The following chart shows the daily increase or decrease in the U.S. national debt, measured in billions of dollars. It's the same information as above but only presents the day-to-day changes in the debt. The previous record increase followed the 2011 debt-limit debate when Treasury dropped $238 BILLION of off-the-books debt onto the public debt. The latest debt-limit impasse lasted longer and Treasury built up significantly more off-the-books debt. As a result, as soon as Congress removed the limit, Treasury officially recognized $328 BILLION in "new" debt.
Even a drunken sailor can predict that our current debt trajectory is "unsustainable." So what do we do about it?
- Congress and the President must craft and PASS an actual budget. The U.S. government has continued to operate without a formal budget for most of President Obama's tenure.
- Congress needs to vote on the fiscal reforms proposed by the Bowles-Simpson debt commission charted by President Obama.
See also ...
Is the U.S. Treasury Hiding Debt (Again)?
The Debt Ceiling and Where Do You Hide $238 BILLION?