What are the numbers? How much debt do we have? As of May 19, the debt ceiling was 16.7 trillion dollars. The amount that the United States will have borrowed just in the year 2013 is 4 trillion dollars. The federal government is spending 60 billion dollars this year.
The Treasury Secretary days Oct 17 will be the date in which the United States will be unable to pay its expenses, if the debt ceiling is not raised. Its cash on had on that date will be 30 billion dollars. You can't pay your bills with 30 billion dollars?
How many times has Congress raised the debt ceiling since 1960? 78 times.
Information found at the United States Department of the Treasury and David Thompson of The Atlantic.
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