Difference between revisions of "Federal Debt Limit"

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(Filled table in through 1967)
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== History of Debt Ceiling ==
 
== History of Debt Ceiling ==
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The United States Debt Ceiling has been raised approximately 84 times since the early 1900's.  The table below gives details on the year, and the amount that the ceiling was raised.
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{| class="wikitable"
 
{| class="wikitable"
 
|-
 
|-
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|-
 
|-
 
| September 2007
 
| September 2007
−
|  
+
| 9.815 trillion
−
|  
+
| [[George W. Bush]]
 
|-
 
|-
 
| March 2006
 
| March 2006
−
|  
+
| 8.965 trillion
−
|  
+
| [[George W. Bush]]
 
|-
 
|-
 
| November 2004
 
| November 2004
−
|  
+
| 8.184 trillion
−
|  
+
| [[George W. Bush]]
 
|-
 
|-
 
| May 2003
 
| May 2003
−
|  
+
| 7.384 trillion
−
|  
+
| [[George W. Bush]]
 
|-
 
|-
 
| June 2002
 
| June 2002
−
|  
+
| 6.400 trillion
−
|  
+
| [[George W. Bush]]
 
|-
 
|-
 
| August 1997
 
| August 1997
−
|  
+
| 5.950 trillion
−
|  
+
| [[Bill Clinton]]
 
|-
 
|-
 
| March 1996
 
| March 1996
−
|  
+
| 5.500 trillion
−
|  
+
| [[Bill Clinton]]
 
|-
 
|-
 
| August 1993
 
| August 1993
−
|  
+
| 4.900 trillion
−
|  
+
| [[Bill Clinton]]
 
|-
 
|-
 
| April 1993
 
| April 1993
−
|  
+
| 4.370 trillion
−
|  
+
| [[Bill Clinton]]
 
|-
 
|-
 
| November 1990
 
| November 1990
−
|  
+
| 4.145 trillion
−
|  
+
| [[George Herbert Walker Bush]]
 
|-
 
|-
 
| October 1990
 
| October 1990
−
|  
+
| 3.230 trillion
−
|  
+
| [[George Herbert Walker Bush]]
 
|-
 
|-
 
| November 1989
 
| November 1989
−
|  
+
| 3.123 trillion
−
|  
+
| [[George Herbert Walker Bush]]
 
|-
 
|-
 
| August 1989
 
| August 1989
−
|  
+
| 2.870 trillion
−
|  
+
| [[George Herbert Walker Bush]]
 
|-
 
|-
 
| September 1987
 
| September 1987
−
|  
+
| 2.800 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| August 1987
 
| August 1987
−
|  
+
| 2.352 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| July 1987
 
| July 1987
−
|  
+
| 2.320 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| October 1986
 
| October 1986
−
|  
+
| 2.300 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| August 1986
 
| August 1986
−
|  
+
| 2.111 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| December 1985
 
| December 1985
−
|  
+
| 2.079 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| November 1985
 
| November 1985
−
|  
+
| 1.904 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| October 1984
 
| October 1984
−
|  
+
| 1.824 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| July 1984
 
| July 1984
−
|  
+
| 1.573 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| May 1984
 
| May 1984
−
|  
+
| 1.520 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| November 1983
 
| November 1983
−
|  
+
| 1.490 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| May 1983
 
| May 1983
−
|  
+
| 1.389 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| September 1982
 
| September 1982
−
|  
+
| 1.290 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| June 1982
 
| June 1982
−
|  
+
| 1.143 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| September 1981
 
| September 1981
−
|  
+
| 1.080 trillion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| September 1981
 
| September 1981
−
|  
+
| 999.80 billion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| February 1981
 
| February 1981
−
|  
+
| 985.00 billion
−
|  
+
| [[Ronald Wilson Reagan]]
 
|-
 
|-
 
| December 1980
 
| December 1980
−
|  
+
| 935.10 billion
−
|  
+
| [[Jimmy Carter]]
 +
|-
 +
| June 1980
 +
| 925.00 billion
 +
| [[Jimmy Carter]]
 
|-
 
|-
 
| September 1979
 
| September 1979
−
|  
+
| 879.00 billion
−
|  
+
| [[Jimmy Carter]]
−
|-
 
−
| April 1979
 
−
|
 
−
|
 
 
|-
 
|-
 
| April 1979
 
| April 1979
−
|  
+
| 830.00 billion
−
|  
+
| [[Jimmy Carter]]
 
|-
 
|-
 
| August 1978
 
| August 1978
−
|  
+
| 798.00 billion
−
|  
+
| [[Jimmy Carter]]
 
|-
 
|-
 
| October 1977
 
| October 1977
−
|  
+
| 752.00 billion
−
|  
+
| [[Jimmy Carter]]
 
|-
 
|-
 
| June 1976
 
| June 1976
−
|  
+
| 700.00 billion
−
|  
+
| [[Gerald Ford]]
 
|-
 
|-
 
| March 1976
 
| March 1976
−
|  
+
| 627.00 billion
−
|  
+
| [[Gerald Ford]]
 
|-
 
|-
 
| November 1975
 
| November 1975
−
|  
+
| 595.00 billion
−
|  
+
| [[Gerald Ford]]
 
|-
 
|-
 
| February 1975
 
| February 1975
−
|  
+
| 577.00 billion
−
|  
+
| [[Gerald Ford]]
 
|-
 
|-
 
| June 1974
 
| June 1974
−
|  
+
| 495.00 billion
−
|  
+
| [[Gerald Ford]]
 
|-
 
|-
 
| December 1973
 
| December 1973
−
|  
+
| 475.7 billion
−
|  
+
| [[Richard Milhouse Nixon]]
 
|-
 
|-
 
| October 1972
 
| October 1972
−
|  
+
| 465.00 billion
−
|  
+
| [[Richard Milhouse Nixon]]
 
|-
 
|-
 
| March 1972
 
| March 1972
−
|  
+
| 450.00 billion
−
|  
+
| [[Richard Milhouse Nixon]]
 
|-
 
|-
 
| March 1971
 
| March 1971
−
|  
+
| 430.00 billion
−
|  
+
| [[Richard Milhouse Nixon]]
 
|-
 
|-
 
| June 1970
 
| June 1970
−
|  
+
| 395.00 billion
−
|  
+
| [[Richard Milhouse Nixon]]
 
|-
 
|-
 
| April 1969
 
| April 1969
−
|  
+
| 377.00 billion
−
|  
+
| [[Richard Milhouse Nixon]]
 
|-
 
|-
 
| June 1967
 
| June 1967

Revision as of 20:06, 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

The United States Debt Ceiling has been raised approximately 84 times since the early 1900's. The table below gives details on the year, and the amount that the ceiling was raised.

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 9.815 trillion George W. Bush
March 2006 8.965 trillion George W. Bush
November 2004 8.184 trillion George W. Bush
May 2003 7.384 trillion George W. Bush
June 2002 6.400 trillion George W. Bush
August 1997 5.950 trillion Bill Clinton
March 1996 5.500 trillion Bill Clinton
August 1993 4.900 trillion Bill Clinton
April 1993 4.370 trillion Bill Clinton
November 1990 4.145 trillion George Herbert Walker Bush
October 1990 3.230 trillion George Herbert Walker Bush
November 1989 3.123 trillion George Herbert Walker Bush
August 1989 2.870 trillion George Herbert Walker Bush
September 1987 2.800 trillion Ronald Wilson Reagan
August 1987 2.352 trillion Ronald Wilson Reagan
July 1987 2.320 trillion Ronald Wilson Reagan
October 1986 2.300 trillion Ronald Wilson Reagan
August 1986 2.111 trillion Ronald Wilson Reagan
December 1985 2.079 trillion Ronald Wilson Reagan
November 1985 1.904 trillion Ronald Wilson Reagan
October 1984 1.824 trillion Ronald Wilson Reagan
July 1984 1.573 trillion Ronald Wilson Reagan
May 1984 1.520 trillion Ronald Wilson Reagan
November 1983 1.490 trillion Ronald Wilson Reagan
May 1983 1.389 trillion Ronald Wilson Reagan
September 1982 1.290 trillion Ronald Wilson Reagan
June 1982 1.143 trillion Ronald Wilson Reagan
September 1981 1.080 trillion Ronald Wilson Reagan
September 1981 999.80 billion Ronald Wilson Reagan
February 1981 985.00 billion Ronald Wilson Reagan
December 1980 935.10 billion Jimmy Carter
June 1980 925.00 billion Jimmy Carter
September 1979 879.00 billion Jimmy Carter
April 1979 830.00 billion Jimmy Carter
August 1978 798.00 billion Jimmy Carter
October 1977 752.00 billion Jimmy Carter
June 1976 700.00 billion Gerald Ford
March 1976 627.00 billion Gerald Ford
November 1975 595.00 billion Gerald Ford
February 1975 577.00 billion Gerald Ford
June 1974 495.00 billion Gerald Ford
December 1973 475.7 billion Richard Milhouse Nixon
October 1972 465.00 billion Richard Milhouse Nixon
March 1972 450.00 billion Richard Milhouse Nixon
March 1971 430.00 billion Richard Milhouse Nixon
June 1970 395.00 billion Richard Milhouse Nixon
April 1969 377.00 billion Richard Milhouse Nixon
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

[1]

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.

References

  1. ↑ http://usgovinfo.about.com/od/federalbudgetprocess/a/US-Debt-Ceiling-History.htm
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