Debt Ceiling Raised Seven Times Under Obama, Costing $43,000 Per Household

[The Watcher]

Debt Ceiling Raised Seven Times Under Obama, Costing $43,000 Per Household


Did you know that since President Obama came into office, the debt limit has been raised seven times?
With those increases, Congress has added $43,000 in debt for every American household in just the last four years.
And now the debt limit deadline is looming again. Treasury will run out of tricks to keep paying the bills on October 17, Secretary Jack Lew announced yesterday.

Instead of pursuing significant spending cuts and entitlement reforms that are desperately needed to get spending under control, House Republicans reportedly are proposing to suspend the debt ceiling for more than a year, which would add $1.1 trillion to the debt.

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[rondaben]

When you reach a certain point the outcome is determined regardless if you add another dollar or another trillion.

We've been on this path since the Reagan administration. Nothings going to stop it now other than pushing it to its collapse.

[Sprout]

And did you know that the debt ceiling was raised 18 times under Reagan?

[Godwit]

The Congress is responsible for legislation re spending and taxes. If we spend and don't tax, then the borrowing needs to increase.

But, the fiscal year is coming to an end, and not one spending bill has been passed, so we again are ending up with a continuation of prior years' spending, taxes and deficits.

[rondaben]

And did you know that the debt ceiling was raised 18 times under Reagan?

Of course. That was how the "Reagan Recovery" was funded.

Just like Obama is funding his welfare state.

Bush his wars and bank bailouts.

Clinton his nationbuilding and job outsourcing (with a little to spare for dry cleaning and cigars).

Bush the Elder's "thousand points of light" which turned out to be telecom infrastructure for the world that enabled clinton's buildout.