Like the addicts they are, the federal government didn’t waste any time getting another fix of deficit spending.
U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.
The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.
That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.
The new debt total equates to about $46,700 for every man, woman and child in this nation – or $130,000 for every taxpayer. Strapping a debt burden to families the equivalent of a home mortgage was apparently reason for Pres. Obama to celebrate with his fellow ruling class members.
The fight was so bruising that President Obama on Wednesday took his debt team out to celebrate by buying them hamburgers at Good Stuff Eatery, a well-known burger joint on Capitol Hill. The White House said it was a reward for their “nonstop” work over the past few months.
Eat up, fellas. It sure is hard work fighting to spend a boatload of other people’s money in order to further entrench dependency on your programs and thus shore up your power base. Never mind the crushing burden on your subjects that will be borne in higher taxes, slower job growth and lower living standards. You enjoy your burgers and “let them eat cake.”
And of course, let’s not forget Obama’s Wall Street cronies who get a nice piece of the action when the federal government issues new debt.