New Debt Limit – $14.3 Trillion

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:

• In 2001 when Bush took office, the debt was roughly 1/3 of what it is today, at $5.6 trillion.
• In 2006, the Congress voted to raise the debt limit by $784 billion to $9 trillion.
• In 2007, Congress voted to raise the debt limit by $850 billion, to $9.85 trillion.
• In 2008, Congress voted to raise the debt limit by another $800 billion, to $10.6 trillion.
• In late 2008, Congress voted again (as part of TARP) to raise the debt limit by $700 billion, to $11.3 trillion.
• In early 2009, Congress voted to raise the debt ceiling (as part of the Porkulus bill) by $800 billion to $12.1 trillion.
• Just last month in December of 2009, Congress, running out of money, raised the debt ceiling by just under $300 billion, to $12.4 trillion.
• Now, Congress is raising the debt limit by a whopping $1.9 trillion.  That’s more than the last three debt ceiling raises combined.
• The total of debt ceiling increases passed during the first year of the Obama administration now nearly equal to the increases passed in the first six years of Bush’s presidency.

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!

Tagged as: Barack Obama, Debt Ceiling, Debt Limit, Democrat Party, George W. Bush, National Debt