All Commentary
Friday, July 22, 2011

Debt Is Bigger than It Appears

“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.