Saturday, August 06, 2011
Debt Deal History
There is a lot of history on the debt ceiling in the united states. In fact for many decades the debt ceiling increased tremendously without the need of any compromise on spending. In fact JFK increased has the debt ceiling rise by 5% only. Some would say Obama is asking the debt ceiling to be increased way too much.But let's look at history .every President has increased the debt ceiling. Johnson increased it by 18%, and then after that Nixon and Jimmy Carter both increased the debt ceiling by 35.6% and 33.6% respectfully. Then came the "fiscally responsible" Ronald Regan who increased the debt ceiling by oooh....199%!!!!! Bush senior in just four years increased the debt ceiling by 48%. Then came Clinton who also increased the debt ceiling by 43.5%, but mid way in his term he balanced the budget and the debt ceiling never had to rise ever again.Of course Bush Junior came and increased the debt ceiling by 90%. Obama with this deal of an extra 2 trillion to the debt ceiling has increased the debt ceiling by 44%. This isn't a good number at all considering Obama hasn't even finished his first term, but it shows that Obama wasn't the only one who has ever increased the debt ceiling. If Reagan can without the risk of default double the debt and increase the national debt ceiling by 199%. Why is it that Obama must be pushed almost to default in order to increase the debt ceiling. The fact that the U.S almost went into default is irresponsible of the Republicans. The Republicans should realize that the debt ceiling should be separat then a deficit plan which by the way is no where near good enough to eliminate the deficit.