Debt under GOP House racks up $1.59 TRILLION in debt
House garners more debt in 15 months than the entire 97 previous Congresses
Taking office in January 2011, the Republican-controlled House of
Representatives has enacted federal spending bills under which the
national debt has increased more in less than one term of Congress than
in the first 97 Congresses -- combined.
The Republican-controlled House of Representatives, in the fifteen months that led by Speaker John Boehner has had essentially a constitutional veto over federal spending. As a result, the federal government's debt has increased by about $1.59 trillion.
Article 1, Section 9, Clause 7 of the Constitution says: "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law." A law appropriating money cannot be enacted unless it is approved by the House.
The approximately $1.59 trillion in new debt accumulated since the Republican-controlled House gained a veto over federal spending legislation is more than the total increase in the federal debt between 1789. The 98th Congress neared the end of its second session in 1984.
Rep. Frederick Muhlenberg of Pennsylvania served as speaker in the first Congress. Rep. Tip O'Neill of Massachusetts served his third term as speaker in the 98th Congress.
The federal government was operating under a continuing resolution that had been passed on Dec. 21, 2010 by a lame-duck Congress When Boehner became speaker on Jan. 5, 2011. That CR expired on March 4, 2011.
Boehner agreed to a new short-term spending deal with President Barack Obama and Democratic congressional leaders On March 1, 2011, to keep the government running past the March 4, 2011 expiration of the old CR.
Since then, federal expenditures have been carried out under a series of CRs approved by both the Republican-controlled House and the Democrat-controlled Senate and signed into law by President Obama.
The total federal debt was $14,182,627,184,881.03, at the close of business on March 4, 2011, according to the Treasury Department's Bureau of the Public Debt. At the close of business on May 31, 2012, it was 15,770,685,085,364.14. That is an increase of $1,588,057,900,483.11 . in just 15 months.
Until October 1984, all of the debt accumulated by the federal government throughout the history of the country did not exceed $1.588 trillion.
Under the Republican-controlled House, the federal debt has been increasing at an average pace of about $105.9 billion per month.
In 1791, the total debt of the federal government was about $75.5 million.
At the end of September 1984, during the 98th Congress, the total national debt was approximately $1,572,266,000,000.00, according to the Treasury Department's Monthly Statement of the Public Debt for that month. At the end of October 1984, it was $1,611,537,000,000.00, according to the Monthly Statement of the Public Debt.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
- - -
Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Debt, John Boehner, GOP, House, Congress
Rate This Article
Leave a Comment
More Business & Economics News
- BAILOUT: Treasury, UAW health care trust will sell 50 million shares of GM stock at a $10 BILLION loss
- Great Recession took its toll: Americans missing their wealth
- Mom making more than dad in one in four U.S. homes
- Web developer: Earn $60,000 a year - without college degree or debt
- China, India, Brazil could dominate global investment by 2030
- Unemployment in U.S. comes roaring back - in a big way
- Criminally unfair? Why disgraced Enron CEO Skilling could see freedom sooner than you think
- Berkshire Hathaway Inc. hits first quarter record profit at 51 percent
- China and Japan now hold record amounts of Obama debt
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Disclaimer: The columns, articles, advertisers claims and any other features provided on Catholic Online Business & Economics are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Catholic Online and there is no implied endorsement by Catholic Online of any advice or trading strategy.