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talljasperman's avatar

What is the accounting maneuver used to continue after the U.S. hit the debt ceiling three weeks ago according to Global News?

Asked by talljasperman (21744points) July 18th, 2011

Global News aired today and claimed that the U.S. hit the debt ceiling three weeks ago and used an “accounting maneuver” to play with the deadline; What “accounting maneuver” was used?

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2 Answers

Nullo's avatar

I would guess that they’re shunting debt into side accounts, if that’s even possible.
I’ve also heard it said that a fairly large chunk of the national debt works out to inter-departmental loans and the like; if this is anything similar, someone might simply be clearing space as needed.
I don’t know for sure; I am a lousy accountant.

jrpowell's avatar

They could be using supplementals. It is how Bush spent all the money for two wars while never putting it in the budget.

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