$18,492,091,120,833.99 is the new official U.S. national debt number (cash basis).
And Congress, in the process, has now suspended the debt ceiling until March 2017. So there is, for the next year and a half, no official debt ‘ceiling’ to constrict our budgetary imaginations.
And, over the course of time, by the way, this will not end well.
ZeroHedge 11/3/2015 – Excerpts:
On March 16 of 2015, the US Treasury officially hit what was then the US statutory debt limit of $18.113 trillion. At that moment the Treasury started using “emergency” measures to fund itself while the total reported debt remained unchanged and just dollars below the technical debt limit. This prompted much confusion among the punditry, leading to questions how is it that for many months the US has not updated its official debt number.
The reason is that until last Friday, the US had no official debt deal and as a result was unable to show legally the official current debt holdings.
As of Friday, this peculiar situation has been resolved following the latest deal by both parties to suspend the debt ceiling until March 2017 which also means that we finally got an updated total public debt number.
And so, after 162 work days without an update, the latest US debt number is $18,492,091,120,833.99 (yes, and 99 cents), an increase of $339.1 billion since the latest official pre-debt ceiling update. This is also 102.5% of GDP.
Now, for the rest of the story…
On a GAAP basis, the real debt, or what is known as the Net Present Value of Unfunded Liabilities, sits up at a sky-high $127 trillion.
That is…. $127 trillion – according to a Forbes report – January 2014. And that is officially ‘beyond containment’ by any conventional measure.
America needs to ‘think outside the box.
It needs to start with massive debt reduction at the family level and powerful economic growth.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan 2015 – $70,000 per U.S. citizen The Leviticus 25 Plan 2015 (1183)