Tuesday, May 17, 2011
Gov't now $50 bln over debt limit and rising, proving debt limit is meaningless
As of today's Treasury Statement (May 16 statement date) here is the breakdown on the total debt limit and total debt outstanding.
As you can see, the total public debt outstanding is $14.345 trillion. That's approximately $52 bln over the limit.
This shows the debt ceiling is meaningless. It also shows that the government can keep on spending and issuing debt and if it does, the Republicans lose all the leverage that they think they have on spending cuts and debt reduction.
The question is, does Obama and Geithner know this?