Largest Debt-Limit Increase In U.S. History…

[SrWoodchuck]

http://weaselzippers.us/:

 

 

(CNS News) — 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.

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Comments from WeazelZippers:

 

Rocketman says:

 

(August 1, 2011 at 12:26 pm) - A trillion here a trillion there, pretty soon you are talking real money. Hey, its hyper inflated money anyway, by the time its all spent it will be worth like 40 dollars in 2011 terms… Next up, a loaf of breads for $12.00!

 

 

brain trust says:

 

(August 1, 2011 at 12:35 pm)- Even if the 1 trillion dollars in cuts over 10 years materialize, they are running 1.6 trillion dollar deficit alone this year. We are so screwed! We need to remember what the last 300 billion dollars in cuts amounted to, like a few hundred million.

 

 

ohio says:

 

(August 1, 2011 at 12:35 pm) - Google Weimar Republic

 

 

Barry Soetoro (D-King Of The World!) says:

 

(August 1, 2011 at 12:47 pm) - To do otherwise would clearly be racist…OsamaHusseinIslamObama 2012′ (WTF)

(the terrorist-Uighur-ACORN-media choice) -It’s never too early to campaign-

 

 

 

 

 

[SrWoodchuck]

My [printable] comment would be:

 

"When the engine of our nation's economy is already sputtering & out of gas because our president & legislators have not only not taken time to fill 'er up......they believe they don't ever need to, and they're planning a cross-country trip, using a credit card that they will never have to pay!"

[saveliberty]

Stephen Moore responds to questions about his reaction to the budget deal.

[saveliberty]

WSJ

Fine! Call My Bluff!

Obama maximizes his losses by going all in on a weak hand.

 

 

By JAMES TARANTO

 

Remember a few weeks ago when President Obama reportedly said to House Majority Leader Eric Cantor: "Eric, don't call my bluff"? Lots of commentators said that this was a "tell"--that by referring to "my bluff," Obama was admitting he was bluffing.

 

Actually, his play was even worse than that. A bluff is a pretense. The bluffer knows he has a weak hand but bets as if he has a strong one in order to induce his opponents to fold. Obama had a weak hand but thought he had a strong one. His next words to Cantor, according to Politico, were a vow to "take his case 'to the American people.' " He actually believed--for all we know, he still believes--all that World's Greatest Orator nonsense.

 

 

^{Obama's hand wasn't even this good.}

 

Thus he ended up maximizing his losses. Last weekend congressional leaders appeared to be on the verge of striking a deal, but Obama scuttled their efforts and commandeered the airwaves for a prime-time address. As we predicted, the American people were unmoved.

[Valin]

My [printable] comment would be:

 

"When the engine of our nation's economy is already sputtering & out of gas because our president & legislators have not only not taken time to fill 'er up......they believe they don't ever need to, and they're planning a cross-country trip, using a credit card that they will never have to pay!"

 

 

http://www.youtube.com/watch?v=m-6M_ncPLNg

[SrWoodchuck]

Thanks for the Allen West, Valin! Always appreciated & always a patriot. This expresses my rage & frame of mind, better than I am able to articulate:

 

 

Debt ceiling vote symbolic for patriots

 

The Aug. 2 debt ceiling deadline represents the future of our country but not in the sense that the government and media have portrayed.

 

The American people are watching this crisis play out in Washington but a new undertone is starting to emerge.

 

We are learning that the two political parties are more concerned about placing blame on the other party in order to gain an advantage in the elections next year than taking responsibility for our future. We are learning that political power and control is more important in our government than our future. We are learning that our future and freedom are no longer a concern in most politicians' agendas.

 

The media and both political parties have marginalized Americans who have had the audacity to question the path of our nation. Whether the label is Tea Party or 912, the proper term is patriot and that is what they fear.

 

Patriots are awakening across the country, speaking out and standing up to restore the principles of our nation. We the people were responsible for the Republican victory in the U.S. House of Representatives in 2010. Our vote represented our demands for the return of fiscal responsibility and the Constitution.

 

This is the point that the Obama administration and Congress do not understand: The debt ceiling represents a referendum of all of the patriots' efforts over the past two years. If the debt ceiling is raised, we will be forced to acknowledge that all of our work was in vain. Once we acknowledge that our efforts were checkmated, we will be forced to ask ourselves the same questions as our founding fathers asked.

 

It will be easy to give up our fortunes: We know that the government will redistribute it for votes anyway. It will not be easy to give up our lives until we recognize that the alternative is slavery. This recognition will come once we see the debt ceiling raised but our reaction will be determined by our morality and dedication to natural law. This reaction will be tempered by our sacred honor but the message will be clearly sent to our government. If the debt ceiling is raised, the spirit of Samuel Adams will sweep our country:

 

"If ever the Time should come, when vain and aspiring Men shall possess the highest Seats in Government, our Country will stand in Need of its experienced Patriots to prevent its Ruin."

 

Let us pray that our government recognizes what the debt ceiling crisis really represents to experienced patriots: We will sacrifice our lives, fortune and sacred honor to prevent its ruin. And that is a sacred promise from real Americans who understand what this country represents no matter what label we are given to marginalize us.

 

Randy Dye of Pittsboro is a conservative activist and creator of the blog Randy's Right.

 

Read more: The Herald Sun - Debt ceiling vote symbolic for patriots

[Evad]

In the words of Jack Napier...

"we've been ratted out"

[Pepper]

Evad! SrWoodChuck!

 

What's the problem?

 

(We are going to save over ten billion dollars while running up just 7 to 10 trillion in debt over 10 years.)^sarcasm

 

ObaMao Math Made Fun

 

ObaMao, Reid, Pelosi, and RINOS, the kids with your credit card.

 

Thank you, spineless lizards.

[Pepper]

SrWoodChuck!

 

 

Obama saved the day ! ! ! Only Adult in the Room. Thank goodness for the Keynesian Kenyan

 

 

Stocks respond accordingly