miracle to me!