Debt Is Bigger than It Appears
“A closer look at the nation’s balance sheet shows that the United States already is billions of dollars over the current debt limit — a debt that includes bonds that date back to the administration of George Washington. The federal debt ceiling is $14.294 trillion, set to be reached by Aug. 2 if Congress and the president don’t reach a deal to extend it. As of the most recent accounting, however, the United States has $14.343 trillion in debt — $48.9 billion more than the debt limit. That’s because Congress, over the years, has exempted certain kinds of debt from the ceiling.” (USA Today )
How shocking!
FEE Timely Classic
“Our Presidents and the National Debt” by Burton W. Folsom Jr.
Comment by Warren Gibson on 22 July 2011:
Come on folks, is 14.295 significantly different from 14.343? What about off-budge liabilities such as the enormous obligations of Fannie and Freddie that have been guaranteed. Then of course there are the unfunded liabilities of the entitlement programs which stretch into the indefinite future and can therefore only be guessed at, but are clearly elephantine.
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