Barack Obama, Jacob Lew
Between Oct. 1, 2013, the first day of fiscal 2014, and Nov. 14—which was less than a month after Congress agreed to temporarily suspend the legal limit on the federal debt—the Treasury was forced to issue more than $1 trillion in new debt.
During that time, according to the Daily Treasury Statement, the Treasury issued $1,014,215,000,000 in new bills, notes, bonds and other securities.
The government needed this $1,014,215,000,000 to cover government obligations and expenses that exceeded the $255,080,000,000 it raked in through tax revenues during the same six-week period.
Where did that combined $1,014,215,000,000 in newly borrowed money and $255,080,000,000 in new tax revenues go?
The lion’s share went to payoff maturing securities the Treasury had sold before and had now come due.
