Geithner to Congress: Happy New Year, We’re Maxed Out on Debt
The government has maxed out its credit card again, mortgaging America’s future with yet more debt. Obama Administration Treasury Secretary Timothy F. Geithner, in a letter to Congress the day after Christmas, said, “I am writing to inform you that the statutory debt limit will be reached on December 31, 2012 . . . .”
The statutory debt limit, set under sections 3101 and 3101A of the U.S. Code, is currently $16,394,000,000,000 — yes, more than 16 trillion dollars. A dollar bill is a half-foot long, so if you laid 16 trillion dollar bills end to end, they would stretch 8 trillion feet. With 5,280 feet in a mile, that means they would stretch more than a billion and a half miles. The sun is 93 million miles away, so the 16 trillion dollars would stretch from Geithner’s office in the Treasury Department to the sun more than 16 times. Of course, with the temperature of the sun’s surface at 10,000 degrees Fahrenheit, the sun would probably burn through the dollar bills on that end almost as fast as the U.S. Treasury does on this end.