Congress is preparing to raise the statutory limit on the national debt again, for the third year in a row. The authorization will likely be embedded in the defense appropriations bill currently in play, so we probably won’t hear much about it on the front page. For example, the Washington Post’s article on the appropriations bill contained one sentence at the end: “Tuesday’s major controversy occurred when House Republicans used a partyline vote to add language that would let Congress raise the government’s borrowing limit later this year.”
When the House-Senate final appropriations bill appears, the likelihood is high that specific limits will be sidestepped, in favor of general authorization. The text added by House Republicans seems innocuous: “The United States government shall take all steps necessary to guarantee the full faith and credit of the government.” However innocuous it seems, the debt ceiling will have to be raised, because the government was only $232 billion away from the current $7.384 trillion dollar cap as of May 31st. The administration would naturally like to delay authorization as long as possible, hopefully until the November elections.
The proposed budget envisions raising the ceiling by another $690 billion, which would follow 2003′s debt ceiling increase of $984 billion, and another $450 billion in 2002.
Prior to 2002, the debt ceiling was last altered in 1997, given four years of budget surpluses under President Clinton. In fact, Clinton’s administration proved twice as fiscally conservative (as measured by increases in the national debt). On Jan. 20, 1993 when Clinton took office, the national debt stood at $4.188 trillion, and $5.727 trillion on 1/20/2001 at end of two terms. In 3.5 years of George W. Bush’s administration, the debt has risen from $5.727 trillion to $7.218 trillion.
Thus, the debt was raised $1.539 trillion over 8 years of Democratic leadership, an average of $192 billion per year. In only 3.5 years in office, George W. Bush, the debt has risen $1.491 trillion, an average of $426 billion per year. Debt is accumulating 2.2 times faster under Bush than under Clinton. Naturally, two wars have a strong effect, but the single largest factor in spiraling debt are budget deficits due to unwise tax cuts.
At the current rate of growth, the national debt would hit $10 trillion by the end of 2010.
So much for Republicans being the party of fiscal conservatism.
Comments
Right to Point — Kidd Holds Key
dozen people and three TV cameras around him, and if there was a sign that he was alarmed by his team’s predicament, he wasn’t showing
Vintage US cars keep chugging in Cuba but face threat
- “All aboard for Capitolio, via Linea!” cries a jitney cab driver looking to fill his shiny black 1947 Chevrolet Fleetmaster.
India – Aligarh under communal siege
Aligarh is passing through the fire of communal violence. It may be a temporary
Nets’ Krstic Knows Now Isn’t Time to Rest
their first-round series Sunday against Indiana, and this is not going to be like last season, when all he did was play
Nigeria’s Deadly Days
last week of a vandalized Nigerian oil pipeline points to a greater tragedy. In a Special Report, Time investigates
In Drug Design, A Loose Fit May Be Best Bet
the real thing at activating the target receptor, says a new study conducted in part by researchers at the National Institute of Diabetes and Digestive
Axesstel wins fixed wireless handset order from Movistar
equipment designer Axesstel has won an order for its PG210 GSM fixed wir…
Dozens Arrested in Lunchtime Battle Between New Orleans and Houston Students
to be identified, told KPRC Local 2.
Related:
FBI Warns Houston: New Orleans Gangs Could Spark Crime Wave
Yahoo! Video to Compete with YouTube & Google
the new features which include; New user interface to search and browse by new, featured, popular, category and more.
Brier flourishes in Austria
Brier delighted his many friends in a sizeable gallery in his home event on Thursday by first holing in one at Fontana club and
Mourning’s Career Finally on a Title Track
folded, emitting that undeniable feeling of satisfaction. He finally made
Thunderbird wins Technology and Business Magazine Editor’s Choice
Thunderbird was their top choice in the end. Excellent work Thunderbird team!
Courtside Countdown – Top Dunks of 2005-06
out the top 10 dunks and vote for your favorite in NBA.com’s Courtside Countdown.
I agree with you the way you view the issue. I remember Jack London once said everything positive has a negative side; everything negative has positive side. It is also interesting to see different viewpoints & learn useful things in the discussion.
Debt: “How To Get Out Of Debt By: John Mussi ”
Debt: “Eliminating Credit Card Debt By: Alan Barnes ”
Debt: “We all know about debt. If you don’t have too much as an individual you can increase the quality of your life,”