The federal debt jumped $409 billion in October, according to the U.S. Treasury. As CNS News’ Terence Jeffrey points out, that’s around $3,567 for each household in the United States –  the second-largest one month jump in debt in the nation’s history.

After the first money of fiscal year 2014, the debt stands at $17,108,378,000,000. Turns out raising the debt ceiling does mean we’re adding more debt; another legalistic falsehood from the president.

“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy.  All it does is it says you got to pay the bills that you’ve already racked up, Congress.  It’s a basic function of making sure that the full faith and credit of the United States is preserved.”

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