Green Energy
CNSNews:
$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History
Monday, August 01, 2011
By Terence P. Jeffrey
(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 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.
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Green Energy
CNSNews:
$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History
Monday, August 01, 2011
By Terence P. Jeffrey
(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 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.
- "how Would You Feel If You Knew That Almost All Of The Money You Pay In Personal Income Tax Went To Pay Just One Bill, The Interest On The Debt?”
CNBC TodayChances are, you and millions of Americans would find that completely unacceptable and indeed they should.But that is where we may be heading.Thanks to the Fed, the interest rate paid on our national debt is at an historic low of 2.4 percent,...
- In Which Timothy Geithner Speaks To Our Real Power
Geithner: We Should Eliminate the Debt CeilingTreasury Secretary Timothy Geithner says he believes the U.S. debt ceiling should be eliminated in a new interview with Bloomberg’s Al Hunt.“Do you agree with Alan Greenspan that we ought to just eliminate...
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Despite everything, it’s the USA, the american people as expressed by US Treasury NotesForeign holdings of US debt hit record highForeign holdings of US debt hit record high; China ups holdings after 2 declinesForeign demand for U.S. Treasury...
- The Obama Presidency By The Numbers
With a hat tip to Rational Nation USA: Fact check (dated October 5, 2011):The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total...
- China Has Divested 97 Percent Of Its Holdings In U.s. Treasury Bills
From CNS: China has dropped 97 percent of its holdings in U.S. Treasury bills, decreasing its ownership of the short-term U.S. government securities from a peak of $210.4 billion in May 2009 to $5.69 billion in March 2011, the most recent month...