There is a reason the President has confidently declared that “raising the debt ceiling … Does not increase our debt.” Because using Obama math, it’s true!
An update to this story…
Via CNS News:
At 4:00 p.m. on Wednesday, the U.S. Treasury released its daily statement revealing how the accounts of the federal government stood as of the close of business on Tuesday, Sept. 17.
According to this official accounting, the federal government’s debt that is subject to a legal limit set by Congress stood at exactly $16,699,396,000,000 at that hour yesterday.
That marked the fourth straight month that the U.S. government’s debt has ended up at exactly $16,699,396,000,000 at the close of each business day.
Coincidentally, $16,699,396,000,000 is about $25 million below the legal limit on the debt—which is currently set by law at $16,699,421,095,673.60.
In July alone, the federal government ran a deficit of $98 billion, yet the national debt calculation did not change.
If even the slightest fraction of the $98 billion deficit for July were taken into account, the government would have exceeded the current debt limit – a violation of the law passed by Congress and signed by President Obama.
The President has a history of signing laws and then almost immediately violating them.