National Journal put together a cool graphic a few months ago, illustrating the history of debt ceiling increases. It's not a new thing in Washington. Congress has raised the debt limit 10 times in the past 10 years. What is new, as Lawrence brought up again in last night's rolling coverage, is the fierce debate to raise it.
NationalJournal.com
Data Source: Congressional Research Service and news reports
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Notice where it is now. There is a big old grizzily bear on top of that box and he's about to bite our heads off. The Democrat Senate took over in 2006. Since they didn't have control of congress they were unable to raise it much until the Democrats took over Congress in 2007 and along with the Senate it went up, up, and away. Does anyone see a pattern here? Just remember the sky's the limit. I think I see blue, do you? Back in 2000 our GNP could handle the payments, but in 2011 we can't even handle the interest on the payments with the cost at 98% of our GNP. We have to borrow money just to pay the interest and it's not getting any better. Sorry kids, we have to reduce your allowance or there will not be any money to give your little sister an allowance before long.
And was the sky the limit when reagan, bush and bush jr. raised it all those times? Now all of the sudden you so called 'conservatives' have all become fiscally responsible. Where was your 'outrage' back then?
You are correct. The graph shows one level of increase from 1996 - 2006 and a much steeper increase from 2007 - 2010. What is the common thread? Who controlled congress, after all the congress holds the control spending.
@John in Texas It's people like you that allow this country to be pushed to the brink. You're beyond ignorant. All you morons repeat the same bumper sticker slogan. "Well Reagan did it too." Let's examine this. Reagan proposed a balanced budget every year of his Presidency and it was rejected by the Democrat Congress every time. They would call his budgets "DOA" proudly and theatrically on television before they even saw them. Reagan also supported a balanced budget amendment. That amendment was blocked by the Democrat Congress, as it is being blocked now. If it were up to Reagan, there wouldn't have been an increase in the debt ceiling. That was the work of the Democrats. And beyond that, the debt ceiling was raised a total of 1.5 trillion dollars, in 18 separate acts of Congress during the Reagan Presidency. Obama is asking for almost double that amount in one act of Congress. Our current debt is more than SEVEN TIMES what it was when the debt ceiling was raised under Reagan and increasing at an insane pace. Do you not see the difference between then and now? And finally, since you want to bring up history, why is it that Obama voted against raising the debt ceiling 6 trillion dollars ago but now, for him, the sky is the limit?
"Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility – two things that set us apart from much of the world." - Ronald Reagan
This is Reagan in support of raising the debt ceiling back in his day. So much for your history lesson, Antonio in Chicago.
The "conservatives" are at it again...any stand to make President Obama look bad. Earlier incarnations of the negative stand against any progress include...challenges to President Obama's American citizenship (birth-ers), forcing the president to abandon the "public option," others and now this. These so-called "conservatives" have (again) proven that they are anti-President Obama at the expense of our nation's welfare. Hopefully, those who voted for these nay-saying ideologues will be able to see through their real agenda and not make the same mistake when voting in the future. The welfare of our country and its majority are at stake.
Yes it was, but we were looking at the sky from the ground. Now we're looking down at the sky from above. It's kind of like when you have 30 days to make a payment and now you have to make that payment and the next one, too. Nothing against conservatives or liberals. There comes a time when lack of common sense has to stop and somebody has to face the piper. I blame both conservatives and liberals for allowing us to get into this shape.
Search Youtube for Elaborate Welfare Housing Project.
Sorry, the Youtube "Elaborate Welfare Housing Project" is HUD. It is misleading as to facts. We all have to do our research. Guilty.
Are any of our politian's honest...I don't think so!!! Here's a past quote from our President:
"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that "the buck stops here." Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better".
-- Senator Barack H. Obama, March 2006
Why is it all politians have the good of the American people in the forefront, but as soon as they become President they throw the American people to the side. Raising the debt ceiling has always been wrong and I hope there are a few good people left in Congress to stop it here and now!!!
As for the cuts...why do the American have to carry the burden. Why don't the members of Congress take a cut and stop all of the benefits they get. Everyone talks so smart about how hard it is on the American people. As far as I'm concerned it's our government that takes the most from us all and gives the least. All they do is bicker and point fingers at one another. I say fire them all and let's start fresh. Revamp the whole system with term limits. Maybe then we would get people that really care about America and not just people who are concerned about getting votes. STAND UP AMERICA!!!
The president would repeat that today. It's not about wanting to raise the debt ceiling, it's about the necessity to do it. It is absolutely a failure of leadership to have to keep borrowing and raising the limit, but one can't blame the president for that. It's the fault of the "leaders" who pay the bills; those who have chosen to cut Steve Jobs' and Walmart's taxes, and those who have decided that it's a smart thing to spend millions a month on a war that has done nothing to benefit our country.
We could argue that congress could take a cut, and that could surely help a little bit. But what we really need is to bring in more revenue and cut the waste elsewhere. Maybe congressional pay should be linked to their performance. There's an idea. But guess who controls that: congress!
The government is being run by a team of incompetent losers, and despite what we think, there's nothing we can do about it. They are all the same, regardless of party. In my opinion, political parties are pure BS. What we need is a team of thinkers with some common sense.
Gee, unless I'm really missing something here, this graph shows that during the Bush years, the national debt doubled. To put it another way, in eight years, the debt rose by an amount equal to the debt racked up in the preceding 200+ years! And, oh, BTW, during these eight years Bush had a veto pen and the Senate Repubs filibustered any and everything they didn't like.
But wait, it was the Dems fault - yeah, that's it!
This is a very misleading document.
It starts with the ONLY time in history since the 60's when it wasn't increased. Pull back the graph since the 70's and you'll see a much more unbiased graph.
When it was raised in December 2009 did it ruin Christmas as the White House claims another debate would do now? The simple fact is had Obama kept his campaign promise to cut the deficit in half we would not be having this conversation. The deficit in 2008 was 680 billion dollars and the past 3 years it has been between 1.4 and 1.6 trillion.
Did the debt limit increase in December 2009 ruin Christmas as the White House claims another debate would do now? the simple fact is had Obama kept his campaign promise and cut the deficit in half from 680 billion (from 2008) we would not be having this problem. But instead he has more than doubled it for each of the past 3 years.
the fact is that we fought 2 unfunded wars, cut revenue while fighting 2 wars, then massive layoffs further cut revenue, they use to say the poor and middle class sent their sons and daughters to die for their country and the rich paid for the cost of the war.......not this time.......
@yossarion:
Great point, this graph is informative, but i'd like to see a graph going back to 1920, even better would be a graph adjusted for inflation. Anyone know where i can find one?
@Antonio in Chicago:
John's comments were regarding george and george jr., not Regan. Would you care to share your comments regarding John's message?