150 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000
(CNSNews.com) - The portion of the federal debt that is subject to a legal limit set by Congress closed Monday, August 10, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Tuesday.
That, according to the Treasury's statements, makes 150 straight days the debt subject to the limit has been frozen at $18,112,975,000,000.
$18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.
On July 30, Treasury Secretary Jacob Lew sent a letter to the leaders of Congress informing them that he was extending a “debt issuance suspension period” through October 30.
In practice, that means that unless Congress enacts new legislation to increase the limit on the federal debt before then, the Treasury will continue for at least the next eleven weeks to issue Daily Treasury Statements that show the federal debt subject to the limit beginning and ending each day frozen just below that limit.
...In his March 13 letter, Lew explained some steps the Treasury would take during the debt issuance suspension period.
“Because Congress has not yet acted to raise the debt limit,” Lew said in that letter, “the Treasury Department will have to employ further extraordinary measures to continue to finance the government on a temporary basis.
Therefore, beginning on March 16, I plan to declare a ‘debt issuance suspension period’ with respect to investment of the Civil Service Retirement and Disability Fund and also suspend the daily reinvestment of Treasury securities held by the Government Securities Investment Fund and the Federal Employees’ Retirement System Thrift Savings Plan.”...
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