Today's topic comes from Roslyn. She would like me to write about how many times the debt ceiling has been raised over the last ten presidential administrations. Roslyn must be mad at me for some reason...
Kennedy raised the debt ceiling 4 times.
Johnson raised the debt ceiling 7 times.
Nixon raised the debt ceiling 9 times.
Ford raised the debt ceiling 5 times.
Carter raised the debt ceiling 9 times.
Reagan raised the debt ceiling 18 times.
George H.W. Bush raised the debt ceiling 9 times.
Clinton raised the debt ceiling 4 times.
George W. Bush raised the debt ceiling 7 times.
Obama has raised the debt ceiling 3 times (soon to be 4 since we all know it’s going to happen).
That’s 74 times in 51 years, but actually 102 since 1917 when the debt ceiling was implemented. Prior to 1917 it was a pay as you go system. Every expenditure had to be approved by congress prior to the debt being incurred. Tired of having to approve every bill that had to be paid, Congress created the debt ceiling. The only reason this is an issue right now is because they are at an impasse. The raising of the debt ceiling has often been tucked into other bills without it being made a public matter.
By law, we cannot go above the debt ceiling. The Fourteenth Amendment prohibits Congress from defaulting on our debt, so if all other financial support is exhausted, then something has to give. Either the President must allow Congress to break the law, or he must issue debt on his own authority and face the consequences.
There are other sources of revenue (selling assets, incoming taxes) that may work for a short time, but it’s much easier to raise the ceiling. I believe they will reach a deal before August 2nd. Otherwise, they'd miss their summer vacation, and I think that’s what they are actually concerned with!
Pulled Out of a Hat on Facebook
I love how you sum this up so neatly! Thanks. I can't even stand to read and hear about this any more. Everyone's posturing, and I'm so sick of the wealthy and corporations always being protected. Bleh.
ReplyDeleteIt took me only twenty minutes to write the post, but a good two hours to research it so I understood it enough to be able to sum it up so neatly! I agree with your last statement!
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