Debt Increased $54.1 Billion While Congress Fought Over Cutting $38.5 Billion
Before anyone celebrates, or bemoans, the spending cuts in last night’s budget deal, here’s a little perspective:
The federal debt increased $54.1 billion in the eight days preceding the deal made by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) to cut $38.5 billion in federal spending for the remainder of fiscal year 2011, which runs through September.
The debt was $14.2101 trillion on March 30, according to the Bureau of the Public Debt, and $14.2642 on April 7.
That comes out to a net loss of about $15,600,000,000.