What’s the real Debt Limit, Today?
Now that’s a not funny question. But there’s some “funny business” to that answer.
If you go ask Mick Mulvaney, at Office of Management and Budget, you’ll find Historical Tables. Click Table 7.3 Beautiful, informative, easy-to-read. But there’s something wrong, there. Final Figure $19, 808.8 billion ($19.8 trillion). This link will download Excel Spreadsheet from OMB.
But then there’s the law-of-the-land, the real deal: The United States Code. Uh-oh, somethings wrong. The dollar amount listed there: $14,294 billion; but that ain’t right. Except that there are those nice, legalese words that follow that amount that make it all right. Guess when this funny business began? August 2, 2011. Who did it? John Boehner and Harry Reid, along with the rest of Congress. Here’s the link-to-the-law.
So which limit are they going to raise? We don’t know. It depends on whether any media outlets will report this story.
See, Congress did one, dirty debt deal that became law, back in August of 2011. It “capped” federal spending with something called “the Sequester.” It also raised the Debt Limit in three steps; $400 billion; a month later $500 billion; four months later $1.2 trillion. The largest-ever raise in the U.S. Debt limit. But that $2.1 trillion (total) increase NEVER MADE IT INTO THE U.S. Code. By design, and done oh-so-clever, by Boehner & Reid. Since then: four votes in Congress raising the #FakeDebtCeiling. How can I write that so clearly (and cruelly)? Because in four Debt votes since then — February 2013, October 2013, February 2014 and October 2015 — these clever Washington wizards did this: they passed a bill that officially “suspended” the ceiling as the law became effective; suspended it for some length of time — 15 weeks; 16 weeks; 56 weeks, and the last one: 71 weeks. At the end of those 4 “suspensions” the secretary of the Treasury was to say that the new Debt limit was the level of Debt on the day that the suspension ended. What were the amount of those increases? $305 billion; $512 billion; $901 billion and $1,696 billion. When you add that to the $2.1 trillion you come up with $5.515 trillion “missing” from the number in the U.S. Code.
How did they get away with this? NO MEDIA COVERAGE.
More to come. With a surprise how Mike Pence fits into all this.