U.S. National Debt Tops Debt Limit

By: Mark Knoller
Topics: Economy

(AP)

Updated 5:45 p.m. ET

The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.

Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.)

Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections.

The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.

The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion.

The Debt figure goes up and down on a daily basis based on government borrowing and revenue. Technically, not all of the National Debt is subject to the Debt Limit - a small percentage is exempt.

White House Defends Citigroup Tax Break
Fed Keeps Rates Low, Strikes Upbeat Note
Al Gore Pens Apocalyptic Climate Change Poem
Schumer "Regrets" Slur of Flight Attendant
Chavez: If Climate Were Bank, U.S. Would Have Saved It
Howard Dean Steps Up Attacks on Health Care Compromise
Poll: Americans Overwhelmingly Oppose GITMO Transfer

(CBS)

Mark Knoller is a CBS News White House correspondent. You can read more of his posts in Hotsheet here. You can also follow him on Twitter here: http://twitter.com/markknoller.

Mark Knoller
Mark Knoller is a CBS News White House correspondent.
Follow on Twitter »

270 Comments Have Your Say
Email Story Send to a Friend
Share This Tell Your Friends
Tweet This Tweet This
More Share It

Add a Comment

See all 270 Comments


by jmwcctx July 31, 2011 1:07 PM EDT: The really ignorant ones here are the lefties who see everything in static terms--there's a finite amount of money to go around to everything and if you spend it somewhere, you have to take it from somewhere else. That's only true in GOVERNMENT SPENDING. Money invested in the private sector CREATES MORE WEALTH. More wealth creates MORE TAX REVENUE. Having not figured it out by now means they're just too blinded by their ideology to believe anything besides the "finite wealth" idea.

As for the article, just LOVE that the MSM can't help itself when it comes to scaring the old folks. If Social Security checks aren't sent out, it's ENTIRELY BY CHOICE OF THE OBAMA ADMINISTRATION! There is enough cash flow to pay our debt and our entitlement obligations and our military and border security. Not a whole lot else, but I won't miss anything I can think of (unless, again, the Obama Administration CHOOSES to cut those payments). EPA out of commission? Good riddance. FTC, Dept of Education defunct? Again-good riddance.

Let's start all over and force every agency and bureaucrat to justify it's existence. Cut the bureaucracy in half (along with it's antiquated paper shuffling) and we should be fine with 6 levels of management instead of 13 or 14. Pass the Fair Tax and get the country back on its feet and don't look back at this abject failure of a presidency.; Reply to this comment


by helenth01 February 10, 2011 4:38 AM EST: This conversation is going no where. It's lacking the place of a good leader to head the things to come out on conclusion.
======================
<a href="http://www.debtmanagementplan.co.uk" rel="dofollow">debt management plan</a>; Reply to this comment


by reykool December 20, 2009 8:29 PM EST: I CAN'T BELIEVE HOW IGNORANT OR MISS INFORMED THE PEOPLE MAKING COMMENTS HERE CAN BE, THANKS TO CBS AND THE REST OF OUR MAINSTREAM NEWS MEDIA;
HERE WHY OUR NATIONAL DEBT IS $12 TRILLIONS WHICH IS 350 TIMES OUR GDP (GROSS DOMESTIC PRODUCT)
OUR FEDERAL RESERVE (A CARTEL OF PRIVATE BANKS) GET TO PRODUCE OUR CURRENCY, THE DOLLAR BILLS
($ 100, $10 OR $1) FOR THE COST OF 4 CENTS AND THEN SELLS THOSE BILLS TO OUR GOVERNMENT FOR FULL FACE AMOUNT ($ 100, 20 !) OR !).AS A LOAN
OUR GOVERNMENT PAYS FOR THESE FEDERAL RESERVE NOTES (OUR DOLLAR BILLS) WITH MORE DEBT :
TREASURY BONDS, NOTES AND TREASURY BILLS. THEREFORE OUR FEDERAL RESERVE IS CREATING MONEY OUT OF THIN AIR AND THEN SELLING THIS MONEY TO OUR GOVERNMENT FOR ITS FACE AMOUNT , THANKS TO THE FEDERAL RESERVE ACT OF 1913. THIS IS THE TRUE SOURCE OF OUR NATIONAL DEBT, AND THIS IS THE REASON OUR DEBT NEVER GOES DOWN, NO MATTER WHO IS ELECTED PRESIDENT.
IF YOU GOOGLE " GRACE COMMISSION REPORT" ...YOU WILL FIND OUT THAT THE REPORT PROVES THAT NONE OF THE PERSONAL INCOME TAX GOES TO PAY FOR ANY GOVERNMENT SERVICES (ROADS, SCHOOLS OR MILITARY) AND IS USED TO PAY ONLY THE INTEREST ON THE NATIONAL DEBT.
BOTH THE FEDERAL INCOME TAX AND FEDERAL RESERVE WERE CREATED IN THE SAME YEAR - 1913, THE INCOME TAX WAS CREATED TO FINANCE THE FEDERAL RESERVE.
THE FEDERAL RESERVE WAS CREATED BY AND FOR THE ROCKEFELLERS, THE ROTHSCHILDS, PAUL WARBURG BROTHER OF MAX WALBURG WHO BECAME IN CHARGE OF THE GERMAN CENTRAL BANK FOR THE NAZIS , AND J P MORGAN. AND SHOULD BE ABOLISHED LIVING THE ISSUANCE OF OUR OWN MONEY BY OUR TREASURE DEPARTMENT AT NO COST OR (FOR 4 CENTS) AND CONTROLLED BY THE CONGRESS LIKE THE CONSTITUTION SAID. EDUCATE YOURSELF GOOGLE : THE FINANCIAL MESS - THE REAL DEAL BY MICHAEL MITROSKY
OR READ : "THE CREATURE FROM JEKYLL ISLAND BY G ED GRIFFIN
YOU WILL NEVER TRUST OUR NEWS MEDIA PROPAGANDA EVER AGAIN AND WILL DEMAND REAL CHANGE NOT "CHANGE" THE OBAMA'S WAY WHICH IS SERVING THE ROCKEFELLERS AND ROTHSCHILDS "NEW WORLD ORDER" INTEREST PROMOTING WORLD GOVERNMENT AND GLOBAL CURRENCY.
STAGED CRISIS IS THEIR AMO : FINANCIAL, MEDICAL, CLIMAT, TERROR, SOON IRAN AND FOOD CRISIS.....ALL THESE "CRISIS" ARE STAGED AND CONTROLLED BY THE SAME "BANKSTERS".
GOOD NIGHT AND GOOD LUCK.; Reply to this comment


by paulh0lbr00k December 19, 2009 1:03 PM EST: Seems like we can not do anything because of complaining about what others are doing and not doing for ourselves. Are we so dependant on others that we are just going to let whats going to happen, happen?
Blame one side or the other does not seem to matter because it is just blame, we need to do something but it seems we like the blame game better than let us get out there and do something about it.; Reply to this comment


by BeckieBest December 19, 2009 11:16 AM EST: If we were spending all this money to rebuild Iraq instead of rebuilding the U.S., Republicans would be praising it.; Reply to this comment


by BeckieBest December 19, 2009 11:15 AM EST: Since when did Republicans have any credibility on fiscal responsibility.

80% of our deficit was run up under just 3 Republican Presidents.

Just 2 years ago they were all saying that deficits are irrelivant.; Reply to this comment


by P0STING_AWAY December 19, 2009 10:20 AM EST: by CBSisCommunist December 19, 2009 1:00 AM EST
TAX and SPEND Baby Tax and SPEND...
Democrats are in charge
===============================================
I agree with this neocon idiot.
Georgy Bush spend but NO tax. Oh wait a minute .... where Georgy
get money for war ?????
Now I get it .... Georgy Bush tax future generations for war.
CBS may/may not be communist (great signon name there, Sparky)
but you DEFINITELY ARE AN IDIOT; Reply to this comment


by bubbadubba December 19, 2009 9:46 AM EST: We would not be in such debt if GW Bush had not gotten us into TWO Vietnams.; Reply to this comment

by P0STING_AWAY December 18, 2009 7:09 PM EST

Perhaps it is time to stop supporting welfare queens like Israel and
start billing them for past welfare payments.

Reply to this comment


by noloyalisti December 18, 2009 7:50 PM EST: And welfare queens Exxon, Chevron, AT&T, Verizon, Wal-Mart, GE, Halliburton, United Defense, Cigna, United Health, and most of the rest of the big corporations.


by newgoldie December 18, 2009 5:58 PM EST: Congress raised the limit eight times since 2001, $5.95 trillion to 12 trillion
HERE IS THE SENATE VOTE http://www.govtrack.us/congress/vote.xpd?vote=h2000-540
INTERESTING NAMES ON THE YES VOTE , seems like the senators that are now so upset
with the run away spending , worried about our children and grandchildren wasn't so worried
back then , it was ok then!
SENATE VOTE GOP VOTE YES: 02-07 gregg, mcconell, hatch, lugar,snow,collins,grassley
02 armey in the house 02-06 bunning, 03-07 shelby 03-06 mccain, graham 06 demint, isakson
DEM VOTE YES 02 dodd, lieberman, biden,schummer, kennedy03-04 breaux 03 miller 06 specter
07 rockefeller,spector,kennedy,levin,reid,feingold,casey,baucus,webb,wyden
GOP VOTE NO 03-07 ensign 06 coburn
DEM VOTE NO 02-06 clinton,reid 03-06 biden, dodd, schumer, 06 obama
Jun. 2002 YES D 36 R. 31 NO D 14 R 15
May 2003 YES D. 2 R. 50 NO D. 43 R. 1
Nov 2004 YES D. 2 R. 50 NO D. 42 R. 1
Mar 2006 YES D 1 R. 50 NO D 44 R 3
Sept 2007 YES D 26 R 26 NO D 21 R 20; Reply to this comment