So much for the false claim that Obama isn't a big spender. USAToday posted this story that admits the deficit and the debt was much higher than reported due to accounting tricks by the Obama Administration:
Gregory Korte, USA TODAY 7:13 a.m. EST November 5, 2015
(Photo: Pool)
WASHINGTON — The U.S. national debt shot up $339.1 billion Tuesday — the largest daily increase in the national debt in history, according to Treasury Department data.
The increase is largely a matter of accounting, in that the Treasury Department had been using "extraordinary measures" to artificially hold the total U.S. debt under the debt limit imposed by Congress. So on paper, the national debt had been frozen at $18.1 trillion since March, as the Treasury instead deferred payments to pension funds and borrowed from reserve accounts in order to keep the government running.
But once President Obama signed a suspension of the debt limit into law on Monday, the Treasury Department was able to borrow new money for spending Congress had already authorized — averting a potential debt crisis as its accounting measures began to run out.
National debt sees one-day record increase after debt limit suspended
(Photo: Pool)
WASHINGTON — The U.S. national debt shot up $339.1 billion Tuesday — the largest daily increase in the national debt in history, according to Treasury Department data.
The increase is largely a matter of accounting, in that the Treasury Department had been using "extraordinary measures" to artificially hold the total U.S. debt under the debt limit imposed by Congress. So on paper, the national debt had been frozen at $18.1 trillion since March, as the Treasury instead deferred payments to pension funds and borrowed from reserve accounts in order to keep the government running.
But once President Obama signed a suspension of the debt limit into law on Monday, the Treasury Department was able to borrow new money for spending Congress had already authorized — averting a potential debt crisis as its accounting measures began to run out.
National debt sees one-day record increase after debt limit suspended
