Federal Borrowing on Pace to Hit Debt Limit in Less Than Week

Where does it end? Since obama has been president, debt has been accumulating at $4.5 BILLION a DAY!

Can you believe that number? Every single day our government spends $4.5 BILLION dollars that we don't have. How long can we keep that up? I guess as long as China keeps loaning us money. But then what? Do we find another lender? Who would that be? This is complete madness. There is no way that we can sustain this.

Write your congress critters people, let them know that you want the spending to STOP. Let them know that their jobs depend on it...

By Terence P. Jeffrey- CNSNews

Federal borrowing is on pace to hit the legal limit on the national debt in less than a week.

As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $ 14.268365 trillion. (The total national debt, including the portion exempted from the legal limit, was $14.3205 trillion.)

This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.

On April 4, Treasury Secretary Timothy Geithner sent a letter to Senate Majority Leader Harry Reid (D.-Nev.) in order to warn Congress that the Treasury was approaching the legal debt limit. In an appendix to this letter, Geithner pointed to the rapid pace at which new debt was accumulating.

“On average,” Geithner wrote, “the public debt of the United States increases by approximately $125 billion per month (although there are significant variations from month to month).”

In a 31-day month, $125 billion in new debt works out to an average of $4.03 billion in new debt per day. At that pace, the $25.635 billion in legal borrowing authority the Treasury had left at the close of business on Tuesday would be exhausted in less than seven days.

Geithner’s letter did not spell out the time period he used to determine that the debt increases at approximately $125 billion per month. In fact, according to the official debt figures published by the Treasury itself, the debt has been increasing at a somewhat faster pace than $125 billion per month during the Obama presidency.

On Jan. 20, 2009, the day Obama was inaugurated, the portion of the nation debt subject to the legal limit (a small portion of the debt is exempted from the limit) was $10.568142 trillion. By April 19, 2011, the portion of the national debt subject to the limit had increased to 14.268365 trillion. That means that during the first 821 days of Obama’s presidency the debt increased by $3.700223 trillion—or $4.5 billion per day.