Big Government Burns Through Most of Debt Ceiling Increase in 1 Day

How long will the massive rise in the debt ceiling last? Not long:

U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.

The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.

That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.

Don’t worry, libs. Hitting the debt ceiling again almost immediately won’t slow down the spending spree.

The deal called for [pie in the sky] caps on future spending and granted the president the power to win an initial $400 billion debt increase, with another $500 billion coming later if Congress doesn’t manage to block it. Yet another increase is contingent on the committee’s recommendations.

After that, the plan is to raise the debt ceiling still more. The Boehner/Reid/Obama debt debacle established that no one in a position of power has any intention of stopping the bleeding until the economy collapses — which is already beginning to happen.

They won’t stop until we stop them.

On a tip from Shawn. Cross-posted at Moonbattery.

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