Difference between revisions of "Federal Debt Limit"
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The prospect of the Obama administration defaulting on its debt rose greatly when the Democrats insisted on raising taxes to cover for their irresponsible spending habits. Obama refuses to engage in negotiations, similar to a deadbeat who refuses to answer the phone when the creditors are calling. Unfortunately, for the world, Obama's personal irresponsibilty will hurt many honest hard working people who have done nothing wrong. | The prospect of the Obama administration defaulting on its debt rose greatly when the Democrats insisted on raising taxes to cover for their irresponsible spending habits. Obama refuses to engage in negotiations, similar to a deadbeat who refuses to answer the phone when the creditors are calling. Unfortunately, for the world, Obama's personal irresponsibilty will hurt many honest hard working people who have done nothing wrong. | ||
| + | ==References== | ||
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[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 19:39, July 19, 2011
The debt ceiling is the overall limit on federal government borrowing, as authorized by Congress. It is similar to an individual's credit card limit.
According to the Constitution, the Congress must approve all borrowings on behalf of the United States. Before the 20th century, Congress approved all bond issuances separately and explicitly. With the introduction of the debt ceiling, the treasury now had a line on which it could borrow as it needed to without having to go back to Congress for borrowings under the ceiling.
History of Debt Ceiling
| Year | Amount of Debt | Sitting President |
|---|---|---|
| February 2010 | 14.294 trillion | Barack Obama |
| December 2009 | 12.394 trillion | Barack Obama |
| February 2009 | 12.104 trillion | Barack Obama |
| October 2008 | 11.315 trillion | George W. Bush |
| July 2008 | 10.615 trillion | George W. Bush |
| September 2007 | ||
| March 2006 | ||
| November 2004 | ||
| May 2003 | ||
| June 2002 | ||
| August 1997 | ||
| March 1996 | ||
| August 1993 | ||
| April 1993 | ||
| November 1990 | ||
| October 1990 | ||
| November 1989 | ||
| August 1989 | ||
| September 1987 | ||
| August 1987 | ||
| July 1987 | ||
| October 1986 | ||
| August 1986 | ||
| December 1985 | ||
| November 1985 | ||
| October 1984 | ||
| July 1984 | ||
| May 1984 | ||
| November 1983 | ||
| May 1983 | ||
| September 1982 | ||
| June 1982 | ||
| September 1981 | ||
| September 1981 | ||
| February 1981 | ||
| December 1980 | ||
| September 1979 | ||
| April 1979 | ||
| April 1979 | ||
| August 1978 | ||
| October 1977 | ||
| June 1976 | ||
| March 1976 | ||
| November 1975 | ||
| February 1975 | ||
| June 1974 | ||
| December 1973 | ||
| October 1972 | ||
| March 1972 | ||
| March 1971 | ||
| June 1970 | ||
| April 1969 | ||
| June 1967 | ||
| March 1967 | ||
| June 1966 | ||
| June 1965 | ||
| June 1964 | ||
| November 1963 | ||
| May 1963 | ||
| July 1962 | ||
| March 1962 | ||
| June 1961 | ||
| June 1960 | ||
| June 1959 | ||
| September 1958 | ||
| February 1958 | ||
| July 1956 | ||
| August 1954 | ||
| June 1946 | ||
| April 1945 | ||
| June 1944 | ||
| April 1943 | ||
| March 1942 | ||
| February 1941 | ||
| June 1940 | ||
| December 1939 | ||
| December 1919 |
Debt Ceiling 2011 Controversy
Barack Obama voted against raising the debt ceiling in 2006. Now, he wants to raise the debt ceiling to over twice what it was raised to in 2006. However, Obama may not get the debt ceiling increased by Congress who essentially deem the Obama administration to be a serious credit risk. This is similar to a credit card company telling a person with either no income or little income who has maxed out on his credit card that he won't get a line increase and must pay off his card lest he be sued. In fact, it is almost unheard of for a credit card company to give a credit line increase to someone who's maxed out on his credit card.
Obama's failure to take personal responsiblity and instead his resorting to blaming others is a typical liberal victimhood mindset and pervades the inner city culture greatly.
The prospect of the Obama administration defaulting on its debt rose greatly when the Democrats insisted on raising taxes to cover for their irresponsible spending habits. Obama refuses to engage in negotiations, similar to a deadbeat who refuses to answer the phone when the creditors are calling. Unfortunately, for the world, Obama's personal irresponsibilty will hurt many honest hard working people who have done nothing wrong.