Monday, August 1, 2011

Interesting But Sad Numbers Regarding Debt Ceiling Debate

From CNS News: 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.
http://www.cnsnews.com/news/article/24-trillion-would-be-largest-debt-limit
In a year and a half, President Obama, if the debt ceiling proposal passes, would have raised the debt 2 times for $4.3 trillion dollars. That is an increase of 30% of debt that has been raised y Obama 1 1/2 years. That is insane and immoral. And in 2 more years, they will be asking for more money to raise the debt.
There is no rational reason to pass this bill, especially in times of a recession/depression except to suck taxpayers dry just with interest payments. Right now, The U.S. is spending way more than 10% on interest payments alone in comparison to how much revenue is brought in. I thought the liberals love to pay for caring and compassionate things, like schools, medical care etc. Don't you think the liberals would be happy not to pay so much in interest? Apparently, they don't care.
And the conservatives who support this are not much better. Why would they approve this if they are financial conservatives? Paul Ryan? Maybe he is more interested in his power of the job than what is right.
Joe Heck, you promised when you ran, you would not support bills like this, why would you even consider voting for this bill?
So, I hope the conservatives vote no and if there liberals who don't like this bill for opposite reasons, please vote no. Together, you have bi-partisan support against this horrible debt compromise bill.

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