Photo Credit: woodleywonderworks The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government’s debt remained exactly $16,699,396,000,000 for the entire month.

…The FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.

At the static $16,699,396,000,000 level that the Treasury reported for every day of July, the debt was just $25 million below the legal limit of $16,699,421,000,000 that was set in a law passed by Congress and signed by President Barack Obama.

If Treasury’s daily statements were to declare that the government had borrowed an additional net $98 billion to cover the $98 billion deficit the Treasury declared in its monthly statement for July, the Treasury would be conceding that the government had already surpassed the legal limit on the debt–and has been violating the law by continuing to borrowing additional money.

Instead, even as the Treasury was running up the $98-billion deficit it reported in the July Monthly Treasury Statement, every one of the 22 Daily Treasury Statements published for July said the Treasury had closed out the previous business day with exactly $16,699,396,000,000 in debt.

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Is the New York Times being guest edited by Rush Limbaugh? Today it runs with a fascinating takedown of the Clinton Foundation – that vast vanity project that conservatives are wary of criticising for being seen to attack a body that tries to do good. But the liberal NYT has no such scruples. The killer quote is this:

For all of its successes, the Clinton Foundation had become a sprawling concern, supervised by a rotating board of old Clinton hands, vulnerable to distraction and threatened by conflicts of interest. It ran multimillion-dollar deficits for several years, despite vast amounts of money flowing in.

Over a year ago Bill Clinton met with some aides and lawyers to review the Foundation’s progress and concluded that it was a mess. Well, many political start-ups can be, especially when their sole selling point is the big name of their founder (the queues are short at the Dan Quayle Vice Presidential Learning Center). But what complicated this review – what made its findings more politically devastating – is that the Clinton Foundation has become about more than just Bill. Now both daughter Chelsea and wife, and likely presidential candidate, Hillary Clinton have taken on major roles and, in the words of the NYT “efforts to insulate the foundation from potential conflicts have highlighted just how difficult it can be to disentangle the Clintons’ charity work from Mr Clinton’s moneymaking ventures and Mrs Clinton’s political future.” Oh, they’re entangled alright.

The NYT runs the scoop in its usual balanced, inoffensive way – but the problem jumps right off the page. The Clintons have never been able to separate the impulses to help others and to help themselves, turning noble philanthropic ventures into glitzy, costly promos for some future campaign (can you remember a time in human history when a Clinton wasn’t running for office?). And their “Ain’t I Great?!” ethos attracts the rich and powerful with such naked abandon that it ends up compromising whatever moral crusade they happen to have endorsed that month. That the Clinton Global Initiative is alleged to have bought Natalie Portman a first-class ticket for her and her dog to attend an event in 2009 is the tip of the iceberg. More troubling is that businessmen have been able to expand the profile of their companies by working generously alongside the Clinton Foundation.

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