First: September 16, 2011
Last: December 10, 2013
That is insteresting! And, we have some real issues with our debt that must be addressed!
Do we need to hire an accountant for the country? This is from USAA on the US debt.
"Similar to the limit on your credit card, it's the total amount of money the federal government is allowed to owe," says Dan Brouillette, senior vice president of government and industry relations at USAA. The limit was actually reached earlier this year, but Congress suspended the restriction on spending until May 19. A new $16.7 trillion limit, equal to the debt level we've already reached, went into effect on the May 19 deadline. Now that the limit is back in effect and has been hit again, the Treasury is making financial maneuvers to stay current on its bills.
How long can the Treasury do this?
Treasury Secretary Jack Lew said the workarounds will likely last until September. If that's the case, this issue may overlap with the next one: The government's current authority to spend money under a "continuing resolution" will expire Sept. 30.
"If that happens, expect the Washington rhetoric to grow increasingly heated as the stakes — including the prospect of a government shutdown — grow higher," says Brouillette.