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Congress Raises Debt Ceiling By $290 Billion On December 27, Blows Through It On December 31

Congress Raises Debt Ceiling By $290 Billion On December 27, Blows Through It On December 31

You just can’t make this stuff up.   DAILY TREASURY STATEMENT

On December 27th, Congress agreed to raise the debt ceiling by (a mere) $290 Billion in order to fund those, you know, pesky unfunded liabilities like Social Security and keep from officially going over the debt limit. 

Note that Treasury immediately “issued” $316B worth of those IOUs that day, and “redeemed” $234B.  Of course, this is entirely on paper.

The “debt held by the public”, representing actual T’reasuries sold increased about $90B net.

Total Public debt now stands at $12.311 Trillion.  The official ‘ceiling’ stands at $12.254 Trillion.   Woops.

It’s also worth noting that they made a $15 Billion transfer to the Fannie and Freddie that day as well….but of course, there’s no longer any cap on the taxpayer liability for Fannie and Freddie.

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