With No Limit in Sight, Federal Debt Creeps Ever-Upward. Seriously, There’s No Limit.

Last October, I pointed out that the feds gave themselves an
unlimited credit card and
public debt outstanding jumped $328 billion, from $16.747 trillion
to $17.076 trillion literally overnight. Yowza! That’s a
shopping spree. The suspension of the debt limit was extended
through February 7, 2014.

“On February 8, the limit will be reset to reflect cumulative
borrowing through February 7,” the Congressional Budget Office
helpfully pointed
out. “The amount of outstanding debt subject to limit is now
around $17.1 trillion.”

Well, “now” was November 20 of last year. Outstanding debt is no
longer $17.1 trillion. Now, it’s closer to $17.6 trillion.

And, if you didn’t already know, the debt limit was suspended
again—this time through March 15, 2015.

National debt on July 9, 2014

Well, OK. That not-quite $17.6 trillion is up just a
little from April—and actually down a smidgeon from
earlier this month. It’s also projected by the CBO to continue to grow with
“serious and negative consequences.”