Total Debt: $16,432,730,050,569.12; Debt To GDP: 103%

Tyler Durden's picture


We already knew that the US crossed the debt ceiling on New Year's day. It is, however, one thing to read a Geithner press release, it is another to see America's ridiculous debt it in action. So here it is, courtesy of TreasuryDirect, in all its debt ceiling glory: $16,432,730,050,569.12, with the debt subject to the ceiling at the limit of $16.394 trillion.

And with that we can close the books on the first quarter of Fiscal 2013, in which US public debt grew by $366 billion, some $122 billion per month on average.

This number will now remain fixed, and not change for the next two months, or until the debt ceiling is once again riased, most likely by another $2.4 trillion to $18.8 trillion, to much theatrical kicking and screaming, some time in February or March. In the meantime, any new debt issuance will have to be offset dollar for dollar with a reduction in various government retirement funds, Federal asset sales, SLGS issuance suspension, and the various other internal and external liability rearrangement, i.e., the Treasury's emergency response, the various components of which were listed here.

And for those curious what this means in debt/GDP terms, we apply the roughly 1.5% annualized GDP growth to Q4 GDP to get a debt/GDP number at December 31, 2012 of 103%, and rising very rapidly.

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Wed, 01/02/2013 - 16:43 | 3116023 Zer0head
Zer0head's picture

Boner to resign? if he does the debt limit now becomes a real deal

if so markets tank tomorrow

the gift that keeps on giving

Wed, 01/02/2013 - 16:56 | 3116095 iDealMeat
iDealMeat's picture

I bet Obama raises the ceiling by decree and hands out 30B each to the Sandy states.


Obama rolls like that..  He don't need no congress..

Wed, 01/02/2013 - 17:05 | 3116148 whatsinaname
whatsinaname's picture

Does the 103 % number include the Fannie/Freddie liabilities ?

Wed, 01/02/2013 - 17:54 | 3116386 Michaelwiseguy
Michaelwiseguy's picture

In my wildest dreams I could not have accomplished such an amazing feat the US Government has accomplished for me. Keep that national debt growing parabolicly for me Congress and Mr President. I want to see the $20 trillion mark hit as soon as possible.

Wed, 01/02/2013 - 18:07 | 3116459 TerminalDebt
TerminalDebt's picture

Dream higher my son.  100T before I die.

Wed, 01/02/2013 - 21:36 | 3117203 AldousHuxley
AldousHuxley's picture

don't worry boys and girls.....


USA is too big to fail



who wants war with America????


Just enjoy the empire


Thu, 01/03/2013 - 04:07 | 3117954 CompassionateFascist
CompassionateFascist's picture

@whatsinaname: No. Actual Fed Govt debt is >$22,000,000,000,000. 

Wed, 01/02/2013 - 17:18 | 3116210 Bunga Bunga
Bunga Bunga's picture

It does not matter, because this time is different. US have the technology to sustain high debt levels easily.  The greatest country on earth invented the printing press, the tablet computer and the Facebook.  This will change the world and the US will lead again.

Wed, 01/02/2013 - 18:06 | 3116454 TerminalDebt
TerminalDebt's picture

I know you're high on Bunga Bunga so I'll let you off

Wed, 01/02/2013 - 17:58 | 3116396 JayKitsap
JayKitsap's picture

"I bet Obama raises the ceiling by decree and hands out 30B each to the Sandy states.

 Obama rolls like that..  He don't need no congress.."


Yes the Sandy damage to Ill and Calf was just incredible, they will get included with it.

Wed, 01/02/2013 - 19:14 | 3116728 azzhatter
azzhatter's picture

funny how much debt got pushed into November and Dec after the election

Wed, 01/02/2013 - 16:56 | 3116096 bjfish
bjfish's picture


Tax-cuts under Bush = Bad

Tax-cuts under Obama = good

Gov't spending under Bush = Bad

Gov't spending under Obama = Good

$200 B deficits under Bush = Catstrophe (just ask Krugman)

$1.2 Trillion deficits under Obama = would be better if he spent even more (just ask Krugman)

foreign policy moves under Bush (any) = bad

foreign policy moves under Obama (any) = perfect execution of policy (just ask Time mag.)

If you think this is just my opinion, then you are wrong 'cuz there are legions of media types and liberal arts professors who verify and confirm this.

Wed, 01/02/2013 - 17:06 | 3116158 GMadScientist
GMadScientist's picture

Jeb 2016!


Wed, 01/02/2013 - 17:08 | 3116166 fonzannoon
fonzannoon's picture

Michael Pento on cnbc right now saying he went long stocks. this guy was all cash for as long as i could remember. 

Wed, 01/02/2013 - 17:40 | 3116320 GMadScientist
GMadScientist's picture

It's going to go up, but I wouldn't touch that paper with Bob Dole's dick.

Wed, 01/02/2013 - 17:24 | 3116169 Woodyg
Woodyg's picture

Poly Sci 101 cont -
Intergovernmental Holdings - Social Security funds stolen by the Kleptocrats and the corporate welfare pigs - the oligarchs.
Just look at the fiscal cliff deal - 1.5 bil to goldman sachs - 150 mil to hollywood(thanksto dark thirty) and 45 mil for nascar etc - another 1.5 in legalized off shore accounting tricks -

Coupled with taxing any mortgage writedown as 100% income - so write down 100,000 and owe the fed and state gov 35,000 - yea that'll work!
Also tax breaks to help people take care of their elderly parents and keep them in their homesinstead of institutionalizing them are also gone.

We the People pay the Bills and the corporations get the Deals.

Bread and Circuses - or should I say SNAP and Sandy Hook?

Wed, 01/02/2013 - 17:10 | 3116171 economics9698
economics9698's picture

Tribe worship by the too dumb to figure it out crowd.

Wed, 01/02/2013 - 17:23 | 3116224 LawsofPhysics
LawsofPhysics's picture

If you really believe that there are two different political parties, then you have had your head up your ass for about 40+ years.  Wake the fuck up already.

Wed, 01/02/2013 - 17:32 | 3116282 oddball
oddball's picture


Wed, 01/02/2013 - 18:06 | 3116455 Titus Flavius C...
Titus Flavius Caesar Vespasianus Augustus's picture

See Glenn Greenwald's "repulsive progressive hypocrisy"


for some reason not finding a full version of that article right now - too lazy to hunt.

Wed, 01/02/2013 - 18:11 | 3116480 GernB
GernB's picture

Yes, this is all perfectly understandable and rational when you understand one thing. The reason Bush did all those things was to benefit the rich and the corrupt military industrial complex. The reason Obama did the exact same things was to benefit the poor, restore justice to our tax system and bring balance to the force.

Wed, 01/02/2013 - 19:00 | 3116663 Al Huxley
Al Huxley's picture

I hate to break it to you, but they both do the same fucking things, for the same fucking reasons, because they have the same fucking owners.

Fri, 01/04/2013 - 08:00 | 3121451 S.N.A.F.U.
S.N.A.F.U.'s picture

Apparently GernB's humor, clearly tagged as such with "bring balance to the force", went unnoticed by a few people.

Wed, 01/02/2013 - 18:58 | 3116656 Al Huxley
Al Huxley's picture

Good for you - sticking with the ol' red fish blue fish storyline.

Wed, 01/02/2013 - 17:01 | 3116126 lolmao500
lolmao500's picture

Pro-TARP shill Cantor to replace Boehner most likely. Nothing will change.

Wed, 01/02/2013 - 18:02 | 3116429 Zap Powerz
Zap Powerz's picture

Cantor doesnt cry as far as I know, so there is that.

Thu, 01/03/2013 - 04:13 | 3117958 CompassionateFascist
CompassionateFascist's picture

No, but he is a frequent visitor to the Wailing Wall. 

Wed, 01/02/2013 - 17:20 | 3116214 The Joker
The Joker's picture

Puppet Replacement Theory:  C = S2 + D2

C = Change

S2 = Same Shit

D2 = Different Day

Wed, 01/02/2013 - 16:43 | 3116037 Cognitive Dissonance
Cognitive Dissonance's picture

And in many circles this is considered fiscal restraint.

<God help us, but just wait until they're really trying to cut back.>

Wed, 01/02/2013 - 16:47 | 3116061 USS Bernanke
USS Bernanke's picture

Full speed ahead captain.

Set the presses to top speed and prepare for overdrive.

Wed, 01/02/2013 - 16:52 | 3116084 Panafrican Funk...
Panafrican Funktron Robot's picture

US debt clock puts the debt to GDP at 105.68%.

Main point of course being that regardless of calculation, we're definitely, for sure, insolvent.  

Wed, 01/02/2013 - 17:02 | 3116129 Cognitive Dissonance
Cognitive Dissonance's picture

"Listen up buster. I'll tell you when we're insolvent. And we are not insolvent." - Helicopter Ben

<I still have an entire warehouse full of one's and zero's in reserve.>

Wed, 01/02/2013 - 17:05 | 3116154 Bay of Pigs
Bay of Pigs's picture

But we "owe it to ourselves" right?


Wed, 01/02/2013 - 17:11 | 3116175 GMadScientist
GMadScientist's picture

I can't seem to find my FFB debit card anywhere. Hmmm.

Wed, 01/02/2013 - 18:57 | 3116652 yogibear
yogibear's picture

Bubble Bernanke: "We will re-review the need for further market juicing at QE 100, until then party on!"

Wed, 01/02/2013 - 16:44 | 3116038 Dr. Engali
Dr. Engali's picture

Collapse. Just freaking collapse before they can do any more damage.

Wed, 01/02/2013 - 16:44 | 3116039 The Axe
The Axe's picture

dont tell it to the VXX  ha ha or VVXY

Wed, 01/02/2013 - 16:57 | 3116073 Ham-bone
Ham-bone's picture

VXX about to take out all time low of $ tempting  Widow maker trade...US gov will punish any all who have the temerity to "short Merica" by running VXX to $.01.

Bottom line is - either join the Ponzi or be destroyed

Wed, 01/02/2013 - 16:45 | 3116049 mercenaryomics
mercenaryomics's picture


Wed, 01/02/2013 - 16:45 | 3116050 A Lunatic
A Lunatic's picture

Looks like we're goin ta Di'ney Lan' Bitchez...........

Wed, 01/02/2013 - 17:03 | 3116144 Jena
Jena's picture

The Fiscal Cliff Ride -- Mind The Gap!


Wed, 01/02/2013 - 16:46 | 3116053 traderjoe
traderjoe's picture

Debt to the penny? How much did Rumsfeld say was missing from Pentagon budget on 9/10? Ever read the qualifications to any government financial statements?

Doomed, we are...

Wed, 01/02/2013 - 16:47 | 3116057 espirit
espirit's picture


Wed, 01/02/2013 - 16:47 | 3116058 LawsofPhysics
LawsofPhysics's picture

Build some more bombs and military hardware quick!  Another unfunded war will fix it (provided that we actually kill a substantial part of the world's population this time)!!  < sarc off >

Wed, 01/02/2013 - 16:58 | 3116101 Jethro
Jethro's picture

Does one on our own soil count?  Because, the longer this charade persists, the more the philosophical divide extends and we shall go to war against our countrymen at some point.

Wed, 01/02/2013 - 17:23 | 3116173 LawsofPhysics
LawsofPhysics's picture

We will anyway.  Just like the soviets did during and after their collapse.  Ours will be no different.  The good news is that when the creditors come looking for debt repayment, the country that owed them all that money won't exist.  Just like the collapse and break-up, of the Soviet Union, our collapse will follow a similar path.

Wed, 01/02/2013 - 18:06 | 3116447 Zap Powerz
Zap Powerz's picture

Creative destruction is a beautiful thing.  Sometimes, in order to save the country, it has to be burned to the ground.

Wed, 01/02/2013 - 20:02 | 3116900 OneTinSoldier66
OneTinSoldier66's picture

There's a lot of dead wood in this forest that needs to be burned out to make way for new growth. Well, counterfeit wood anyway.

Wed, 01/02/2013 - 19:02 | 3116675 Al Huxley
Al Huxley's picture

In any case, it will be a lot cheaper to fight locally, once the foreign credit dries up.

Wed, 01/02/2013 - 16:48 | 3116059 fonzannoon
fonzannoon's picture

dow up 270. Nas up 83pts. Gold up 9 bucks. 9 bucks. it's like they feel bad for it. nice silver knockdown off the highs too.

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