Budget Blues: Ever deeper into the depths of fiscal folly

Today, the Washington Times reports that. . .

U.S. eats up most of debt limit in one day

U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.

The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.

That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.

That didn’t take long.

If we put that information into our new, improved – and corrected – debt calculator, we get the following:


So, it appears as though we’re on target for our fiscal year-end debt total of $14.540T. Oops! The most recently reported debt total is $14.532T, so we’re nearly there already. And, we still have another two months to go until the end of the fiscal year. And, since our esteemed legislators raised the debt limit by only $400B before booking out of town, they’ll have more budget busting work to do when they get back from their well-earned summer respite. Right? You would think they could have cut themselves a bit more slack.

Given this new information, it’s fairly certain that the deficit for fy2011 will come in at something greater than the originally forecast $1.645T. Oh, well. . .

Wonder what’s next?

The whole nine yards:

2012 Budget Outlays with subtotals & off-budget listed separately

2012 Budget Receipts with subtotals & off-budget listed separately


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