National Debt: $14,580,705,000,000… and counting

Aug 3, 2011 5:47pm

ABC News' Dan Arnall (@abcmoneyguy) reports:

The results of the debt limit increase became apparent this afternoon as the official Treasury Daily Statement finally ticked up above the $14.294 trillion limit that was the focus of so much debate during the past several months.

The nation’s official debt total was updated to reflect the “borrowing” we did during the May to August period from Federal worker retirement savings.

The new official national debt figure stands at $14,580,705,000,000 (14-trillion, 580-billion, 705-million dollars) as of the end of the day on Aug. 2.

The amount subject to the new debt limit is $14,532,332,000,000 – just $162 billion below the new limit Congress agreed to ($14.694 trillion).

Based on the average daily growth of the nation’s debt that gives us just 46 days of new borrowing before we rub up against the debt ceiling again. Of course, the compromise provided for up at least $2.1 trillion in debt limit increases in the coming years, so financial catastrophe isn’t right around the corner.

You could buy 224 billion bottles of Jameson Irish Whiskey Gold Reserve with the current debt… Knowing how quickly we’ll be talking about budget deficits and cuts again, I think I’ll take one of those bottles, please.

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