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.
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