That one-month increase in the debt was nearly six times as much as the $44 billion in spending cuts the Congressional Budget Office estimates will take place in all of fiscal 2013 as a result of sequestration.
At the close of business on Jan. 31, 2013, the federal debt was $16,433,791,850,294.04, according to the U.S. Treasury. At the close of business on Feb. 28, 2013, the federal debt was $16,687,289,180,215.37. Thus, the federal debt increased $253,497,329,921.33 during the month.
For what it’s worth, I’m anything but one of those conservative republicans that was running around hoping sequestration would come to fruition. As I’ve said repeatedly, I would have much preferred a more sensible approach to cutting spending. I laugh at the notion that a deal was not there to be made. Reasonable people in both parties readily admitted that sequestration was the coward’s way out. It seems we have a White House, Senate, and House of Representatives that appear more Yellow than Red or Blue these days. That said, across-the-board cuts may be the least preferred kind; but they are still better than no cuts at all.
But how bout the hypocrisy here? In February alone, the federal government borrowed (not spent) more than six times the amount the CBO projects will be cut in all of 2013 by sequestration. And we’re supposed to think sequestration is the greatest potential threat to our economy? Pardon me while I laugh out loud and reserve the panic for another conversation.