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.
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!!!
And I was attacked for saying Boner was selling us out.
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 ?
outrage!
Charlie Brown Boehner kicks and misses...nice try bonehead, take the bench weeper
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.
This whole fiasco has exposed the beltway Republicans for who they are.
This is high treason.
The only hope is that TEA partiers will hold out. But either way, the “O” just got amnesty.
Of course it’s the largest debt limit increase in U.S. history, it’s the largest debt in U.S. history.
The Bush tax cuts are no more at risk than they ever were.
ROFLOL!!!
How long will it take the 0bama regime to run up against this limit?
Take Back AMERICA!
FUBO GTFO 2012 !
It should get him just past nov next year.
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.
“super congress” = super czars.
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