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$10 Trillion Withdrawn From U.S. Treasury This Fiscal Year Alone, Treasury Says


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$10 Trillion Withdrawn From U.S. Treasury This Fiscal Year Alone, Treasury Says

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 Victory Trader 
LA, California, USA
 
Experience: Intermediate
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Posts: 530 since Sep 2011

As of the close of business Wednesday, withdrawals from the Treasury equaled $10,201,615,000,000 for fiscal 2012, which began on Oct. 1, 2011 and will end on Sept. 30.

According to the Daily Treasury Statement--the official daily accounting sheet for the federal government—withdrawals from the Treasury exceeded $10 trillion this year on Aug. 30, when they rose from $9.903 trillion to $10.035 trillion.

How can this be?

The answer: The federal government needs to churn through trillions of dollars each year above the level of current annual federal spending in order to maintain its $16 trillion debt—much of which is held in Treasury notes that mature in anywhere from 2 to 10 years and Treasury bills that mature in anywhere from a few days to less than a year.

$10 Trillion Withdrawn From U.S. Treasury This Fiscal Year Alone, Treasury Says | cnsnews.com

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this is fundamentally, and completely, unsustainable.!!!!!!!!!!!!!!!!!!!

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Last Updated on September 7, 2012


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