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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:

[3]

And Yesterday [2]:

[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

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