Blank check: The U.S. government borrowed $328billion on the first day after a debt deal without a debt ceiling was agreed upon

  • The new debt deal has no debt ceiling,  giving the federal government a blank check until February
  • The previous one day borrowing record was  $238billion

By  Ryan Gorman

PUBLISHED: 23:27 EST, 18  October 2013 |  UPDATED: 23:27 EST, 18 October 2013

U.S. government jumped $328billion on  Thursday, setting an all-time record on the first day the government was able to  borrow after a last-minute debt ceiling deal was reached the previous  day.

The shockingly high number came as the  federal government was looking to replacing ‘extraordinary measures’ funds it  had been borrowing from as it approached the borrowing limit and appeared to  take advantage of no debt ceiling being enforced until at least  February.

Total federal debt now adds up to  $17.075trillion, according to the Treasury Department. The previous single day  borrowing high was $238billion, set in 2011, according to the Washington Times.

No limit: The federal government's spending limit has been suspended until at least February 7, 2014No limit: The federal government’s spending limit has  been suspended until at least February 7, 2014

As pointed out by the Times, the first  borrowed funds once a debt limit is lifted go to replenishing the ‘extraordinary  measures’ fund.

Under an unusual arrangement, the federal  government has no spending limit – a hard date of February 7 has been set for a  new agreement to be reached. Debt deals usually include a spending limit known  as a debt ceiling.

The federal debt will now rise as high as the  government sees fit between now and then, which the Times noted might be upwards  of $700billion, based on recent spending trends.

Aside from the fight over the Affordable Care  Act, derisively referred to as Obamacare, Republicans wanted to reign in the  government’s spending by cutting funding to various programs seen as  wasteful.

Backed by President Barack Obama, Democrats  refused, insisting on a blank check, and won. They insist government spending  will not increase, and that the extra wiggle room will only be used to pay for  bills already past due.

Read more: Follow us: @MailOnline on Twitter | DailyMail on Facebook

Categories: Misc...., Societal

Tags: , , , , , , , , ,

%d bloggers like this: