It's magic! The Obama administration has found a way to stabilize America's debt!
(CNSNews.com) - The Treasury Department's Financial Management Service (FMS), which publishes both the federal government's official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government's debt remained exactly $16,699,396,000,000 for the entire month.It's a miracle! SHAZAAM!
The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statment for July, which it released on Monday.
At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.
t the static $16,699,396,000,000 level that the Treasury reported for every day of July, the debt was just $25 million below the legal limit of $16,699,421,000,000 that was set in a law passed by Congress and signed by President Barack Obama.
Generally Accepted Accounting Principles (GAAP)have been abandoned in favor of magic.
On May 17, the first day the Treasury reported that the debt had hit exactly $16,699,396,000,000--and was thus just $25 million below the legal limit--Treasury Secretary Lew sent a letter to House Speaker John Boehner saying he was beginning to implement what he called "the standard set of extraordinary measures" to prevent the Treasury from exceeding the legal limit on the federal debt.Or has Moochelle finally learned how to shake her money maker?
Since Lew sent that letter--announcing that he would use "extraordinary measures"--the debt has remained stuck at exactly $16,699,396,000,000 for 87 straight days.From now on, Muslims will also be magically integrated into our American culture, healthcare magicians will replace doctors and nurses and our military will be issued Wands of Mass Destruction.
That includes all 31 days in July when Lew's Treasury says it was running a $98 billion deficit.
Harry Potter for President...