(CNSNews.com) - According to the Daily Treasury Statement for July 26, which the Treasury released this afternoon, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days.
That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress has imposed on the debt.
The portion of the federal debt subject to the legal limit set by Congress first hit $16,699,396,000,000.00 at the close of business on May 17. At the close of every business day since then, it has also been $16,699,396,000,000.00, according to the official accounting published by the Treasury Department.
If the debt had increased by even $30 million at any time during those 70 days, it would have exceeded the statutory limit. But, according to the Treasury, the debt did not do that. Instead, it remained precisely $16,699,396,000,000.00.
Even though the government's official accounting of the debt has not budged for 70 days, the Treasury has continued to sell bills, notes and bonds at a value that exceeds the value of the bills, notes and bonds it was redeeming.
In fact, according to the Daily Treasury Statement for May 17, the Treasury had by then already redeemed approximately $4,776,995,000,000.00 since the beginning of the fiscal year (which started on Oct. 1, 2012). As of that same day, the Treasury had already sold $5,354,508,000.000.00 new bills, notes and bonds during the fiscal year. That represented a net increase in publicly circulating U.S. government debt instruments of $577,513,000,000.00 for the fiscal year.
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