Monday, August 1, 2011

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

One might wonder, if one were so inclined to expend the miniscule energy required to think, why such a grotesque increase in the borrowing limit is needed if they made cuts to spending? Or, if you really got the gears working, you'd realize, just as you realize that it gets dark after sunset, that they never intended to cut spending. They just threw this piece of shit at you because they know 75% of the populace is too intellectually lazy to bother noticing.

    CNS News -

    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.
    [...]
    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.