The Bad News About America’s Debt Limit
The Daily Treasury Statement for March 13, 2015 was the first to show the federal debt closing the day at $18,112,975,000,000.
Listen carefully. Every Daily Treasury Statement since then has reported the same thing: the debt closing the day at $18,112,975,000,000. That is about $25 million below the current legal debt limit set by Congress. In other words, the United States has “frozen” its legal debt limit.
On March 13, 2015, Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders informing them that he was planning to declare a “debt issuance suspension period.”
A “debt issuance suspension period,” Lew said in his letter, was necessary because in 2014 Congress enacted legislation that “suspended” the debt limit until March 15, 2015 and then reinstated it on that date at whatever level the debt had reached by then.” It is gamesmanship of the worst kind.
The U.S. government is on track to reach 20 trillion dollars in debt by the year 2020. But unfortunately for all of us, it will mean it cannot be repaid. It will just hang over the heads of our children and grandchildren for generations to come.
Did you know that 77 percent of middle-income American families are living paycheck to paycheck? This is not good news either.
If you have found yourself in a situation where you are overwhelmed with unsecured debt, there is help. Christian Credit Counselors is built for people, not for profit. Crown wants to help families out of a debt trap.