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Corrupt Government
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Title: $2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History (beats previous Obama record)
Source: CNSNews
URL Source: http://www.cnsnews.com/news/article ... on-would-be-largest-debt-limit
Published: Aug 1, 2011
Author: Terence P. Jeffrey
Post Date: 2011-08-01 13:27:58 by Hondo68
Ping List: *The Two Parties ARE the Same*     Subscribe to *The Two Parties ARE the Same*
Keywords: last was $1.9 trillion increas, signed by Obama Feb. 12, 2010, increase limit by $2.4 trillio
Views: 2660
Comments: 2

John Boehner and Harry Reid

House Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.). (AP photo/Charles Dharapak)

(CNSNews.com) - 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.


Poster Comment:

A bipartisan effort to screw every American. Was there ever any doubt they'd agree on that? (1 image)

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#1. To: hondo68 (#0) (Edited)

A bipartisan effort to screw every American.

bi-screwing?

With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.

"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.

Godwinson  posted on  2011-08-01   15:46:33 ET  Reply   Trace   Private Reply  


#2. To: Godwinson (#1)

Capitalism and the America that embraced it as a way of life is now and forever more a failure.

You ever passed an economics class?

Putz.

It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984:

War is peace.
Freedom is slavery.
Ignorance is strength.

They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished.

Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window.

This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots...

THEIR God... is the STATE.

Capitalist Eric  posted on  2011-08-01   17:01:24 ET  Reply   Trace   Private Reply  


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