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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Rogue Trooper's picture

An awesome tune by the Vapors indeed.  Perhaps more fitting prose from Iron Maiden, "The Wickerman",  

Irony BRitChez  - some serious Guitar :)

"You watch the world exploding every single night
Dancing in the sun a newborn in the light
Brothers and their fathers joining hands and make a chain
The shadow of the Wicker Man is rising up again

Your time will come, your time will come
Your time will come, your time will come"

wcvarones's picture

>> we apply the roughly 1.5% annualized GDP growth to Q4 GDP

That's <i>real</i> GDP.  Don't forget Zimbabwe Ben's contribution of ~2% devaluation.

docmac324's picture

Bankrupt baby.


Yen Cross's picture

 The U.S. has now gained another #1 distinction... Global Banana Republic.

BullsNBeers's picture

I hope the clothing will be cheaper than the normal Banana Republic.

luna_man's picture



Lest, anyone forget, MY MAIN MAN, is keeping score here!!


I dare Anyone, to attempt to fudge the number's

Waterfallsparkles's picture

I hate it when the Rating Agencys and the Market try to get the Congress and Senate to do their bidding thru the threat of Downgrades or lowered Stock Prices.

Trying to influence proper Fiscal Policy based on their view of the US Debt is outrageous.

Investor Wizard's picture

Ben and Timmy have plans to transfer that debt to 16.4 billion Visa 0% introductory offer credit cards. Problem solved for 180 days!

SokPOTUS's picture

The 29.9% Penalty Rate next June's a bitch though...

SokPOTUS's picture

I got a down arrow for that?  WTF?  Not funny (enough?) I guess.  Next time, I'll add more snark.

Bunga Bunga's picture

They would just need bigger limos to carry all these credit cards.

lolmao500's picture

Timmyyyyyyy will have a problem soon enough :

Republican Rep. Peter King of New York said Wednesday that House Speaker John Boehner has promised a vote Friday on $9 billion in disaster aid for Superstorm Sandy and then another vote on $51 billion in aid on January 15.

How much money can Timmy steal from the government pension funds? More than $60 billion? He better hope so or else... things could get hilarious real fast.

SokPOTUS's picture

About $300B from the G-Fund; then there's a smaller .gov worker fund of about $50B.  We are on a run rate of $122B of deficit per month for the first three months of this FY; Oct-Dec; so on or about April 1 through 10 before TSHTF.  There's also a State and Local Construction Bond guarantee program they can suspend; but that would bring road construction projects in bad credit states like CA and IL to a screeching halt just in time for Spring; thousands of 'shovel ready' jobs would be un-saved or dis-created.  States with 'good' credit ratings could probably finance their own, w/o FedGov guarantees.  Suspending that program in the Spring could probably buy another week or two. 

Sandy Relief would bump time forward though a couple of weeks to mid-to-end of March, instead.

It's gonna be epic.


zapdude's picture

Reinhart & Rogoff will be proven right once again. 

Once a nation breaches the ~80% debt to GDP ratio, they have passed the point of no return towards default. 

The US will default, only after the confetti money printing has made US debt totally worthless.

FORWARD, soviet!

lolmao500's picture

I want it to happen during Obama's term so all those statists slaves Obamabots cry their eyes out and harakiri when they realized they have been fools all this time... it'll be hilarious.

zapdude's picture

I'm afraid when that happens, we'll all be too busy trying to stay alive in some "Walking Dead" scenario where we're ducking bullets and practicing ditch medicine because civilization has collapsed. 

No time for schadenfreude.

akak's picture

There's always room for Jello ... and brains!

supafuckinmingster's picture

Zapdude: "Reinhart & Rogoff will be proven right once again. 

Once a nation breaches the ~80% debt to GDP ratio, they have passed the point of no return towards default. 

The US will default, only after the confetti money printing has made US debt totally worthless.

FORWARD, soviet!"


Little o'l Irelands is 1093% apparantely. Do we have a prayer?

cognus's picture

It works great for the Japanese - I'm sure it will work here.  as long as those yields are this low, take the Money Benny!  take it 'til the rate hits 6

Smuckers's picture

So by dropping the penny from production, does the total go down to .10, or up to .15?

This is very important.


Grinder74's picture

Why do I keep getting ads?  Is ZeroHedge trying to get me to stop worrying about US debt?

SokPOTUS's picture

Looks like a chart of AAPL for 10/1/11 - 09/30/12

Titus Flavius Caesar Vespasianus Augustus's picture

Have you fellas seen Krugman's latest?


I think the stress is getting to him.


Attack, gentlemen - attack!


yogibear's picture

Always thought Krugman would feel quite proud standing in front of the military reviewing stand in a socialist nation. The faster he destroys the US and it's constitution the sooner he gets to bask in the light of the new world order.

seek's picture

US GDP: $15T

$122B/Month, annualized: $1.5T ($1.46 rounded up for simplicity)

So we're now adding 10% of the GDP to debt every year, or another way to look at it, supporting GDP by printing to the tune of 10% per year.

No way out of this one. And were that spending to go away -- instant depression.

Doctor Faustus's picture

“Fools that will laugh on earth, must weep in hell.”


Christopher Marlowe, Doctor Faustus

yrbmegr's picture

There was a time when we were running a surplus.  Anybody remember that?

Irelevant's picture

Yup, that was smoke and mirrors as well.

Titus Flavius Caesar Vespasianus Augustus's picture



No - that was horseshit... just an accounting trick using your social security taxes.



Irelevant's picture

US debt is irrelevant. PODS had a very good post, debt is the solution when you have a debt based currency. The problem is confidence, if that collapses so does the system. That is why they are manipulating gold so much. However, they soon must start manipulating corn, oil, soybeans, milk, cement, water, and all those other real things that can`t be printed up ... unless you have a 3d printer.

GMadScientist's picture



Mr. Hudson's picture

More debt means more money, since money is a receipt of debt. Too bad the banks are the only ones who get all the money from Bernanke. They will subsidize food when prices get too high; just like they are currently doing with milk.

Campagnolo's picture

...and counting bitches, yes counting more to the debt every day....

Dre4dwolf's picture


Who lent all this money, and where did they get it to give it in the first place?

;) The debt is meaningless.

Mr. Hudson's picture

The Fed authorizes the debt. The Fed loves the debt to go up and up because when the day comes that America can't pay on the debt, FDR gave the Fed the power to take every inch of land in America; whether it be public or private.

GubbermintWorker's picture

It's all monopoly money any way *shrug*

TerminalDebt's picture

Inflation so bad you can't get a decent hooker for 5 bucks anymore

AgAu_man's picture

$16T+? I didn't build that! Not one single FRN of it.

Bansters-in-my- feces's picture

......................Serfs Up...........................

Bansters-in-my- feces's picture

And the Rothschilds smile   :0)

Rob Paulson's picture

Here's an interesting video I'm watching:

Kyle Bass on what happens when debt reaches 20x tax revenue.  

newworldorder's picture

This new number has no meaningfull consequences. It would be 20 trillion as it does not matter to the "person on the street." UNTILL THERE ARE CONSEQUENCES, IT'S JUST NUMBER ONLY.

AmeliaV's picture

The debt of the Federal government is just huge, probably the US is at first place among all the countries with developed economy. And this debt grows with every minutes because no one tries to eliminate it and make it lower. How can the economy be healthy if borrowing money and using payday loans in hour has become a lifestyle for the US? Everybody has debts today. But I think that the debt of the Federal Government doesn’t let the economy to develop and keep us at the same place, we do not go any further. Until we have this problem it will be hard to see any economic progress.