“A closer look at the nation’s balance sheet shows that the United States already is billions of dollars over the current debt limit — a debt that includes bonds that date back to the administration of George Washington. The federal debt ceiling is $14.294 trillion, set to be reached by Aug. 2 if Congress and the president don’t reach a deal to extend it. As of the most recent accounting, however, the United States has $14.343 trillion in debt — $48.9 billion more than the debt limit. That’s because Congress, over the years, has exempted certain kinds of debt from the ceiling.” (USA Today )
How shocking!
FEE Timely Classic
“Our Presidents and the National Debt” by Burton W. Folsom Jr.