Home / Debt / Accounting Miracle: August Deficit Up $146 B. National Debt Up Zero.
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Accounting Miracle: August Deficit Up $146 B. National Debt Up Zero.

Posted on September 10, 2013

It’s all fake. Congress knows it’s fake. The media know it’s fake. It is now a source of great amusement. It’s called “putting the shuck on the rubes.” The voters don’t care or understand.

As for the law: Who cares?

The federal deficit increased by $146 billion in August, according to a report released today by the Congressional Budget Office. But, at the same time, according to the U.S. Treasury, the federal debt did not increase at all during the month.

Total federal receipts were $185 billion during August, according to the CBO, while total federal outlays were $331 billion. Thus, the Treasury was forced to engage in $146 billion in deficit spending.

Despite this deficit spending, the Treasury reported that at the close of every single business day in August, the federal debt subject to a legal limit by Congress remained exactly $16,699,396,000,000.

That is approximately just $25 million below the legal limit on the debt that is $16,699,421,095,673.60

If the federal debt had climbed by the same $146 billion that the deficit climbed in August, it would have exceeded the legal limit by almost $146 billion.

In fact, according to the Daily Treasury Statements that the Treasury publishes at 4:00 p.m. on each business day, the debt subject to the legal limit has remained at exactly $16,699,396,000,000–or about $25 million below the legal limit–every day since May 17.

With the release of the Daily Treasury Statement for Sept. 6 (which occurred at 4:00 p.m on Sept. 9), that makes 112 days that, according to the U.S. Treasury, the debt has been stuck at $16,699,396,000,000.

The CBO reported today said that in addition to a $146 billion deficit in August, the Treasury also ran a $98 billion deficit in July, and that in the first eleven months of fiscal 2013 (October through August) the federal government has run a cumulative $753 billion deficit.

Back on May 17–when the Treasury said the debt first hit $16,699,396,000,000–Treasury Secretary Jack Lew sent House Speaker John Boehner a letter indicating that the Treasury would begin using “extraordinary measures” to allow the government to continue borrowing money without exceeding the legal limit of $16,699,421,095,673.60.

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8 thoughts on “Accounting Miracle: August Deficit Up $146 B. National Debt Up Zero.

  1. Impeach them all.

  2. Warren Rudman and Paul Tsongas must be spinning in their graves, as Phil Gramm pukes.

  3. It never ceases to amaze me how uneducated the American public is with regard to economics. I have said many times that college level economics 101 should be a high school course. I know most would snooze through it but maybe some would stick. See my blog at http://cranky-conservative.blogspot.com

  4. So they say it is, so it is! Lies are still lies!
    Pay them with the money saved say I

  5. Shouldn't postponing increases in debt be incurred similarly as a liability? When reading that 7 page letter to Boehner, it seems the only thing stopping them from doing it indefinitely is to preserve their image. It is bogus no matter how long they do it for.

  6. 1baronrichsnot1 says:

    Yep we are closing in on 18 trillion, that's on the books, off the books and promises, a whopping 122 trillion. We have been fundamentally changed, by the gov'ts fundamentally changed america, you stick your head in the sand, and spend like crazy!
    The only thing that has changed is that washington should flush 3 times, its a long way out here to the people that have to support this bunch of derelicts of economics! See how crooked the liars are, see it!

  7. Congress MUST CALL IN AN INDEPENDENT CPA FIRM TO DO AN OVERVIEW AUDIT The Government Accounting Office and Government Accounting Standards Board are corrupt to the core. When they write them up, press individual charges in civil court – then turn it on Holder for his involvement in the greatest theft in world history.

    They moved a mountain in Colorado. Time to drain the swamp in DC!

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