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Tuesday, January 31, 2006

FSU Editorial: "U.S. in Technical Default" by Dr. Chris Martenson 01/27/2006

In a shocking development, the Treasury Department website is openly stating that as of January 24, 2006 our national debt stood at $8,185.3 billion and on January 26th at $8,190.5 billion.
 
 
Yet the US national debt ?ceiling?, the maximum amount of debt the US government may hold at any one time, stands at $8,184 billion ? a full $5.5 billion less. Although called upon by John Snow, Congress has not yet passed an expansion of the debt ceiling and so the US government is now operating in technical default.
 
You may recall that when last the debt ceiling was approached in the months surrounding the 2004 elections, the Treasury department furiously employed every accounting trick in the book (and then some) to avoid breaching the limit. They even went so far as to take the unprecedented step of borrowing $14 billion from the Federal Financing Bank to cover up the shortfall.
 
But they never breached the ceiling.
 
On January 24th they breached it brazenly and openly and with nary an accompanying explanation. Neither have any lawmakers have broached this indelicate subject.
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