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US Starts New Fiscal Year With $14.837 Trillion In Debt, $142 Billion Increase In Two Days

Posted By admin On October 5, 2011 @ 3:02 am In Money Watch | Comments Disabled

Zero Hedge [1]
October 5, 2011

Anyone tearing their hair out trying to answer how it is that this great Keynesian experiment of a nation managed to sneek by with so little new incremental debt over the past month can now relax. As Zero Hedge reported yesterday [2], the US closed out Fiscal 2010-2011 with a $95 billion surge in debt in one day brining the total to just under $14.8 trillion. That, however was not nearly enough to settle all outstanding debt, and on the first day of the next fiscal year, Timmy G added another $47 billion in debt, to have a closing balance of $14.837 trillion on the first day of the 2011-2012 fiscal year. In other words, in just the past two work days, America has technically settled a whopping $142 billion in debt. There was a time when a year was needed to issue this much debt. Then, a month. Now, we are officialy down to two days. What is ironic is that the recently expanded debt ceiling of $15.194 trillion has just $400 billion of additional dry powder. At this rate, it won’t last the US until the end of the calendar year.

Today’s Debt summary:

US Starts New Fiscal Year With $14.837 Trillion In Debt, $142 Billion Increase In Two Days Debt%2010.4 [3]

And Yesterday [2]:

US Starts New Fiscal Year With $14.837 Trillion In Debt, $142 Billion Increase In Two Days Treasury%2010.3 [3]

 


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/us-starts-news-fiscal-year-14837-trillion-debt-142-billion-increase-two-days

[2] reported yesterday: http://www.zerohedge.com/news/us-closes-2010-2011-fiscal-year-1479034032855715-debt-95-billion-jump-day-12-trillion-increase-

[3] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/09/Debt%2010.4.jpg

[4] US Debt/GDP Hits Post WW2 High 99.5% Following $55 Billion Overnight Debt Increase: Total Debt Now Over $15.1 Trillion: http://www.prisonplanet.com/us-debtgdp-hits-post-ww2-high-99-5-following-55-billion-overnight-debt-increase-total-debt-now-over-15-1-trillion.html

[5] Debt Jumped $54.1 Billion in 8 Days Preceding Obama-Boehner Deal to Cut $38.5 Billion for Rest of Year: http://www.prisonplanet.com/debt-jumped-54-1-billion-in-8-days-preceding-obama-boehner-deal-to-cut-38-5-billion-for-rest-of-year.html

[6] US Debt Soars To $16,159,487,013,300.35, +$93 Billion; Or How To Kick Off Fiscal 2013 With A Bang: http://www.prisonplanet.com/us-debt-soars-to-16159487013300-35-93-billion-or-how-to-kick-off-fiscal-2013-with-a-bang.html

[7] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

[8] US Closes 2011 With Record $15.22 Trillion In Debt, Officially At 100.3% Debt/GDP, $14 Billion From Breaching Debt Ceiling: http://www.prisonplanet.com/us-closes-2011-with-record-15-22-trillion-in-debt-officially-at-100-3-debtgdp-14-billion-from-breaching-debt-ceiling.html

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