God be praised! The U.S. government is no longer issuing debt!
Okay, not exactly. It seems Congress is behind on their usual vote to raise the debt limit. They always raise it – even those fiscally “conservative” Republicans. The GOP used to make a fuss before the caved. Now, they just cave.
Ahead of the vote the Treasury has decided to suspend debt issuance (read “reporting”) for a record 5 months. They’re still spending, just not reporting how much. It doesn’t really matter. No one cares and the reported amount isn’t accurate anyway. It’s not $18 Trillion (like that’s not bad enough) but much more like $200 Trillion (factoring in SSI, Medicare and other items the government is legally obligated to pay but can’t afford).
On July 30, Treasury Secretary Jacob Lew sent a letter to the leaders of Congress informing them that he was extending a “debt issuance suspension period” through October 30.
In practice, that means that unless Congress enacts new legislation to increase the limit on the federal debt before then, the Treasury will continue for at least the next eleven weeks to issue Daily Treasury Statements that show the federal debt subject to the limit beginning and ending each day frozen just below that limit.
The Daily Treasury Statement for March 13 was the first to show the 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 also reported the debt beginning and ending each day at $18,112,975,000,000.
They’ve spent us into oblivion and they’ll keep going until the chickens come home to roost (any day now). Then they’ll say it’s your responsibility to deal with the impossible burden. By that time the amount owed will be so ridiculous they might as well not tell us what it is.
But, please, keep on voting for all this insanity.