In its monthly statement for December, released Friday, the U.S. Treasury says the federal government balanced its budget during the month, bringing in roughly $270 billion in revenues while making roughly $270 billion in expenditures.
Yet, the Treasury also says that during December it increased by $63.079 billion the national debt subject to the legal limit set by Congress, thus dramatically bringing the debt to that legal limit on Dec. 31, just as Congress and the White House were involved in final negotiations on a deal to avert the so-called “fiscal cliff”--which would have cancelled all of the lower income tax rates signed into law by President George W. Bush.
As the fiscal cliff negotiations were underway on Dec. 31, the Treasury, according to the Daily Treasury Statement for that day, borrowed an additional $95.953 billion against the statutory limit, thus increasing the debt from $16,298,022 at the start of business that morning to $16,393,975 at the close of business that day.
The Treasury did not spend all of that newly borrowed money that day, however--even as it was balancing the budget for the month.
Instead, Treasury stashed an additional $33.954 billion into its cash reserve. Thus, it increased its total cash holdings that day to a total of $92.720 billion.
In other words, the Treasury not only balanced the budget in December, it closed the month with an extra $92.720 billion in cash in its account.Strong armed into cutting a deal with the devil and his minions, the once great GOP was duped again.
After Geithner declared that the debt limit had been reached on Dec. 31, Republican leaders in Congress agreed to a "fiscal cliff" deal that increased taxes. It passed the Senate in the wee hours of Jan. 1 and passed the House later that day. President Obama signed it into law on Jan. 2, 2013.Is it any wonder this Administration wants a unarmed society?
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