Quite a dry read but I kept with it and, sure enough, it mentions Social Security. I suspected that was the case. Last time the press really reported anything about the use of Social Security surpluses to mask the deficit was in the 1980s or so.

Either way, yes, the public debt went up but the holders of many of those notes were the SSA (Social Security Administration). "Bottom Line" numbers had the government taking in more than it spent. Remember, we actually DID have "reverse auctions" of T-bills in there a few times.

But now as the baby boomers are retiring (1946 + 65 = 2011, and some retired at 62) that surplus is GONZO. If memory serves, it's razor thin now and for a year or two and then really starts heading downhill from there.