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Fauxsterity Measures: US Sees Largest One-Day Debt Bump in History

By Doug Powers  •  August 4, 2011 12:25 PM

**Written by Doug Powers

The age of austerity is upon us, except the pitch for this particular brand of “fiscal responsibility” comes across more more like an ad for a sale at a furniture store: “The more you spend the more you save!”

Washington Times:

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.
The previous one-day record debt increase was $186 billion, set on June 30, 2009.

Nancy Pelosi, while munching on some satan fries recently, said the government would burn through the extra $2.4 trillion in new allowable debt within 18 months, but if this pace continued we’d crash into the ceiling again in… oh, a couple of weeks or less. Helmets back on, everyone!

More good news… US borrowing is now over 100% of GDP:

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.

And remember — we’re not even halfway there yet.

**Written by Doug Powers

Twitter @ThePowersThatBe

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Categories: Barack Obama, Donald Trump, Media, Media Bias