The U.S. Treasury needed to pay off a record of approximately $7,546,726,000,000 in maturing Treasury securities in fiscal 2013, which ended last Monday, according to Treasury’s official accounting.
During the same period, the Treasury turned around and issued another $8,323,949,000,000 in new Treasury securities.
The spread between the old debt held by the public that matured and was paid off during the fiscal year and the new debt that was sold to cover government spending over and above tax revenues, increased the net federal government debt held by the public by $777.223 billion during the fiscal year.
Obama said that this is Bush's fault; and people still believe him. My mother said, "Chickens come home to roost". Could this happen to the Democrats?
Based on news reports I see they went out of their way to save us money by cutting the Secret Service training budget. And hey, despite a few close calls, the President is still alive! The Secret Service passing on the savings to us all.
Who did they pay? The federal reserve? Or did they borrow it from china, goldman sachs, and international banks? To my knowledge the treasurys were bought by the federal reserve with printed and elecronic money supply created out of thin air! We the taxpayers owe the federal reserve all the money that will be printed and has been printed since the inception of the USA! We were doing a pretty good job until about 40 years ago. We taxpayers owed for the marshall plan, the rebuilding of the european and japanese countries of WW2. Some paid their way, others didn't, I refer to all the middle east hitler loving, baby killing, ally killing, jew killing azzholes who didn't chip in one dime. They still recieve a free ride from the world. We build their oil empire with corporate funds, they nationalize it! Stick it to us, and we have to protect their azzes! They can't fight other, mussies are forbidden to kill each other in war! So the sheiks and rulers hire america to protect them! Except they just raise the price of oil, threaten our stupid,crooked gov't with more increases if they don't fight for them, the taxpayers are still on the hook, many of them maimed or dead!.
The Federal government is having trouble selling T Bills and government bonds due to the low interest rates. China certainly does not want to buy more. They want to get off the dollar for international trade and Russia and China are now using the China currency not the dollar. I agree the Federal reserve Bank will buy T Bills as if they are real wealth and not an IOU with fiat money they print out of thin air. This quantitative easement will inflate the dollars value and eventually the dollar will go through hyperinflation so the government does not default and declare bankruptcy. I think everyone knows bankruptcy is so destructive of the US economy and the world economy hyperinflation is the future of the dollar. There is no way the Federal government can tax us all enough to pay off the $17 plus trillion national debt nor pay off the $55 Trillion unfunded entitlement programs the government has created. Expect melt down unless the government does like Canada did and just phases out big government spending without raising taxes that would stall the economy into a permanent Depression and just make the debt harder to pay off.