Tags: debt | limit | taxpayer | funding

Debt Limit Debate Has Cost Taxpayers Over 1 Billion

Tuesday, 24 Jul 2012 10:38 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Last summer’s ugly battle over extending the federal debt limit ended up costing taxpayers about $1.3 billion, the Government Accountability Office reported. The $1.3 billion is mostly accounted for by increased borrowing costs for the federal government, The Washington Post’s blog 2chambers reported.

The Post noted that as Congress and President Barack Obama sparred, Treasury had to suspend investments in funds for federal employees, postal workers, and others to pay the nation’s bills.

After the fight was over, Treasury then had to restore the funds, the GAO said. The debt fight also resulted in the Bureau of Public Debt logging 5,750 hours of work, including 400 hours of overtime, to keep the nation from defaulting.

Congress and the White House eventually agreed to raise the federal debt limit to $16.4 trillion. The deal included a series of automatic, across-the-board budget cuts that kick in in January, the Post reported.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Dems Abandon November Ballots to Help Party Control Senate

Monday, 22 Sep 2014 22:34 PM

Democratic candidates in key Senate races are abandoning midterm elections ballots as the party tries to keep control of . . .

La. 'Kissing Congressman,' Wife Allude to Scandal in New Ad

Monday, 22 Sep 2014 21:18 PM

The wife of Kissing Congressman Rep. Vance McAllister comes to his defense in a new ad for the Louisiana Republican la . . .

Rasmussen Poll: Gov. Brownback Closing Gap on Dem Challenger

Monday, 22 Sep 2014 20:05 PM

Beleaguered Kansas Republican Gov. Sam Brownback is closing the gap on Democratic challenger Paul Davis, a new Rasmussen . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved