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Title: Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’
Source:
CNS News
URL Source: http://www.cnsnews.com/news/article ... ncreased-5-trillion-speaker-pe
Published: Oct 26, 2010
Author: Terence P Jeffrey
Post Date: 2010-10-26 10:17:26 by Badeye
Keywords: None
Views: 11677
Comments: 16
Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’ Monday, October 25, 2010 By Terence P. Jeffrey House Speaker Nancy Pelosi holds one of the pens used by President Barack Obama to sign the health care bill, Tuesday, March 23, 2010, in the East Room of the White House in Washington. (AP Photo/J. Scott Applewhite) (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 speaker’s 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, Pelosi’s 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 Gingrich’s 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 Hastert’s 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 shortfall—and 2009 the highest—since 1945, relative to the size of the economy.”
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#1. To: Badeye (#0)
Try $13 trillion. The saga of Pittman’s request shows that the promise of transparency has its limits when it comes to the government’s intervention in the financial industry, which at its peak reached $12.8 trillion in commitments. Really over $25 Trillion, but who's counting really.
But the retirement age is not really the issue at all. This is about union busting and "putting people in their place." It's about "who will call-the-shots" and in whose interests will society be run. The French are fighting back against this oligarchy of racketeers and the ripoff system they represent, while, namby-pamby Americans are placated by signing their umpteenth petition or venting their spleen at a Palin rally. Vive la France. Vive la Résistance. By Mike Whitney
It's Class War and your class is losing: * U.S. ranks 49th in life expectancy * U.S. less healthy than nations with universal healthcare By Maggie Fox, Health and Science Editor WASHINGTON, Oct 7 (Reuters) - Americans die sooner than citizens of a dozen other developed nations and the usual suspects -- obesity, traffic accidents and a high murder rate -- are not to blame, researchers reported on Thursday.
Fucking serfs. Suck it up 8D: ""In 1950, the United States was fifth among the leading industrialized nations with respect to female life expectancy at birth, surpassed only by Sweden, Norway, Australia, and the Netherlands," they wrote. At last count, the United States was 46th in female life expectancy; 49th for both sexes. (Editing by Eric Walsh" -reuters
"And it goes much further... to the very top of the US ruling oligarchy in fact. Which is why, as we have claimed from day one, nothing less than a complete reset of the entire kleptocratic system can give any hope for a fresh start. The general public is starting to finally realize this, unfortunately with the dawning realization comes anger, and with anger comes aggression. And from there, broad civil "discontent" is merely a thin white line away. Which is why, we again reiterate our belief, now that America has completely missed its chance for a peaceful resolution, that the reset will have to go first and foremost through the Fed, whose end however will be precipitated by nothing less than an all out social upheaval. We agree with Black's conclusion: "fire Holder, fire Geithner, fire Bernanke, get people in who will enforce the rule of law."
Good one!
Fred do you also believe that our leaders have lizard brains?
Asking a lizard brain such a question is kinda odd, Stone....
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
See tagline:
Boring, nonsensical, irrelevant.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Not after January 3rd, once Boehner takes the gavel ANY deficit spending will be on his watch.
The problem: As Organized Religion aficionados you must have a cut off date on when said religion was established, ie when the Great White Cloud Father whispered into said human intercedor for the rest of you. Evolution, say Self Deception Genes/Bacteria in Gut, cannot and must not be given a role. The reason for the 6000 year cut off and your sweet jesus riding a dinosaur. And of course how you CONTINUE to not understand that your LOWER CORTEX is a "LIZARD TYPE" brain, that has been added to. But you keep on coming and I'll keep on explainin'. LMFAO zioFundies. 8D
Property ownership, duly recorded and registered, is the foundation of this legal system. Anarchy at this point equals anarchy throughout. You sell a property, you transfer the written deed. The legal owner, the piece of paper in hand. This has allowed for the orderly ranking and disposal of any claims on the property. Adjudication is not supposed to get hopelessly entangled right at the outset, in even figuring out who holds the note. But the housing bubble’s fuel was a vast supply of mortgage loans passed along a conveyor belt of entities – lender, sponsor, depositor, trust – while being sliced and diced into tranche layers to then be securitized. Apparently the paperwork and fees and taxes payable at each transfer were too much for the banks to deal with so they simply set up their own extralegal system where any of the shell firms along the way could at any time be what the bank’s computer would call the “owner” (meanwhile the piece of paper often simply disappeared)." http://:attempter.wordpress.com The above only a year old. 8D
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
No you won't, shit-for-brains. You've failed repeatedly to explain the progress in the evacuation of the Gulf Coast, nor have you posted updates on the death toll as a result of Obongo's oil disaster, as requested. You are nothing more than a bullshitting drama queen.
Reminds me of 'Arator' back on LP a few years ago.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#2. To: All (#1)
#3. To: All (#2)
#4. To: All (#3)
#5. To: All (#4)
#6. To: mcgowanjm (#2)
The French are fighting back against this oligarchy of racketeers and the ripoff system they represent, while, namby-pamby Americans are placated by signing their umpteenth petition or venting their spleen at a Palin rally.
#7. To: Fred Mertz (#6)
#8. To: A K A Stone (#7)
#9. To: Badeye (#0)
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#10. To: go65 (#9)
#11. To: Badeye (#10)
Boring, nonsensical, irrelevant.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#12. To: Badeye, A K A Stone, Fred Mertz, All (#8)
Fred do you also believe that our leaders have lizard brains?
#13. To: All (#12)
#14. To: go65 (#11)
Boring, nonsensical, irrelevant.
#15. To: mcgowanjm, Badeye, A K A Stone, Fred Mertz, All (#12)
But you keep on coming and I'll keep on explainin'.
#16. To: Ibluafartsky (#15)
You are nothing more than a bullshitting drama queen.
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