U.S. Treasury Drew Down Its Cash Balance by $81.6 Billion in Just First 4 Days of March

Posted: March 9, 2011 in Economic Crisis

Terence P. Jeffrey
CNS News
March 9, 2011

(CNSNews.com) – The U.S. Treasury is depleting its cash at an accelerating pace, drawing down its cash balance by $81.6 billion in the just the first four days of March, leaving the federal government with only $108.9 billion on hand, according to the Daily Treasury Statement released Monday afternoon.

At the beginning of February, the Treasury had $349.1 billion in cash on hand, but spent that down by $158.5 billion during the month, ending February with only $190.6 billion on hand.

Were the government to continue to draw down its cash balance at the $20.4 billion-per-day rate that prevailed in the first four days of March, it would spend its way through its final $108.9 billion in little more than five days.

Under current law, the U.S. Treasury may only run the national debt up to $14.294 trillion. At the end of February, according to the Treasury’s Monthly Statement of the Public Debt, the total debt subject to this legal limit was $14.142331 trillion—just $151.669 billion short of the limit.

Read Article Here

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s