Monday, August 1, 2011

The History of Raising The Debt Ceiling

Here's a chart from the Congressional Budget Office showing the rise of the debt ceiling over the past 20 years. Under Reagan Congress raised the debt ceiling 17 times for a whopping increase of 199.5%, 5 times under Bush I for an increase of 48%, 4 times under Clinton totaling a 43.66 increase and 7 times under GW Bush increasing the limit by 90.2%

That's a total of 33 times Congress raised the debt ceiling limit over the past 20 years with by far the largest number of increases coming with a Republican in the White House. Reagan quadrupled the debt ceiling. GW Bush nearly doubled the debt ceiling. By contrast, Obama's debt limit request would bring his total to just 26.3% in increases.

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