When the Democrats regained control of Congress on January 4, 2007, the national debt was $8,670,596,242,973.04 -- that's $8.67 trillion.
In the two years Pelosi and the Democrats have been in charge, the national debt has grown to $10,699,804,864,612.13 -- that's $10.70 trillion.
Since Pelosi and the Democrats regained control of Congress $2,029,208,621,639.09, or $2.03 trillion, has been added to the national debt. That is a 23% increase in two years the Democrats have controlled Congress.
The Democrat controlled Congress gets the credit for the soaring national debt because under the Constitution Congress controls the purse strings:
Article I, Section. 8.
The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;To borrow money on the credit of the United States;
Be sure to thank your Congress critters for a job well done -- a 23% increase in two years.
Just Wait until Congress adds Obama's $800 billion bailout boondoggle to our $10.70 trillion national debt.
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Comments
I love your article. Why didn't the mainstream media let the people know about this during the election campaign? It was mentioned a couple of times but no one it the media seemed to care. Now that the election is over we have a dominate Democratic Party, that will party.
George, New Orleans
This article was totally BS!! Anyone with a third of a brain could google the U.S. budget and find the true results. The Republican party is the party of borrow and spend. The money goes to the top. At least the Democrats spend on the middle and lower class. Besides, Alaska is a welfare state--it gets back $1.83 for every $1.00 sent to Washington.
Hey Byron, since you think "Anyone with a third of a brain could google the U.S. budget and find the true results", and you then give us the "true" results, we can assume you have 1/3 of a brain, yes? Please refute Spencer with some figures, not assertions, OK?
We have a winner.
Thanks Dan.
There is the historical precedent that Democrat presidencies have just been better for the economy.
From 1953 to 2006, average real GDP growth was 4.2 percent under Democrats and 2.8 percent under Republicans, said Benedikt Germanier, chief currency strategist in the U.S. at UBS AG in Stamford, Connecticut.
Stock prices have also tended to perform better under Democrats. Since 1900, the Dow Industrials have climbed 13.3 percent annually under Democrats versus just 7.1 percent under Republicans, Germanier said…” Reuters 10/8/08
This debt was brought to you by Reagan and the two Bushes.
Since 1946, Democratic presidents increased the national debt an average of only 3.2% per year. The Republican presidents stay at an average increase of 9.2% per year. Republican Presidents out borrowed and spent Democratic presidents by a three to one ratio.
On the day President Bush took office, the national debt stood at $5.727 trillion.
In its budget documents in February, OMB estimated that next year’s national debt would hit $10.4 trillion – which it said would amount to 69.3 percent of the gross domestic product. you can find the information in the NY Times and OBM.
LOL! BushCo's tax cuts for the rich are almost completely responsible for nearly $3 trillion in debt, two "wars" paid for on credit and about $1 trillion in bailout funds to the crooks on Wall Street (while BushCo cronies at the Securities and Exchange Commission looked the other way) are another big chunk of that. I'm amazed that anyone would assert that the GOP is a the party of "fiscal responsibility."
Byron and Texano78704, Say what you will, the fact is that the Democrat controlled Congress increased the national debt 23% in just two years.
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