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Raising the Debt Limit. A little bit of history

Posted: Apr 14, 2011

After World War II ended, the debt limit was reduced to $275 billion. Because the Korean War was mostly financed by higher taxes rather than by increased debt, the limit remained at $275 billion until 1954. After 1954, the debt limit was reduced twice and increased seven times, until March 1962 when it again reached $300 billion, its level at the end of World War II. Since March 1962, Congress has enacted 74 separate measures that have altered the limit on federal debt.

Time Line from 1958-2011: When it was raised, who was President, and who controlled Congress:

Jan 23, 1958 - ...President: Eisenhower (R). Congressional control: House: Democrat. Senate: Democrat.

June 29, 1961: President: Kennedy (D). Congress control: House: Democrat. Senate: Democrat

March 16, 1962: President: Kennedy (D). Congress control: House: Democrat. Senate: Democrat

Nov 8, 1963 - President: Johnson (D). Congress control: House: Democrat. Senate: Democrat.

1964: President: Johnson (D). Congress control: House: Democrat. Senate: Democrat

Jun 28, 1967 - President: Johnson (D). Congress Control: House: Democrat. Senate: Democrat.

October 11, 1972 - President: Nixon (R). Congress Control: House: Democrat. Senate: Democrat.

Sept. 1979 - President: Carter (D). Congress control: House: Democrat. Senate: Democrat

Sept. 30, 1981 President: Reagan (R). Congress Control: House: Democrat. Senate: Democrat.

May 11, 1983 - President: Reagan (R). Congress Control: House: Democrat. Senate: Republican.

June 30, 1984 -President: Reagan (R). Congress Control: House: Democrat. Senate: Republican.

Oct 11, 1985 - President: Reagan (R). Congress Control: House: Democrat. Senate: 99th-Republican

Apr 21, 1995 - President: Clinton (D). Congress Control: House: Democrat. Senate: Democrat.

March 19, 2005: President: Bush (R). Congress Control: House: Republican. Senate: Republican.

(“The fact that we are here today to debate raising America's debt limit is a sign of leadership failure," Obama said in 2006. "It is a sign that the US government can't pay its own bills," he continued. "It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies."...) (Sorry, just had to throw that in to show that Obama contradicts himself all the time.)

Mar 16, 2007 - President: Bush (R). Congress Control: House: Democrat. Senate: Democrat.

Sep 20, 2008 - President: Bush (R). Congress Control: House: Democrat. Senate: Democrat.

Dec 24, 2009 - President: Obama (D): Congress Control: House: Democrat. Senate: Democrat.

Jan 5, 2011 - President: Obama (D): Congress Control: Republican. Senate: Democrat.

;

Looking at things in context - Doing my own research

[ In Reply To ..]
I thought something smelled a little fishy here. For one: The United States federal government shutdown of 1995 and 1996 was the result of a conflict between Democratic President Clinton and the Republican-controlled Congress over funding for Medicare.

I have read that the debt ceiling always needs to be raised when we are at war. Guess we are almost always at war. In my opinion, it also goes up when Democrats have to clean up after Republicans, which accounts for a lot. War is more than a waste of lives, but $$$ too.

Oh, in case you are wondering the connection - between shutdown and debt ceiling

[ In Reply To ..]
Good ol' Newt refused to raise the debt ceiling causing the government shutdown, after which I believe Newt was voted out.

I knew that....and now the same issue is here again - Backwards Typist

[ In Reply To ..]
Raising the debt ceiling will certainly not do any good. All it does is create another few billion/trillion to spend but revenues would stay the same or less, depending on the employment picture.

Scare tactics do not work. Can you honestly tell me our credit rating went down the tubes with the last shutdown?

Do you honestly believe raising the debt ceiling will help the interest we are currently paying on the debt we are already saddled with?

Do you have any idea on how to avoid raising the debt ceiling and how to avoid getting deeper in debt?

Washington does not have to spend another penny and we still get deeper in debt every minute due to the interest. Now I heard that China wants to up the interest rate....where does that leave us? In more trouble, that's where we are, and China is not the only country we borrowed from and that is why MSM says the whole world is watching us...because we owe money to almost every country in the world.

Washington has to make drastic cuts and make them NOW, not just because of our kids and grandkids, but because of the debt we owe to other countries could make their economy come crashing down.

Glad you pointed that out. WHY did the - Democrats not fix

[ In Reply To ..]
Medicare THEN, instead of fighting to keep it same old same old which is why it is on the verge of bankruptcy today. Thanks so much, Democrats. Appreciate it! (not so much)

Don't touch my Medicare! - That has been the

[ In Reply To ..]
mantra for decades by seniors. Seniors get ripped off right and left by doctors but as long as someone else is paying for it, it doesn't really matter to many of them.

don't touch my medicare is right - nancy

[ In Reply To ..]
I paid into it for years, I depend on it, and I would like to use it because without it I have no health care. All the young libs seem to think everyone else on earth should have health care provided for by their government instead of actually working for it but okay to take it from the seniors who funded it. The mantra from the young is ones is forget the seniors, they are old and don't matter anyway so let's just worry about ourselves and not them. don't touch my Medicare. If you want to eliminate it, do so for your own generation but leave it alone for those of us who need it now and in the near future.

Unless you are under 55, you wouldn't - be affected.

[ In Reply To ..]
HOwever, can't say as much about Social Security. Sure wish the Dems had left that alone instead of stealing from it to fund OTHER social programs.

Proof? - nm

[ In Reply To ..]

Hint - read the bill. That is what it says. - Obama can't "prove"

[ In Reply To ..]
anything his budget says either. Have read that one too. I prefer to believe someone who has not lied to me yet vs someone who has consistently lied to me for 2 years.

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