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$10 Trillion Withdrawn From U.S. Treasury This Fiscal Year Alone, Treasury Says

Posted By admin On September 7, 2012 @ 1:55 am In U.S. News | Comments Disabled

Terence P. Jeffrey
CNS News [1]
Sept 7, 2012

Although theCongressional Budget Office estimates [2] that the federal government will spend $3.563 trillion in fiscal year 2012 and the White House Office of Management estimates [3] it will be $3.795 trillion, actual withdrawals from the U.S. Treasury have already exceeded $10 trillion.

In fact, as of the close of business Wednesday, withdrawals from the Treasury equaled $10,201,615,000,000 for fiscal 2012, which began on Oct. 1, 2011 and will end on Sept. 30.

According to the Daily Treasury Statement [4]–the official daily accounting sheet for the federal government—withdrawals from the Treasury exceeded $10 trillion this year on Aug. 30 [5], when they rose from $9.903 trillion to $10.035 trillion.

How can this be?

The answer: The federal government needs to churn through trillions of dollars each year above the level of current annual federal spending in order to maintain its $16 trillion debt—much of which is held in Treasury notes that mature in anywhere from 2 to 10 years and Treasury bills that mature in anywhere from a few days to less than a year.

Full article here [1]


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URLs in this post:

[1] CNS News: http://cnsnews.com/news/article/10-trillion-withdrawn-us-treasury-fiscal-year-alone-treasury-says

[2] Congressional Budget Office estimates: http://www.cbo.gov/sites/default/files/cbofiles/attachments/08-22-2012-Update_to_Outlook.pdf

[3] Office of Management estimates: http://www.whitehouse.gov/omb/budget/Historicals/

[4] Daily Treasury Statement: https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=12090500.pdf

[5] on Aug. 30: https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=12083000.pdf

[6] US Starts New Fiscal Year With $14.837 Trillion In Debt, $142 Billion Increase In Two Days: http://www.prisonplanet.com/us-starts-new-fiscal-year-with-14-837-trillion-in-debt-142-billion-increase-in-two-days.html

[7] Federal Debt Tops $14 Trillion, U.S. Treasury Reports: http://www.prisonplanet.com/federal-debt-tops-14-trillion-u-s-treasury-reports.html

[8] National Debt Increases for 53rd Straight Fiscal Year; Jumped $1.65 Trillion in FY 2010: http://www.prisonplanet.com/national-debt-increases-for-53rd-straight-fiscal-year-jumped-1-65-trillion-in-fy-2010.html

[9] U.S. Budget Gap Exceeds $1 Trillion for Fiscal Year: http://www.prisonplanet.com/u-s-budget-gap-exceeds-1-trillion-for-fiscal-year.html

[10] Fed Has Bought More U.S. Gov’t Debt This Year Than Treasury Has Issued: http://www.prisonplanet.com/fed-has-bought-more-u-s-gov%e2%80%99t-debt-this-year-than-treasury-has-issued.html

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