According to the Daily Treasury Statement for July 26 released Monday, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days, CNS News reported.
The portion of the federal debt subject to the limit first hit $16,699,396,000,000.00 at the close of business on May 17 and has remained that way ever since, CNS reported. That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress imposed on May 19.
Even though the government’s official accounting hasn’t changed, the Treasury continued to sell bills, notes and bonds at a value that exceeds the value of the bills, notes and bonds it was redeeming, CNS said.
On May 17, Treasury Secretary Jack Lew sent a letter to House Speaker John Boehner, saying the Treasury would begin what he called “the standard set of extraordinary measures” that allows the agency to continue to borrow and spend even after it has hit the legal debt limit, CNS reported.