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(CNSNews.com) - At 4:00 p.m. on Wednesday, the U.S. Treasury released its daily statement revealing how the accounts of the federal government stood as of the close of business on Tuesday, Sept. 17.
According to this official accounting, the federal government's debt that is subject to a legal limit set by Congress stood at exactly $16,699,396,000,000 at that hour yesterday.
That marked the fourth straight month that the U.S. government’s debt has ended up at exactly $16,699,396,000,000 at the close of each business day.
Coincidentally, $16,699,396,000,000 is about $25 million below the legal limit on the debt—which is currently set by law at $16,699,421,095,673.60.
If at the close of any business day, the debt were to slip just $26 million higher, it would exceed the legal limit.
Instead, at the close of every business day since May 17, the debt has remained just $25 million below the limit.
This is despite the fact that the Treasury has continued to sell more Treasury securities than it is redeeming and to run massive deficits.
In May, the month the Treasury froze the debt subject to the legal limit at $16,699,396,000,000, the federal government ran a deficit of $138.732 billion for the month, according to the Treasury’s monthly statement. In June, the Treasury said the government ran a one-month surplus of $116.501. But then it ran a deficit of $97.597 billion in July and $147.923 billion in August.
Via: CNS NewsContinue Reading.....
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