Who can you believe: the federal government or, your lying eyes? The federal debt has been stuck at the same amount since March. The Treasury would have us believe the United States has incurred no debt for the past 3 months. CNSNews.com reported the following:
(CNSNews.com) - The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Friday.
And how is the Treasury maintaining this mystical magical number?
“Under current law, if the Secretary of the Treasury determines that the issuance of obligations of the United States may not be made without exceeding the debt limit, a ‘debt issuance suspension period’ may be determined,” the Congressional Research Service said in a report published on March 27. “This determination gives the Treasury the authority to suspend investments in the Civil Service Retirement and Disability Trust Fund, Postal Service Retiree Health Benefit Fund, and the Government Securities Investment Fund (G-Fund) of the Federal Thrift Savings Plan.
So, basically we have one big IOU to civil service employees and retirees? Is that how I’m supposed to read this? That sounds a lot like California.