Tuesday, August 2, 2011

2.4 Trillion Dollars Would Be Largest Debt-Limit Increase in U.S. History

The debt ceiling has been raised. It will mean more spending by the federal government. VOTE THIS IDIOTS OUT OF WASHINGTON! They don't care about us. They have their Cadillac pension from us, the tax payers!

(CNSNews.com) - 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.