The net national debt increased by $63.7 billion in February—hitting $14.195 trillion ($14,194,764,339,462.64) at the end of the month–even as the Obama administration began draining the Treasury’s cash reserves in order to keep federal borrowing down and push back the date when the government will hit the statutory debt limit.
To save the government from having to borrow even more money in February, the Treasury significantly diminished the balance in its cash accounts, according to the department’s Daily Treasury Report released today. At the beginning of the month, Treasury’s cash balances equaled $349.1 billion. At the end of the month, they were down to $190.6 billion—a drop of $158.5 billion.
- China now owns $1.16 trillion of U.S. debt (cbsnews.com)