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By Catholic Online (NEWS CONSORTIUM)

7/30/2013 (1 year ago)

Catholic Online (www.catholic.org)

Officially, government is holding at $25 million below spending limit. For 70 days.

The Obama administration has a magic bank account. That, or someone's lying. According to the Daily Treasury Statement, dated July 26, 2013, the U.S. remains below budget, where it has now been for over 70 days.

Jack Lew is engaged in the 'standard set of extraordinary measures' to keep the economy running for Obama.

Jack Lew is engaged in the 'standard set of extraordinary measures' to keep the economy running for Obama.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/30/2013 (1 year ago)

Published in Business & Economics

Keywords: Jack Lew, deficit, treasury, spending


LOS ANGELES, CA (Catholic Online) - According to the law, The Federal Government may legally expend up to 16 trillion in funds. As of May 17, it effectively reached this limit, but held at just $25 million below.

For the past 70 days, this limit has not been exceeded.

It's not that the government has stopped spending money however, or that revenues suddenly outpace expenditures. Instead, it's that someone is lying.

The Treasury Department is still selling more bills than it is redeeming, which means it is creating debt faster than debt is being paid. We have already then, reached our debt ceiling and surpassed it.

A telling memo, dated May 17, Treasury Secretary Jack Lew sent a note to House Speaker, John Boehner, saying that he would implement "the standard set of extraordinary measures" that would keep the government operating even after surpassing the debt limit.

What we are witnessing is standard fare for the Obama administration. Unable to achieve its goals through normal means, the administration seeks out loopholes and exceptions, relying on deceit and political sleight of hand to carry out its agenda.

For most people, cooking the books is a crime. For Obama, it's day 71 of pulling the wool over our eyes as he spends the wealth of a generation that isn't even born yet.

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