The US national debt has now officially topped $17 trillion after jumping a record $328 billion yesterday.
U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.
The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.
The $328 billion increase shattered the previous high of $238 billion set two years ago.
The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling. Under the law, that replenishing happens as soon as there is new debt space. (Read More)
Oh well, nothing to see here. Just move along, and listen to Obama talk about how he’s cut the deficit in half. He never mentions that he increased it to $1.3 trillion per year before he cut it to a level that’s still unprecedented. And Nancy Pelosi is ticked that the spending bill they just passed doesn’t spend enough.