1967 – Secretary of Treasury tells Congress that “the government would be unable to pay all its bills if the ceiling on the national debt was not lifted within 30 days.” “Fowler said payments for such things as old age benefits (social security), veterans pensions, public assistance benefits, tax refunds, and the salaries of government workers would be threatened if the ceiling were not raised.” (Sound familiar?)
1973 – Federal government debt is $63B over its limit, but government officials say bonds and other government debts could be paid off over the next few days with cash on hand. The US has never defaulted is the lie debunked here.
1987 – A “time bomb” on the national debt ceiling, set to go off at midnight May 15. If a new or higher ceiling has not been set, or the current ceiling extended, government borrowing must stop and the United States will slide quickly intodefault.” “Dire financial consequences if we don’t.” (Sound familiar?)
1989 – Treasury Department formally notifies Congress it needs an increase in the national debt ceiling to avoid adefaulton government obligations when the current ceiling expires on Oct. 31. (Sound familiar?)
1995 – Impasse on debt ceiling – warnings of the “possibility of a government default.” “I believe that the repercussions would far exceed anyone’s estimation…” (Sound familiar?)
1996 – Federal government reaches debt ceiling of $4.9 Trillion. Treasuryavoids defaulting on bonds by borrowing from government pensions.
2002 - Warnings from congress the debt ceiling needs to be increased $750B (remember when the LIMIT was less than that amount?) to $6.7 Trillion.
2004– Debt ceiling reached again and new increase sought to $7.4 Trillion.
2008– Debt ceiling raised to $10.6 Trillion to rescue the nation’s two largest (government-owned) mortgage finance companies (Fannie Mae and Freddie Mac).
2011 – Debt ceiling of $14.3 Trillion reached in May. New increase sought to avoid government default, payments of social security checks, veterans checks, etc. etc.
Bottom line? Our government considers us a bunch of hayseed hicks, a bunch of rubes, a bunch of morons to permit this out-of-control escalation of spending and borrowing (it’s escalating at an exponential rate - in just 72 years, our debthas risen from a mere $40 Billion by a factor of 358 to $14.5 Trillion - whereas our population has only risen by a factor of 2.6).
In 1939 the per-American portion of the public debt was $305 ea. In 2011 the per-American portion of the public debt is $42,647 ea.
Our government is addicted to spending; it cannot control its spending, regardless who is in charge, regardless who is President, regardless who controls the Senate, regardless who controls the House. Congressional spending is, and has been for nearly 100 years completely out of control – completely irresponsible – completely immoral.
It matters not the letter behind our politician's names; not one iota. Government spending is out of control and we're about out of rope, the cliff far higher than our rope can ever hope to reach.
This isn't a Republican vs. Democrat issue anymore (if it ever was).