Skip to comments.Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’
Posted on 10/25/2010 5:50:45 AM PDT by IbJensen
(CNSNews.com) - When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be no new deficit spending. Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.
"After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending, Pelosi said in her speech from the speakers podium. Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt."
Pelosi has served as speaker in the 110th and 111th Congresses.
At the close of business on Jan. 4, 2007, Pelosis first day as speaker, the national debt was $8,670,596,242,973.04 (8.67 trillion), according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. At the close of business on Oct. 22, it stood at $13,667,983,325,978.31 (13.67 trillion), an increase of 4,997,387,083,005.27 (or approximately $5 trillion).
Pelosi, the 60th speaker of the U.S. House of Representatives, has added more to the national debt than the first 57 House speakers combined.
The $4.997-trillion increase in the national debt since she took the gavel is more debt than the federal government amassed from the speakership of Rep. Frederick Muhlenberg of Pennsylvania, who became the first speaker of the House on April 1, 1789, to the start of the speakership of Rep. Newt Gingrich of Georgia, the 58th speaker, who took up the gavel on Jan. 4, 1995.
The national debt first topped $5 trillion on Feb. 23, 1996, more than a year into Gingrichs speakership.
Gingrich served as speaker in the 104th and 105th Congresses, officially taking the office on Jan. 4, 1995 and leaving office on Jan. 3, 1999. During that period, according to the Treasury Department, the national debt increased $812.4 billion dollars ($812,423,595,162.98), rising from $4.8 trillion ($4,801,793,426,032.89) to $5.6 trillion ($5,614,217,021,195.87).
Rep. Dennis Hastert (R-Ill.), the 59th speaker, who presided over the 106th, 107th, 108th and 109th Congresses (serving as speaker from Jan. 6, 1999 to Jan. 3, 2007), enjoys the distinction of having increased the debt more than any other speaker except Pelosi. During Hasterts time, the national debt increased $3.1 trillion ($3,061,785,703,851.74).
Thus far (the 111th Congress will not be done until the end of the year), Pelosi has increased the debt by an average of $2.5 trillion for each Congress she has led as speaker. Hastert increased the debt by an average of about $785 billion per Congress, while Gingrich increased the debt by an average of $406 billion per Congress.
Under the U.S. Constitution, the federal government cannot spend any money that has not been approved by congressional appropriations; and, by congressional precedent, appropriations bills originate in the House.
"No money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law," says Article 1, Section 9, Clause 7 of the Constitution.
By precedent, appropriations originate in the House, with the Senate following suit, says the House Rules Committee in an explanation of the appropriations process.
Annual federal expenditures have increased by about $730 billion in the Pelosi era, while annual deficits have increased almost 8 fold. In fiscal 2007, when Pelosi became speaker, the federal government spent $2.73 trillion and ran an annual deficit of $162.8 billion, according to the Treasury Department. In fiscal 2009, the federal government spent $3.52 trillion and ran an annual deficit of $1.4157 trillion. In fiscal 2010, the federal government spent $3.46 trillion and ran an annual deficit of $1.2941 trillion.
The 2010 deficit was equal to 8.9 percent of gross domestic product (GDP), CBO estimates, down from 10.0 percent in 2009 (based on the most current estimate of GDP), the Congressional Budget Office said in its October Monthly Budget Review. The 2010 deficit was the second-highest shortfalland 2009 the highestsince 1945, relative to the size of the economy.
Due to the fact that DemoncRATs are responsible for not allowing the absentee military to vote perhaps they should march on Washington's Holder headquarters!
Well, she was right.
This is the good, old fashioned type of deficit spending.............
What a shock. Of course, the reason she could make that claim was because the press never holds the Dems to account for anything. A truly adversarial press would have laughed her off the stage if she made that claim but the press knew that for Dems to win, she had to look good on fiscal responsibility so they dutifully reported it as if it were a credible claim. 4 years and $5 trillion in debt later, the press will forget the claim rather than hold her to account for it.
Pelosi lied, taxpayers cried!
nutty nancy blames it all on lost tax revenue due to the Bush tax cuts for the rich - and the press dutifully reports this
If the rich would have paid $5 trillion more in taxes, we wouldn’t be in this ditch sipping slurpees
All that debt is certainly making Wall Street very happy. Watch what happens today - they just got a hint this weekend that the Fed is about to create as much as $4 trillion more. Down went the dollar - and up will go stocks .
Yet somehow all this QE will not lead to inflation according to the giant brains in DC and on Wall Street.
That would be a good line to use in an ad for Pelosi’s challenger.. in Mexifornia..
I know.... it’s fascinating how the HFT computers all act in short-term concert and perfectly disregard any long-term issues which they are not programmed to foresee. Human traders are acting in much the same fashion, because there’s no long money left and fundamentals are virtually meaningless in this environment, where bankrupt banks and overvalued tech stocks are the dominant issues.
Somehow, they don’t seem to count rising commodity prices as “inflation” - even while the price of everything made from those commodities is increasing weekly.
Computerized trading should be illegal.
I saw a show the other night, I forget what cable channel, where they showed that there are these huge super computer trading companies, connected directly, some within a few feet, of the market’s computers. They are programmed to scan the entire stock lists and make trades based on a few milliseconds data, “buy” huge blocks of stock and then “sell” them a few microseconds later at a profit. A human being stands little or no chance of actually “beating” the market to make a profit when it’s lifetime of stock “ownership” is measured in time on the microscopic scale......
Now: what happens when all the players are machines and they are all programmed to respond in precise mathematical ways to environmental variables such that their behavior conforms to predictable waves which graph along with virtually no standard deviation - until a rogue wave input comes along? A sudden spike appears - a "flash crash" or "flash boom" in a given issue - and this is exactly what has started to occur on a daily basis, forcing a cancellation of trades. But no one really cares because the market is rewarding companies indiscriminately right now, not based on fundamentals but on "hot money" and cold processes.
What I fear specifically is: one of these days, an external event (the dreaded "black swan") is going to create simultaneous waves of anomalous executions that will quickly synchronize into a monster wave of Biblical proportions - and none of us have the faintest idea how to build an ark.
Then we will need Moses to part the sea.......... again................