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Reid-Boehner Deal - $2.4 Trillion Largest Debt-Limit Increase in U.S. History
Cybercast News Service ^ | August 01, 2011 | Terence P. Jeffrey

Posted on 08/01/2011 11:15:05 AM PDT by GreatJoeMcCarthy

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 that 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, the Treasury 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.


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: boehner; broke; bushes; crs; debt; ever; gao; increase; largest; limit; reid; spending; trillions
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1 posted on 08/01/2011 11:15:08 AM PDT by GreatJoeMcCarthy
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To: GreatJoeMcCarthy
And all we get are promises that the rate of indebtedness will be reduced over 10 years. By future Congresses that wll be passing laws they think necessary??

Meantime, the tax increases in Obamacare will continue on schedule. The 'Bush' tax cuts ($4Tril) are at risk. and, the baby boomers will be starting to collect on SS and medicare.

We got screwed!!!

2 posted on 08/01/2011 11:27:42 AM PDT by CharlyFord (t)
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To: GreatJoeMcCarthy

And I was attacked for saying Boner was selling us out.


3 posted on 08/01/2011 11:28:18 AM PDT by cableguymn
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To: CharlyFord

What’s to say any new debt bill would be adhered to any way?

“Congressional Budget and Impoundment Control Act” of 1974
“Balanced Budget and Emergency Deficit Control Act” of 1985
“Budget Enforcement Act” of 1990
“Balanced Budget Act” of 1997.
“Restoring Fiscal Discipline Act” of 2007  
Yep, just one more bill  ought to do it.

Why not just call whatever they pass The “Kick the Can Down the Road Bamboozlement Act ”  of 2011 ?


4 posted on 08/01/2011 11:28:18 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: GreatJoeMcCarthy

outrage!


5 posted on 08/01/2011 11:34:36 AM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: GreatJoeMcCarthy

Charlie Brown Boehner kicks and misses...nice try bonehead, take the bench weeper


6 posted on 08/01/2011 11:35:11 AM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: GreatJoeMcCarthy

I just don’t understand why the Republicans want to put their name on this monstrosity. Such cowards.


7 posted on 08/01/2011 11:36:03 AM PDT by jersey117
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To: jersey117
I just don’t understand why the Republicans want to put their name on this monstrosity. Such cowards.

Because they are bought & paid for hacks.

8 posted on 08/01/2011 11:38:37 AM PDT by newfrpr04 (Don)
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To: jersey117

This whole fiasco has exposed the beltway Republicans for who they are.


9 posted on 08/01/2011 11:39:27 AM PDT by doc
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To: GreatJoeMcCarthy

This is high treason.


10 posted on 08/01/2011 11:42:38 AM PDT by Psycho_Bunny (Public employee unions are the barbarian hordes of our time.)
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To: Doogle

The only hope is that TEA partiers will hold out. But either way, the “O” just got amnesty.


11 posted on 08/01/2011 11:43:25 AM PDT by Pecos (Constitutionalist. Liberty and Honor will not die on my watch.)
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To: GreatJoeMcCarthy

Of course it’s the largest debt limit increase in U.S. history, it’s the largest debt in U.S. history.


12 posted on 08/01/2011 11:43:52 AM PDT by political1 (Love your neighbors)
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To: CharlyFord
The 'Bush' tax cuts ($4Tril) are at risk

The Bush tax cuts are no more at risk than they ever were.

13 posted on 08/01/2011 11:45:41 AM PDT by what's up
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To: GreatJoeMcCarthy
Largest Debt-Limit Increase in U.S. History


14 posted on 08/01/2011 11:48:35 AM PDT by RC one (DO NOT RAISE THE DEBT LIMIT!)
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To: cableguymn
You were attack, just remember rinos have terrible vision, and a tendency to drink kook-aide. Just step aside at the last minute and kick them in the ass as they run by.
15 posted on 08/01/2011 11:50:14 AM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: GreatJoeMcCarthy
Jesse Jackson Jr. supposedly is voting no...on this bill.

ROFLOL!!!

16 posted on 08/01/2011 11:50:43 AM PDT by Osage Orange (HE HATE ME)
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To: GreatJoeMcCarthy
Reid-Boehner Deal - $2.4 Trillion Largest Debt-Limit Increase in U.S. History

How long will it take the 0bama regime to run up against this limit?

Take Back AMERICA!
FUBO GTFO 2012 !

17 posted on 08/01/2011 11:51:38 AM PDT by The Sons of Liberty (Psalm 109:8 Let his days be few and let another take his office. - Mene, Mene, Tekel, Upharsin)
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To: The Sons of Liberty

It should get him just past nov next year.


18 posted on 08/01/2011 12:04:50 PM PDT by cableguymn
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To: GreatJoeMcCarthy; PM; doc; Doogle; Cableguy

It’s even worse than you thought! I received an e-mail from Gun Owners of America saying that this new “super congress” committee will have extensive, unchecked powers over far more than the budget and debt. GOA claims that this committee could push through drastic gun control measures, including ones blessed by the UN, and the rest of Congress would not be able to stop them.

This is NOT the government our founders gave us. This is monstrous and unconstitutional. GOA urges everyone to contact their senators and reps now.


19 posted on 08/01/2011 12:10:42 PM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Pining_4_TX

“super congress” = super czars.


20 posted on 08/01/2011 12:19:08 PM PDT by sanjuanbob (Festina Lente)
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