It’s worse than we thought.
You may have been sickened by the reports that theUnited Stateswas borrowing money to cover its reckless spending at the rate of about $4 Billion per day. But with some information that came out over the weekend it is very easy to see that the rate has increased dramatically.
At the beginning of August, 2011, after much end-of-the-world talk, Congress agreed to allow the Obama Administration to raise the debt ceiling by as much as $2.4 Trillion. At the time the limit was set to $14.3 Trillion. The idea was that as Congress found new cuts the President could increase the debt ceiling. The initial bill included $900 Billion in spending reductions (over 10 years, which will probably never happen). The administration quickly took advantage of this and over the next few months upped the limit to where it is today – $15.2 Trillion.
But over the weekend the administration stated (fairly quietly) that it needed another raise in the spending limit. They said that the $15.2 Trillion was no longer enough and they now needed $16.4 trillion, announcing that by December 30th they had expected to be within $100 Billion of the limit.
So – here is the simple math:
August 1, 2011 – Debt Ceiling of $14.3 Trillion reached
December 30, 2011 – Within $100 Billion of the $15.2 Trillion limit
That is $800 Billion dollars over a matter of 150 days, which works out to $5.333 Billion ($5,333,333,333) per day that we are borrowing.
When they authorized the limit to climb to $16.4 trillion they did it to keep it from being an election issue. The idea was it would last until 2013. Well, bad news for the Obama administration – at the current rate they will hit the max again before September.