Many Millions Set To Be Donated in FY2014
The Bureau of the Public Debt accepts donations from the general public to help pay down the US debt.
The Bureau of Public Debt accepts "gifts" of the following types:
-outstanding government obligations (bonds)
-intangible property that can be sold with the proceeds being put towards the debt
The US government makes it very easy to make a contribution - you can pay by check, credit card or a checking/savings account.
The US public has been particularly generous so far in the 2014 fiscal year, donating a total of $3,084,773.01 through the first seven months of the fiscal year.
February 2014 was a particularly robust month, as the US government collected $1,705,574.49 in donations to help pay down the debt.
If the donations continue to flow in over the next five months, FY2014 will be the second highest on record when it comes to gift contributions to pay down the US debt. Here are the five biggest years on record:
2012 - $7,749,618.27
2011 - $3,277,369.23
2014 - $3,084,773.01
2009 - $3,063,057.05
2010 - $2,840,466.75
The lowest year on record (Treasurydirect.gov has data going back to 1996) was 2004 when just $664,911.25 was donated to the cause.
Of course, with a debt load of over $17 trillion and yearly deficits of over $500 billion, $3 million in donations only makes a microscopic dent in things.
The United States is projected to post a deficit of $492 billion for the 2014 fiscal year, which means that $3 million in donations would pay off about three minutes worth of deficit spending.
Source: TreasuryDirect.gov - Gift Contributions to Reduce Debt Held By The Public
Filed under: General Knowledge