Total US Debt Now Officially Above The Ceiling

Tyler Durden's picture

A quick look at today's just released total debt to the penny from the Treasury may crimp the artificial smile of even such die hard administration sycophants as Moodys. Why: because the total debt, as we predicted when we observed last week's 30 Year auction, is now at $14,305,336,580,992.11. This is a problem because as anyone who rails against the broken US fiscal apparatus should be able to tell you, the debt ceiling is $14.294 trillion. In other words we have now officially breached the debt ceiling by $11 billion. So why has the US not filed a notice of default yet? Because the actual debt that matters for legal purposes is the debt "subject to the limit", which is $52 billion less than the total debt primarily due to $10 billion held at the Federal Financing Bank, and $41 billion in unamortized discount: a number which fluctuates in time depending on how much over or under par bonds are issued, but which ultimately will be zero at maturity of all debt (haha). In other words, as of today, the US Treasury has dry powder for just another $41 billion in issuance, or just over your average 5 Year auction. This can be seen best on the following chart from the Treasury where the total debt line has just passed the limit.

So what does this mean for near term issuance? Also per the Treasury, there is a total of $55 billion in debt paydown in the next week primarily in bill redemptions, offset by $14 billion in issuance in the last week of April. The problem is that this week also happens to be a major tax refund week. We anticipate that tax refunds will likely total between $20 -25 billion net over tax revenues. Which means there will be a net cash need of about $75 billion. As we ended Thursday at about $30 billion, Friday's cash balance (released at 4pm by the FMS) could be very critical to determine if the Treasury will be forced to come up with some emergency form of 11th hour cash raise. It also means that the debt ceiling clock is ticking ever louder. The Treasury will have capacity for one more full weekly auction, to be completed in the first week of May, and then it is game over.

Update: cash as of Friday was $58 billion. With $55 billion in cash out this week and who knows how much of refund funding, it could get mightly close...

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BrobamaReds's picture

Bob Pissani is the worst.

Debtless's picture

Worse than Krudlow? Or Liesman? That's quite an ugly contest.

Dental Floss Tycoon's picture

Worse than Morgan Stanley defaulting on 3.3 billion loan.

"A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone (BX.N) and other investors, the largest repayment failure of its kind inJapan."

Geiger counter readings too high?

oh_bama's picture
  • BTFD!!
redpill's picture

And pretty soon there will start to be an "OR ELSE" attached.

johngaltfla's picture

Wait a minute. Turbo Timmy said a black hole would open up near Darlington, SC and start sucking all of the United States into it giving the land back to the Indians if we did not get this taken care of before Easter. So are people and towns vanishing in the Carolinas or was the earthquake near Bermuda just a warning shot?

hayduke33's picture

The hole actually opened up in the sky, and quite a bit of the eastern carolinas was sucked up thru it. People vanished, but apparently no towns. 

Xibalba's picture

Are YOU on the terror watchlist?

astartes09's picture

According to the TSA, "maybe".

StychoKiller's picture

We can neither confirm nor deny that "Redpill" is on any of our watch lists -- TSA, FBI, NSA, DEA, DIA, etc...(ad infinitum!) :>D

MontgomeryScott's picture

I caught this story a couple of days ago, about 'Chase Manhattan' evacuationg Tokyo, and defaulting on their leases.

Seems that one of the alternet sites I frequent had a link to this Rueters story!

Some of these evil news sites , enemies of the State ALL, even link to 'Tyler Durden', and THIS site!

The EVIL 'A.J.' has a link to Zero Hedge, and THIS STORY!


Gee whiz! You would think that the posters on 'Zero Hedge' also are frequent visitors to certain sites that discuss Sodium Floride, genetically modified foods, stratospheric geoengineering, the High Altitude Auroral Research Project, the PNAC documents, The FED conspiracy, the Georgia Guidestones, 'Project 21', The report From Iron Mountain, or the craziest of all, the 'Loose Change' blogumentaries!

As far as 'geiger counter' readings, there is this guy named Arnie Gunderson, posting on VIMEO, from the 'Fairewinds Institute', who discusses the Fukushima, Dai-ichi 'TEPCO' thing.

Here is a really OLD link, that I sent out about 9 April 2011:

Blackstone is SO 20th century!

How about CERBERUS?

Id fight Gandhi's picture

Money honey is. They're high fiving each other cuz it's well off the low.

Cdad's picture


Well off the after you puke and you lift your head off of the side of the bowl....which comes right before you fall asleep with your head on the cool tile floor.

But who cares?  Brent Wilsey doesn't care.  Fucking debt ceiling violation party at Dog's house!  Woot!  Get long gnomes!


Larry Darrell's picture

"party at Dog's house!"


I was actually thinking that we should be celebrating this with a party.

Tyler, this article would feel more complete if Banzai7 put us up a pic of Turbo Timmy poppin' champagne.  Maybe we can celebrate proper when the actual debt subject to the limit hits our current target. 

We can count it down like it's done for new years.

TruthInSunshine's picture

Guys, please do me a favor -


If I doze off, don't let me miss the revolution IF Americans ever wake up to the simple fact that they have a private bank that loans their government money, to which they have to pay interest.

99.99999999999999999% of Americans fail to understand this very basic yet totally illogical fact and crime committed against them.

I'm hoping at least 3% ultimately catch up.

redpill's picture

One of these days shit is gonna start to get a bit nuts, and a whole lot of television-fixated fast food addicts are going to have some intellectual catching up to do.

NotApplicable's picture

Which they'll do by staying glued to cable-news networks.


Hephasteus's picture

Informercials and infotainment.

naughtius maximus's picture

Intellectual? Nah they'll just blame the jews or the gays or whatever convenient scape goat this week. Maybe they'll blame the "liberals" whatever the hell that means.

Anyone but anyone but the TBTF banker parasites.

uraniuman's picture

 Liberal - those who are generous with other people's money

TruthInSunshine's picture

"Socialism (including Bernanke-Geithner-Paulson TBTF Corporate/Financial Socialism, of the Squid-enrichening variety) is awesome for those who just want to party, until you run out of other peoples' money."

Paraphrasing Margaret Thatcher

blunderdog's picture

Simple definitions are much better than learning the history.  Meanings change, so just cut to the chase, right?

But if that's really supposed to serve as a definition, it has to include guys like Reagan and Dubya, right?  Yes, of course, obviously FDR and Obama and JFK and Johnson, yes yes.  But if it's really just about spending other people's money, we need to include those other guys too.

I've heard a lot of criticism of Dubya, even a bit of criticism of Reagan, but I admit I haven't heard too many folks call either of them "liberal."

(There must be a way to make the definition only apply to people you don't like...)

StychoKiller's picture

Label them all "fscksticks" and be done with it!

Al Gorerhythm's picture

Gold and silver investors (hoarders). The word has been used to describe the UT purchase in one headline that I saw, somewhere. This trend will not be your friend.

Shocker's picture

Oh you are so correct. People are so out of it, they don't even know what is going on. Right now we have like 10 serious problems, something has to give


d_senti's picture

It's depressing that less than 0.00000000311 Americans understand this stuff. :)

rich_wicks's picture

don't let me miss the revolution IF Americans ever wake up to the simple fact that they have a private bank that loans their government money

Don't worry, they never will.

All that happens is some jerk on television or some public official will simply say that's a lie, and dumb Americans will believe it.  It's as simple as that.

If people stop watching television and actively start believing that public officials are what they are, complete incompents mixed with total liars, then maybe the general populace will start to realize the Federal Reserve is just a private a bank with Federal as part of it's name.

toxic8's picture

DING DING DING, you sir, are a winner

High Plains Drifter's picture

.like after you puke and you lift your head off of the side of the bowl....which comes right before you fall asleep with your head on the cool tile floor.

sounds like a straight tequila night.......oh boy those hurt real bad......

fbrothers's picture

Without a doubt. He is actually goofy. His only talent is for working on infomercial channels.

jus_lite_reading's picture

The man's name is LIESMAN.

A billion here.... a billion there. Whos counting?

Buck Johnson's picture

Pisani is a yes man, he was pushed from the anchor desk to the floor and has been trying to keep his job.  Yes boss everythings okay boss, he knows which sides his bread is buttered on.

HamyWanger's picture

Debt used to matter, but it was a long time ago.

Now is the time of hope, change and transcendance. Nothing matters anymore. Everything is beautiful, good and tasty. 

Nerdy libertarians should embrace life instead of always bitching about debt, deficits, inflation, silver manipulation, work, blah blah blah. Light some weed and get some fun. 

Cocomaan's picture

This is one nerdy libertarian who enjoys his greens. Lighting up makes me want to buy PMs.

lemonobrien's picture

funniest thing I read today. I live in san fran, libertarian, love the green, love the gold, love the silver.

Teamtc321's picture

Hope, Hope and Change!!! Yes we can!!!

Spastica Rex's picture

Do you not even try to sound like Harry anymore? Shame.

redpill's picture

I haven't seen Harry in awhile, does he still come around?  If not, well then Hamy just might as well go balls to the wall.  It is kind of funny seeing folks responding to him that aren't aware of the schtick.

Spastica Rex's picture

It's been a long time since I've seen him, too. The ersatz Harry parody was more entertaining when there was a Harry. But oh well: what the hell.

HarryWanqer's picture

It's less entertaining because everyone has finally surrendered and joined the equity bull ride.

Calmyourself's picture

Oh, not quite everyone, are you entertained?

Irwin Fletcher's picture

Seems like he promised to stop posting at gold $1450, and actually stopped around $1400. Maybe I'm thinking of someone else.

whatsinaname's picture

And Hamy is stuck to his Potty along with his buddies Harry & Botty.

Racer's picture

When a limit is skirted with so closely you know the person/country is broke and can't pay

Dr. Richard Head's picture

When I hit this point in my unsecured debt, I had to restructure.  Strategic default is the new black bitchez!

Robslob's picture

US Debt Clock says 14.236 Trillion