Reagan raised the debt ceiling 18 times

Discussion in 'Politics' started by AK Forty Seven, Jul 24, 2011.

  1. Carter raised the debt ceiling 9 times for total increase of 59%.

    Reagan raised the debt ceiling 18 times for a total increase of 199%.

    Clinton raised the debt ceiling 4 times for a total increase of 44%.

    George W. Bush raised the debt ceiling 7 times for a total increase of 90%.

    Obama has raised the debt ceiling 3 times for a total increase of 26%.

    Adding the percentages of the Democratic presidents’ total debt ceiling increases (shown in blue) together reveals that President Ronald Reagan, arguably the most popular Republican president on this list, actually raised the debt ceiling by a higher percentage than all of the Democrats combined.

    The Democrats’ total percentage increase is 152%. President Reagan increased the debt ceiling by 199% in his two terms in office.

    The Republican presidents, shown in red, when added together, have raised the debt ceiling by a total of 414%.

    The new party of Reagan

    After he switched to the Republican Party in 1962, Ronald Reagan famously quipped: “I didn’t leave the Democratic Party. The party left me.”

    Now, the Republican Party is doing the same thing to him — and Democrats are happy to take Reagan back.

    At Tuesday morning’s meeting of the House Democrats, caucus chairman John Larson rallied his colleagues for the day’s debt-limit debate by playing an audio recording of the 40th president.

    “Congress consistently brings the government to the edge of default before facing its responsibility,” Reagan says in the clip. “This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”

    “Kind of sums things up,” Larson said, playing the same clip again at a news conference.

    Nobody knows what Reagan, who died in 2004, would make of the current fight over the debt limit. But 100 years after Reagan’s birth, it’s clear that the Tea Party Republicans have little regard for the policies of the president they claim to venerate.

    Tea Party Republicans call a vote to raise the debt ceiling a threat to their very existence; Reagan presided over 18 increases in the debt ceiling during his presidency.

    Tea Party Republicans say they would sooner default on the national debt than raise taxes; Reagan agreed to raise taxes 11 times.

    Tea Party Republicans, in “cut, cap and balance” legislation on the House floor Tuesday, voted to cut government spending permanently to 18 percent of gross domestic product; under Reagan, spending was as high as 23.5 percent and never below 21.3 percent of GDP.

    That same legislation would take federal spending down to a level last seen in 1966, before Medicare was fully up and running; Reagan in 1988 signed a major expansion of Medicare.

    Under the Tea Party Republicans’ spending cap, Reagan’s military buildup, often credited with winning the Cold War, would have been impossible.

    No wonder Democrats on Tuesday were claiming the Republican icon as one of their own. After the caucus meeting with the Reagan clip, Rep. Mike Quigley (D-Ill.) began the day’s debate by reading from a 1983 Reagan letter to Congress warning that “the full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate.”

    “In the year of his 100th birthday, the Great Communicator might be amazed at how far his own image has shifted from the original,” Quigley charged. “He’d see his most dedicated followers using his name as justification for saying no to honoring our debts. He’d see his legacy used to play chicken with the world’s greatest economic engine.”

    Republicans have continued their ritual praise of Reagan during the debt-limit fight. Rep. Trent Franks (Ariz.) claimed that the budget caps would allow America to be “that great city on a hill that Ronald Reagan spoke of.” Marsha Blackburn (Tenn.) invoked Reagan’s belief that “the closest thing to eternal life on Earth is a federal government program.”Kevin Brady (Tex.) cited Reagan’s line that “the nine most terrifying words in the English language are ‘I’m from the government and I’m here to help.’ ” Both Steve King (Iowa) and Bobby Schilling (Ill.) informed the body that they had granddaughters named Reagan.

    But while Reagan nostalgia endures, a number of Republicans have begun to admit the obvious: The Gipper would no longer be welcome on the GOP team. Most recently, Rep. Duncan Hunter Jr. (Calif.) called Reagan a “moderate former liberal . . . who would never be elected today in my opinion.” This spring, Mike Huckabee judged that “Ronald Reagan would have a very difficult, if not impossible time being nominated in this atmosphere,” pointing out that Reagan “raises taxes as governor, he made deals with Democrats, he compromised on things in order to move the ball down the field.”

    During the debt-limit debate, a procession of Democrats — Vermont’s Peter Welch, Maryland’s Chris Van Hollen, New York’s Paul Tonko, Texas’s Sheila Jackson Lee and Gene Green — claimed Reagan’s support for their position. Reagan is “revered by many Democrats,” said Welch, who praised Reagan for fighting “the absurd notion that America had an option when it came to paying our bills.”

    Half a century after he left the party, the Gipper is winning one for the Democrats.

    © The Washington Post Company
  3. Pay extra attention to this ET republicans :cool: :cool: :cool:
  4. Obama says. "raising America’s debt limit is a sign of leadership failure."

    The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

    Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

    Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

    And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

    Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.

    Senator Barack Obama
    Senate Floor Speech on Public Debt
    March 16, 2006

  5. Obama is a moderate republican and most democrats wish there was a different democrat in office.Republicans on the other hand continue to worship Reagan
  6. As a republican, I say go ahead and raise it. I dont even care anymore. Its only paper. Its not like we are not going to collapse even if we cut spending. Might as well keep the party going as long as possible, right?
  7. Lucrum


  8. When do you stop raising?
    Seriously how can you call it a ceiling when it gets raised year after year.

    The honest thing would had been on the first raise in the 1970's was to just raise it to 20 trillion......what difference would have it made?
  9. You're almost right. There shouldn't even be a debt limit. If congress authorizes the spending then America should pay the bill. The debt limit is a pointless political tool and serves no purpose.
  10. I agree Mercor.I also agree with the republicans cut cap balance budget amendment thing they just passed.I disagree with republicans on how to cut ,cap and balance though
    #10     Jul 24, 2011