U.S. Debt Jumped $72 Billion Same Day U.S. House Voted to Cut Spending $6 Billion

CNS News (Link) - Terence P. Jeffrey (March 16, 2011)

The national debt jumped by $72 billion on Tuesday even as the Republican-led U.S. House of Representatives passed a continuing resolution to fund the government for just three weeks that will cut $6 billion from government spending.

If Congress were to cut $6 billion every three weeks for the next 36 weeks, it would manage to save between now and late November as much money as the Treasury added to the nation�s net debt during just the business hours of Tuesday, March 15.

At the close of business on Monday, according to the Treasury Department�s Bureau of the Public Debt [2], the total national debt stood at $14.166 trillion ($14,166,030,787,779.80). At the close of business Tuesday, the debt stood at $14.237 trillion ($14,237,952,276,898.69), an increase of $71.9 billion ($71,921,489,118.89).

Since the beginning of fiscal year 2011--which began on Oct. 1, 2010--the national debt has climbed from $13.5616 trillion ($13,561,623,030,891.79) to $14.2379 trillion ($14,237,952,276,898.69) an increase of $676.3 billion ($676,329,246,006.90).

Congress would need to cut spending by $6 billion every three weeks for approximately the next six and a half years (338 weeks) just to equal the $676.3 billion the debt has increased thus far this fiscal year. �

Links:
[1] http://cnsnews.com/image/58287

[2] http://www.treasurydirect.gov/NP/BPDLogin?application=np

[3] http://cnsnews.disqus.com/?url=http%3A%2F%2Fcnsnews.com%2Fnode%2F82802