Saturday, November 2, 2013
Will U.S. Public Debt Reach $22 Trillion by Feb. 2014?
Just imagine an undisciplined out-of-control spender whose credit limit has just been extended. In other words, they can continue overspending without any accountability. That "they" is the U.S. government.
It's been almost a week since Congress reached a temporary deal to suspend the U.S. government's debt ceiling and the Treasury department has already wasted no time by adding another $375 billion in new debt.
Suspension of a cap on U.S. debt, which was previously fixed at $16.69 trillion, means the Treasury department, headed by Jack Lew, can effectively spend whatever amount of money it needs or wants.
How much debt can the U.S. government rack up by the next debt ceiling deadline on Feb. 7, 2014? At the current spending pace of $375 billion per week, U.S. public debt would reach $22.70 trillion.