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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

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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To: WOBBLY BOB
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 ?


You forgot "Medicare, Medicaid, and SCHIP Balanced Budget Refinement Act of 1999"

Let's shorten the title to "Kick The Can" Act. It's easier to type and use.

"The only thing that keeps Congress from being more corrupt than it is, is the fact that most of the Congressional hacks are inept bunglers." - - - Mark Twain

Mark Twain was way ahead of his time.

21 posted on 08/01/2011 12:24:34 PM PDT by CharlyFord (t)
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To: sanjuanbob
“super congress” = super czars.

bingo
22 posted on 08/01/2011 12:26:07 PM PDT by novemberslady
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To: GreatJoeMcCarthy

ping


23 posted on 08/01/2011 12:26:55 PM PDT by Wuli
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To: CharlyFord

thanks. I will add it to the list. I forgot to add “emergency” spending bills,too.


24 posted on 08/01/2011 12:40:00 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: cableguymn

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

Not by me.

What happened to the two step process that Tammy Faye was pushing last week? Remember how essential he thought it was. $1.1 trillion now with dollar for dollar spending cuts. Blah, blah, blah. Now all of a sudden Barcky gets the full $2.8 trillion and no immediated spending cuts which means no spending cuts. And now we have gone from the Gang of Six to the Gang of Twelve. Government by committee. Why bother to even have the rest of the House of Representatives? They now exist to rubber stamp the Gang of twelve.

Any thinking person should just be tweaking their list of survival food because when this thing unravels and its going to happen fairly soon its going to be unpleasant.


25 posted on 08/01/2011 12:55:37 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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It’s being reported that Boehner needs Democrat votes to pass the bill.

Boehner’s a piece of work.


26 posted on 08/01/2011 12:58:44 PM PDT by Gene Eric (May our dreams converge for a free and prosperous nation.)
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To: GreatJoeMcCarthy

0bama’s WTF moment - Wringing the future.


27 posted on 08/01/2011 12:59:24 PM PDT by Only1choice____Freedom (FDR had the New Deal. President 0bama has the Raw Deal.)
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The bar chart presented below is created directly from the U. S. Treasury Department's Monthly Treasury Statement (MTS). MTS is published annually in October. It contains total "actuals" for the FY just ended in September; the chart presented are "Actuals" for FY2010. Normally the chart also shows the proposed budget line for the next fiscal year, but there was no budget for FY2011.

Recall: as part of the War Supplement Bill, Congress "deemed" the Budget - completely discarding the Presidential Budget Proposal - and no official budget was passed by Congress for FY 2011; instead a series of "continuing resolutions" allowed Congress to continue spending without the guidelines of a budget.

http://cboblog.cbo.gov/?p=1249

The above link is a CBO blog link to the CBO Director's posting Federal Debt and the Risk of a Financial Crisis (posted 10 Jul 27 5:26 pm (filed under Budget Projections, Long-Term Budgetary Issues, Macroeconomic Analysis).

A large grain of sand in the eye is the huge increase in expenditure for the Department of Labor FY2010; and the Department of Education spent virtually double in 2010 what it did in the previous year. Obviously these budget increases have resulted in tangible benefits for everybody involved. Right?

Just for clarification: "entitlement" expenditures are spread out over several agencies, not just Health and Human Services. Agriculture Department administers "food stamps", HUD is all welfare.

I'm the terrorist to think: budget increases ... labor unions, teacher's unions ... just thinking ... (as terrorists are want to do). The current Democrap mantra would seem to be: "tax [only] the rich to make up the deficit". Facts get on one's eye every freakin' time you blow that crap around though.

The total worth of all American billionaires is $1.3 Trillion. We could take ALL their worth, not just high taxes, but outright take ALL their WORTH; and it wouldn't dent our national debt. It wouldn't even pay this year deficit! And if we did take their money to pay some of this year's deficit, what would we do next year?

Next year the bill comes due (and the story of the diners trying to figure out the bill comes to play after slaughtering their benefactor).

Fed_budget_2010

SOURCE: http://www.federalbudget.com/

The Republic CAN survive Obama. The Republic can NOT survive the idiots that deem him suitable to hold office.

28 posted on 08/01/2011 10:26:36 PM PDT by raygun (http://bastiat.org/en/the_law DOT html)
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To: Gene Eric
Nope.

He had everything he needed; he read directly from Pelosi's playbook.

The hastily written 74-page bill — never reviewed by a legislative committee and rushed to the floor — cleared the House on a 269-161 vote late Monday, with 95 Democrats joining 174 Republicans in support.

One must pass the bill to find out what's in it.

29 posted on 08/01/2011 11:03:37 PM PDT by raygun (http://bastiat.org/en/the_law DOT html)
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To: raygun

Agreed.

Absolutely shameful.


30 posted on 08/01/2011 11:06:04 PM PDT by Gene Eric (May our dreams converge for a free and prosperous nation.)
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