Posted on 08/01/2011 10:01:24 AM PDT by Sopater
The bill to increase the federal debt limit that has been put before Congress today would increase that limit by up to $2.4 trillion, which would be the largest increase in the debt limit in U.S. history by a margin of half a trillion dollars, according to records published by the Government Accountability Office and the Congressional Research Service.
In fact, according to records published by the Congressional Research Service, if the current bill is passed and the debt limit is increased by $2.4 trillion, the two largest debt-limit increases in U.S. history would come in back-to-back years, both during the presidency of Barack Obama.
Up until now, the largest increase in the debt limit was the $1.9 trillion increase passed by Congress and signed by President Obama on Feb. 12, 2010. That law increased the debt limit from $12.394 trillion to $14.294 trillion.
Up until now, the second largest historical increase in the debt limit was enacted on March 27, 2003, when President George W. Bush signed a law the lifted the limit by $984 billion—from $6.400 trillion to $7.384 trillion.
The third largest historical increase in the debt limit was enacted on Nov. 5, 1990, when the senior President George Bush signed a law that lifted the limit by $915 billion—from $3.230 trillion to $4.145 trillion.
Prior to Sept. 28, 1987, Congress did not have the legal authority to run a national debt of $2.4 trillion—let alone increase the debt limit by that amount. On that date, President Reagan signed a law lifting the debt limit by $448 billion—from $2.352 trillion to $2.8 trillion.
The total debt of the federal government did not hit $2.4 trillion until November 1987, according to the U.S. Treasury Department. According to Treasury’s Monthly Statements of the Public Debt, the national debt equaled $2.3848 trillion at the end of October 1987 and $2.409572 trillion by the end of November 1987.
“$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History”
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Why call it a “limit”, when the collectivists on both sides of the aisle, laugh at the very idea of fiscal responsibility.
And undoubtedly the last, because no one will buy Treasuries after this - whether the debt ceiling is increased or not.
Our finances are now Greek.
The list, ping
Let me know if you would like to be on or off the ping list
What a horrible deal, giving Obama 2012 election cover, in return for ALMOST NOTHING....
The pressure being exerted on Boehner by the mostly-gay DC media must be enormous. Too bad he isn’t listening to the rest of us OUTSIDE the beltway.
You know he’s sobbing to himself “But this is the WAY things work in DC! You don’t understand!”
"No people in history have ever survived who thought they could protect their freedom by making themselves inoffensive to their enemies."-- Dean Acheson
"Appeasers believe that if you keep on throwing steaks to a tiger, the tiger will become a vegetarian."
-- Heywood Broun
New tagline ...
$2.4 Trillion debt limit increase
Cuts to defense spending
Tax hikes are on the table for the next round of negotiations
What exactly is in this, that a republican would like?
Nothing could make it more clear that we are lead by self centered cowards in the Republican party. They would much rather surrender to barry than fight to clearly show he had no plan except raise taxes and cut the standard of living of the middle class. Instead we get this tax increase commission and fairy tale cuts cluster. Boehner even wrapped it up in a nice 2012 campaign gift box for barry. What a disgrace.
“What exactly is in this, that a republican would like?”
Exactly. Now watch Boehner and Reid/McConnell quickly ram this through obamacare style before people realize what a disgrace the bill is.
Any fool should know that when a lawyer sits across the table from you and says “you really should take this deal because if you don’t, the consequences will be much worse”, you should kindly respond “STFU and leave me alone, I’ll take my chances”.
Why not just generate a bill and make the debt ceiling the infinity sign, since there is no debt ceiling and it is all just a game of BS?
Tax & Spend. Thank God for the Tea Party because the Democrats and Republicans want to do nothing but Tax & Spend. As has ben said in many ways at many times during this sham of a “debate”, if it weren’t for the Tea Party members of Congress this would have been swept under the rug weeks ago.
This is spending money for the unions. This is the final straw in America. The (R)s that go along with Boner are NO different than the (D)s.
Boehner has got to go. He is a Disaster to the Republican party.
Boehner has got to go. He is a Disaster to the Republican party.
Boehner has got to go. He is a Disaster to the Republican party.
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