Difference between revisions of "Federal Debt Limit"

Revision as of 20:33, 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. {| class="wikitable" |- ! 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 H. W. Bush]] |- | October 1990 | 3.230 trillion | [[George H. W. Bush]] |- | November 1989 | 3.123 trillion | [[George H. W. Bush]] |- | August 1989 | 2.870 trillion | [[George H. W. Bush]] |- | September 1987 | 2.800 trillion | [[Ronald W. Reagan]] |- | August 1987 | 2.352 trillion | [[Ronald W. Reagan]] |- | July 1987 | 2.320 trillion | [[Ronald W. Reagan]] |- | October 1986 | 2.300 trillion | [[Ronald W. Reagan]] |- | August 1986 | 2.111 trillion | [[Ronald W. Reagan]] |- | December 1985 | 2.079 trillion | [[Ronald W. Reagan]] |- | November 1985 | 1.904 trillion | [[Ronald W. Reagan]] |- | October 1984 | 1.824 trillion | [[Ronald W. Reagan]] |- | July 1984 | 1.573 trillion | [[Ronald W. Reagan]] |- | May 1984 | 1.520 trillion | [[Ronald W. Reagan]] |- | November 1983 | 1.490 trillion | [[Ronald W. Reagan]] |- | May 1983 | 1.389 trillion | [[Ronald W. Reagan]] |- | September 1982 | 1.290 trillion | [[Ronald W. Reagan]] |- | June 1982 | 1.143 trillion | [[Ronald W. Reagan]] |- | September 1981 | 1.080 trillion | [[Ronald W. Reagan]] |- | September 1981 | 999.80 billion | [[Ronald W. Reagan]] |- | February 1981 | 985.00 billion | [[Ronald W. 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 M. Nixon]] |- | October 1972 | 465.00 billion | [[Richard M. Nixon]] |- | March 1972 | 450.00 billion | [[Richard M. Nixon]] |- | March 1971 | 430.00 billion | [[Richard M. Nixon]] |- | June 1970 | 395.00 billion | [[Richard M. Nixon]] |- | April 1969 | 377.00 billion | [[Richard M. Nixon]] |- | June 1967 | 358.00 billion | [[Lyndon B. Johnson]] |- | March 1967 | 336.00 billion | [[Lyndon B. Johnson]] |- | June 1966 | 330.00 billion | [[Lyndon B. Johnson]] |- | June 1965 | 328.00 billion | [[Lyndon B. Johnson]] |- | June 1964 | 324.00 billion | [[Lyndon B. Johnson]] |- | November 1963 | 315.00 billion | [[Lyndon B. Johnson]] |- | May 1963 | 309.00 billion | [[Lyndon B. Johnson]] |- | July 1962 | 308.00 billion | [[John F. Kennedy]] |- | March 1962 | 300.00 billion | [[John F. Kennedy]] |- | June 1961 | 298.00 billion | [[John F. Kennedy]] |- | June 1960 | 293.00 billion | [[Dwight D. Eisenhower]] |- | June 1959 | 295.00 billion | [[Dwight D. Eisenhower]] |- | September 1958 | 288.00 billion | [[Dwight D. Eisenhower]] |- | February 1958 | 280.00 billion | [[Dwight D. Eisenhower]] |- | July 1956 | 278.00 billion | [[Dwight D. Eisenhower]] |- | August 1954 | 281.00 billion | [[Dwight D. Eisenhower]] |- | June 1946 | 275.00 billion | [[Harry S. Truman]] |- | April 1945 | 300.00 billion | [[Harry S. Truman]] |- | June 1944 | 260.00 billion | [[Franklin D. Roosevelt]] |- | April 1943 | 210.00 billion | [[Franklin D. Roosevelt]] |- | March 1942 | 125.00 billion | [[Franklin D. Roosevelt]] |- | February 1941 | 65.00 billion | [[Franklin D. Roosevelt]] |- | June 1940 | 49.00 billion | [[Franklin D. Roosevelt]] |- | December 1939 | 45.00 billion | [[Franklin D. Roosevelt]] |- | December 1919 | 43.00 billion | [[Woodrow Wilson]] |}<ref>http://usgovinfo.about.com/od/federalbudgetprocess/a/US-Debt-Ceiling-History.htm</ref> == 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== {{reflist|2}} [[Category:Economics]]