Terence P. Jeffrey
August 27, 2012
The federal government’s debt could hit an unprecedented $16 trillion this week while the Republican Party is holding its national convention in Tampa, Fla.—in a hall that will prominently feature a running debt clock.
At the close of business on Thursday, Aug. 23, according to the U.S. Treasury, the federal government’s debt stood at $15,976,519,029,144.14. That left it $23,480,970,855.86 short of the $16 trillion mark.
So far in this fiscal year (from Oct. 1 through Aug. 23), the debt has grown by an average of $3,616,398,477.40 per calendar day ($1,186,178,700,586.99 divided by 328 days). Were the debt to grow at that pace in the week following last Thursday’s close of $15.976 trillion, it would hit $16 trillion this Thursday–the day Mitt Romney is scheduled to give his speech accepting the Republican presidential nomination.
However, the debt does not grow in a steady, unbroken daily pace. Instead, it expands and retracts from day to day during the business week depending on the value of the bonds the U.S. Treasury sells and redeems. On a day that the Treasury derives more revenue from selling bonds than it pays out to redeem bonds, the debt increases.
This article was posted: Monday, August 27, 2012 at 2:31 am