New Debt Limit – $14.3 Trillion

by Sal on January 28, 2010

in Economy,Politics

The Debt Limit has been raised by Congress to $14.3 trillion dollars.  The Senate voted to raise it $1.9 Trillion on a strictly partisan basis, 60-40 (no wonder they delayed the swearing in of Scott Brown).  The amount that they are raising it is unprecedented in our nation’s history.  Some perspective:

Or, to look at it another way:

  • Total debt ceiling increases under Bush and Republican Congress (6 years):  $3.4 trillion
  • Total debt ceiling increases under Bush and Democrat Congress (2 years):  $2.35 trillion
  • Total debt celiling increases under Obama and Democrat Congress (1 year):  $3. trillion

The Democrats in the last 3 years (under both Bush and Obama) have increased the rate of spending faster than any Congress in history, raising the debt limit by $5.35 trillion (or an average of $1.78 trillion per year) as opposed to the Republicans raising it by $3.4 in six years (or an average of $566 billion a year).  This is insanity, and shows no sign of stopping anytime soon.

When people complain about the GOP being massive spenders, they do have a point that should be well taken.  We should not defend the indefensible.  Yet the evidence shown here illustrates that it is the Democrats who are the real spenders.  Should Bush have done more by vetoing Democrat spending binges?  Of course.  Should the GOP members of Congress been better at controlling the growth of government between 2001 and 2006?  Absolutely.  But now that Obama is in office, the Democrats are spending like drunken sailors.  We can’t let the electorate forget that on election day.

Update: Welcome readers from Patriot Room and Gateway Pundit!

{ 5 trackbacks }

Gateway Pundit
January 28, 2010 at 4:55 pm
Senate votes to increase debt ceiling $1.9 trillion – That’s 15% | Radio Vice Online
January 28, 2010 at 5:11 pm
Just put it on the credit card! « Asheville Tea Party
January 28, 2010 at 5:17 pm
Obama's Blame Bush License Expires as Economic Growth Returns | Axis of Right
January 29, 2010 at 1:52 pm
Dems Want More to Spend
July 30, 2011 at 12:14 am

{ 5 comments… read them below or add one }

Rob in Katy January 28, 2010 at 5:41 pm

I thought Paul Kirk lost the seat as soon as the election was over, how did he vote?


Sal January 28, 2010 at 5:53 pm

The Dems haven’t seated Brown yet. Do you really trust them to follow the law?


kevino January 28, 2010 at 6:38 pm

RE: Debt ceiling of $14.3T

Just a reminder: US 2008 GDP estimate: $14.2T


Sal January 28, 2010 at 6:43 pm

@kevino – And that was before the economy tanked.


JINGOIST January 31, 2010 at 6:52 pm

To Mike, Ryan, and Sal I absolutely LOVE the debt post you put up with the clear stats and all! I have a blog and would like to link to your post and use about a third of the numbers (with attribution, and in context of course). This is part of a Cloward-Piven post that I’m working on. I’ll wait on your “Ya” or Nay”. Thanks again.


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