Debt Ceiling Nearly Reached

May 12, 2011 6:18pm

ABC’s Dan Arnall (@abcmoneyguy) reports:

The current U.S. national debt is 14.271 trillion as of the end of the day, according to Treasury’s daily statement.

That’ just $23.357 billion – 0.16% – from the nation’s debt ceiling of $14.294 trillion.

To put that in perspective, it’s like having $16 in available credit left on a credit card with a $10,000 credit line.

Today’s number is a bit better than yesterday’s as the government reduced the amount of debt it owes itself – probably paying back a bit of its borrowing from the Social Security Trust Fund (~$9.5 billion), thus reducing the “intragovernmental holdings”.

Read more from the Treasury Department.

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