We now know exactly how much Turbo Timmy had to pilfer, er, “borrow” from various things (like government worker retirement accounts) in order to not run out of money while the debt ceiling was frozen, and it’s not a pretty picture.
The magic number is $14,293,975
The magic number there is $14,532,332
That’s $238.357 billion.
Remember, May 16th was the “official” day the debt ceiling was hit. So Turbo has been running roughly $100 billion in the hole a month.
That sounds like about $1.2 trillion, but in fact it’s worse. Why? Because June is a heavy deposit (tax payment) month due to estimated taxes. How big of a deal is this? Pretty big – June saw receipts of $108.372 billion, while July saw just $54.069 billion – about half.
Oh, the debt limit increase deal added $400 billion immediately. After taking care of the theft, er, “borrowing” that had previously occurred there is now just $162 billion remaining.
Anyone care to bet on whether Congress will get its act together before two more months run? At current “burn” rates, and considering that September is also a estimated tax deposit month, that $162 billion should just about get us through September – and that’s all.