U.S. National Debt Tops Debt Limit

The U.S. National Debt has reached its ceiling before Congress has had the chance to increase it by $290 Billion.

From CBS News:

The latest calculation of the National Debt as posted by the Treasury Department has – at least numerically – exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

A senior Treasury official told CBS News that the department has some “extraordinary accounting tools” it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Were it not for those “tools,” the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.

You would think a story like this would be a wake up call for the politicians in Washington, but they will sit idly by and waste more of our money because they will get their increase and the spending will continue.

One could actually hope that the tools used would not be enough and the government would have to shut down in order to stop the recklessness of many in Washington.

This should be a wake up call for all Americans to open their eyes and see our government for what it really is:  a complete and absolute waste!

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