U.S. Debt Jumped $72 Billion Same Day U.S. House Voted to Cut Spending $6 Billion
The national debt jumped by $72 billion on Tuesday even as the Republican-led U.S. House of Representatives passed a continuing resolution to fund the government for just three weeks that will cut $6 billion from government spending.
If Congress were to cut $6 billion every three weeks for the next 36 weeks, it would manage to save between now and late November as much money as the Treasury added to the nation’s net debt during just the business hours of Tuesday, March 15.
At the close of business on Monday, according to the Treasury Department’s Bureau of the Public Debt, the total national debt stood at $14.166 trillion ($14,166,030,787,779.80). At the close of business Tuesday, the debt stood at $14.237 trillion ($14,237,952,276,898.69), an increase of $71.9 billion ($71,921,489,118.89).
Since the beginning of fiscal year 2011--which began on Oct. 1, 2010--the national debt has climbed from $13.5616 trillion ($13,561,623,030,891.79) to $14.2379 trillion ($14,237,952,276,898.69) an increase of $676.3 billion ($676,329,246,006.90).
Congress would need to cut spending by $6 billion every three weeks for approximately the next six and a half years (338 weeks) just to equal the $676.3 billion the debt has increased thus far this fiscal year.