U.S. debt jumps a record $328 billion — tops $17 trillion for first time.

U.S. debt jumps a record $328 billion — tops $17 trillion for first time.HT: Washington Times

U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.

The $328 billion increase shattered the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.

Usually Congress sets a borrowing limit, or debt ceiling, that caps the total amount the government can be in the red.

But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt will rise by as much as the government spends between now and the Feb. 7 deadline.

Judging by the rate of increase over the last five months, that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more. Read the full story here.