Uncle Sam’s New Year’s Binge: Borrows $1,088 Per Household in 1 Day
(CNSNews.com) - Uncle Sam—AKA the federal government—went on a New Year’s Eve binge, adding a net of $125,202,709,546.99 to its total debt in just the one day of Dec. 31, 2013, according to the U.S. Treasury.
That equals approximately $1,088.60 for each of the 115,013,000 households the Census Bureau currently estimates there are in the United States.
Overall, in the first quarter of fiscal 2014, which ended on Dec. 31, the total debt of the federal government jumped $613,787,258,252.83
That equals $5,336 for each household in the country.
At the close of business on Dec. 30, 2013, the total debt of the federal government was 17,226,768,075,403.16. By the close of business on the next day—New Year’s Eve—the debt had risen to 17,351,970,784,950.15—a one-day jump of $125,202,709,546.99.
At the close of business on Sept. 30, 2013—the last day of fiscal 2013—the federal debt had been $16,738,183,526,697.32. By the close of business on Dec. 31, 2013—the last day of the first quarter of fiscal 2014—the federal debt had climbed to $17,351,970,784,950.15.
That represented an increase of $613,787,258,252.83 during the quarter--or $5,336 for each of these 115,013,000 households in the country.
In the five-month period from May 17 and October 16, 2013, the Treasury reported that the portion of the federal debt subject to a legal limit set by Congress closed every business day at $16,699,396,000,000, or approximately $25 million below the then-legal limit of $16,699,421,095,673.60.
During this period, Treasury Secretary Jacob Lew informed Congress that the Treasury was using “extraordinary measures” to prevent the debt from exceeding the statutory limit.
On October 16, Congress enacted legislation that suspended the debt limit through Feb. 7.