The total outstanding debt of the USA was $16.369 trillion as of 11/30/12 up from $15.223 trillion as of 12/31/11. The $3.422 billion figure above is the average daily increase in the debt (spending in excess of income) this year. The Treasury Department in their monthly report listed a balance of $63,104 billion left on the Statutory Debt Limit, which based on our calculations will be eclipsed on the 19th of this month.
The Treasury can use so-called extraordinary measures to extend the deadline until at least mid-February, according to the Congressional Budget Office. If this was a publicly owned company these kinds of gimmicks would probably cause the CEO to end up in jail.
Regardless of party we would encourage you to sign the citizen’s petition to Fix the Debt at the following site: www.fixthedebt.org. This site is sponsored by the Bowles-Simpson Deficit Commission that was a bipartison plan recommended on 12/1/2010. Yes, you are reading that right…. a solution was pitched 2 years ago!!!!
We would also strongly encourage you to read and educate yourself on their recommendations by opening the following 65 page report on their solution: The Fiscal Commission
“The problem is real. The solution will be painful. There is no easy way out. Everything must be on the table. And Washington must lead.”— The Moment of Truth, final report of the National Commission on Fiscal Responsibility and Reform.