$239 billion spike uses up 60% of funding OK’d on Tuesday
U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.
The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.
That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.
Excerpt from: THE WASHINGTON TIMES
Read more: http://www.washingtontimes.com/news/2011/aug/3/us-eats-most-debt-limit-one-day/
See Also Related Items:
NEWS!!! - Dow falls more than 300; 2011 gains are wiped out