Treasury Department Manipulates Debt

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.

That, according to the Treasury's statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000.

$18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.

The Daily Treasury Statement for March 13 was the first to show the federal debt subject to the limit closing the day at $18,112,975,000,000. Every Daily Treasury Statement since then has reported the same thing: the debt closing the day at $18,112,975,000,000.

Every Daily Treasury Statement since Monday, March 16, has reported the debt beginning and ending each day at $18,112,975,000,000.

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.

“In addition,” said CRS, “this gives Treasury the authority to prematurely redeem securities held by the Civil Service Retirement and Disability Trust Fund and Postal Service Retiree Health Benefit Fund.”

"The total federal debt consists of debt held by the public and intragovernmental debt," the CRS said in a report published in 2011. "Debt owed to the public represents borrowing from entities other than the federal government, and includes borrowing from state and local governments, the Federal Reserve System, and foreign central banks, as well as private investors in the United States.

"Intragovernmental debt," said CRS, "consists in debt owed by one part of the federal government to another, which are mostly held in trust funds."

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.

Source:

http://cnsnews.com/news/article/terence-p-jeffrey/90-days-treasury-says-debt-has-been-frozen-18112975000000