For those of you who are still deluded enough to continue to believe Barack Obama is a moderate Democrat, realize that as soon as the debt limit deal is passed in the Senate on August 2, 2011, he will have been the president over the two largest debt limit increases in the history of the United States.
For those of you who still think you can tax and spend your way to prosperity, I urge you to look at the facts before your eyes. Unemployment remains as high as it was pre-stimulus. The unemployment rate stands at 9.2% and there appears to be no end in sight to the amount of money these politicians want to spend to try to stimulate the economy.
Is it too much to hope that these politicians will eventually realize their faulty thinking that a bigger government is what is best for the citizens of America. The private sector is the engine that creates jobs. History has proven this time and time again, and those of you who wish to argue with history, simply show your lack of intelligence.
Obama will go down as one of the most anti-business presidents in the history of the United States. If you are a businessman and vote this guy back into office and he wins, then you deserve whatever fate your business suffers.
The bill to increase the federal debt limit that has been put before Congress today would increase that limit by up to $2.4 trillion, which would be the largest increase in the debt limit in U.S. history by a margin of half a trillion dollars, according to records published by the Government Accountability Office and the Congressional Research Service.
In fact, according to records published by the Congressional Research Service, if the current bill is passed and the debt limit is increased by $2.4 trillion, the two largest debt-limit increases in U.S. history would come in back-to-back years, both during the presidency of Barack Obama.
Up until now, the largest increase in the debt limit was the $1.9 trillion increase passed by Congress and signed by President Obama on Feb. 12, 2010. That law increased the debt limit from $12.394 trillion to $14.294 trillion.
Up until now, the second largest historical increase in the debt limit was enacted on March 27, 2003, when President George W. Bush signed a law that lifted the limit by $984 billion—from $6.400 trillion to $7.384 trillion.
The third largest historical increase in the debt limit was enacted on Nov. 5, 1990, when the senior President George Bush signed a law that lifted the limit by $915 billion—from $3.230 trillion to $4.145 trillion.
Prior to Sept. 28, 1987, the Treasury did not have the legal authority to run a national debt of $2.4 trillion—let alone increase the debt limit by that amount. On that date, President Reagan signed a law lifting the debt limit by $448 billion—from $2.352 trillion to $2.8 trillion.
The total debt of the federal government did not hit $2.4 trillion until November 1987, according to the U.S. Treasury Department. According to Treasury’s Monthly Statements of the Public Debt, the national debt equaled $2.3848 trillion at the end of October 1987 and $2.409572 trillion by the end of November 1987.