Daily Reminder: February 4, 2012

Two years ago today, on February 4, 2010, the House of Representatives passed a measure which would effectively increase the national debt ceiling by a whopping $1.9 trillion to a maximum of $14.3 trillion. The vote only a little more than a month after Congress voted on Christmas Eve 2009 to increase the limit by $290 billion to ensure that our spendthrift federal government survived until mid-February.

While increasing the debt ceiling certainly is not anything new, and certainly is not something that can be imputed to Democrats alone, the $1.9 trillion increase absolutely eclipsed the previous record increase, which was a $984 billion increase (to a total of $7.3 trillion) in May 2003 – and, worse yet, House Democrats actually applauded the $1.9 trillion increase. They actually stood up and cheered.

Outside the Beltway, it is difficult to imagine that many struggling American families actually stand up and cheer when the credit limit on their credit cards are increased, especially when they know that the account will be maxed out again in no time.

276 DAYS UNTIL ELECTION DAY
351 DAYS UNTIL JANUARY 20, 2013

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