Skip to comments.Official Accounting: $10T Withdrawn From U.S. Treasury This Fiscal Year Alone
Posted on 09/06/2012 6:49:22 PM PDT by Nachum
(CNSNews.com) - Although the Congressional Budget Office estimates that the federal government will spend $3.563 trillion in fiscal year 2012 and the White House Office of Management estimates it will be $3.795 trillion, actual withdrawals from the U.S. Treasury have already exceeded $10 trillion.
In fact, as of the close of business Wednesday, withdrawals from the Treasury equaled $10,201,615,000,000 for fiscal 2012, which began on Oct. 1, 2011 and will end on Sept. 30.
According to the Daily Treasury Statement--the official daily accounting sheet for the federal governmentwithdrawals from the Treasury exceeded $10 trillion this year on Aug. 30, when they rose from $9.903 trillion to $10.035 trillion.
(Excerpt) Read more at cnsnews.com ...
Where did the money go?
How did 10T get into the treasury in the first place so someone could take it?
It was all in the budget, right?
Just the other day a GAO report on an partial audit of the fed from a year ago showed that the fed gave some $16 trillion to domestic and foreign banks. I’m guessing a good bit of the money from the treasury went to pay the fed off.
Churn on short term borrowing. Imagine if the government has $500 billion of its debt in 30 day treasury bills. Since those have to be refinanced every month just staying even (not counting interest) would be $6 trillion of money coming in on borrowing and going out on paying mature bills during the year.
Right now we should be doing everything possible to push the $16 trillion debt on to 30 year bonds even if the interest right now is higher. But that would make sense, so it won't be done.
To pay off debt. The government sells treasuries (goes further in debt) to pay off maturing treasuries.
I’ll pay off my IOU to you with some new IOUs.
Into the dumping ground of government pensions and retirements: the phony “market.”
Which is why they can’t wait for HillaryRomney and Extortion Care to commence.
National Socialists enabled by their fascist “banking” and “insurance” backers. Extortionists 2014.
Where did the money go?
It’s been said that someone is buying him a 35 million dollar house in hawaii. But then the ten trillion and the kick backs from the deals like Solyndra and the tarp fiasco adds up to a lot of 35 million dollar houses. There is also rumor of a large compound in Kenya and running for president and then secretary general of the UN.
Wasn’t that part of Clinton’s “surplus”? High interest debt from the 1970s and early 1980s were rolled into lower interest debt in the 1990s. Same debt level but lower interest rate meant lower payments required, making the “deficit” become a surplus. Like refinancing a house and now having more money each month.
That’s a hoot.
CNS is being a bit deceptive in the headline implication, here. It’s “just”turnover in bills/notes/bonds etc, if I am understanding..
Absolutely - depending on short term borrowing is never good since a disruption in world markets could suddenly make selling short term obligations difficult if the US Treasury is ever perceived as anything but the safest place to park money.