Our federal debt has exceeded the legal limit set by Congress but it’s okay, because we have “the standard set of extraordinary measures,” and we’ve used those measures for at least over one month. Speaker John Boehner (R-OH) was notified of the situation by Treasury Secretary Jack Lew on May 17, 2013 and it’s apparently okey-dokey with Boehner. If I understand this correctly, two days after the letter to the Speaker, the “deficit limit” was “increased to $16,699,421,095,673.60. It wasn’t enough so our debt on official reports has stayed static.
Click any one of the graphics above, scroll to the second page and look to the right column “Debt Subject to Limit” (Table III C) to see the actual report.
The Daily Treasury Statement’s official Monthly report shows in July 2013 the Government racked up almost $98 BILLION in debt, yet our debt subject to the Congressional legal Debt Limit (“Closing Balance Today,” “Today,” and “This Month,”) remained the same at “exactly $16,699,396,000,000 for every one of the 31 days in July, and continued at exactly the same through the first 12 months of August 2012.
In fact, these are the same numbers shown on the June 28, 2013 report.
Subtract the smaller number from the larger number and you see that this reporting fraudulently keeps the debt at $25 MILLION UNDER THE LEGAL LIMIT.
At the static $16,699,396,000,000 level that the Treasury reported for every day of July, the debt was just $25 million below the legal limit of $16,699,421,000,000 that was set in a law passed by Congress and signed by President Barack Obama.
If Treasury’s daily statements were to declare that the government had borrowed an additional net $98 billion to cover the $98 billion deficit the Treasury declared in its monthly statement for July, the Treasury would be conceding that the government had already surpassed the legal limit on the debt–and has been violating the law by continuing to borrowing additional money.
Instead, even as the Treasury was running up the $98-billion deficit it reported in the July Monthly Treasury Statement, every one of the 22 Daily Treasury Statements published for July said the Treasury had closed out the previous business day with exactly $16,699,396,000,000 in debt.
Since Lew sent that letter–announcing that he would use “extraordinary measures”–the debt has remained stuck at exactly $16,699,396,000,000 for 87 straight days. Read the entire story at CNS News and find additional links
My conclusion is that “extraordinary measures” means lying in official data about the “Total Public Debt Subject to Limit.” Maybe I have it wrong. What’s your interpretation of “extraordinary measures?”