US debt ceiling history

Discussion in 'Economy' started by Truthmatters, Jul 29, 2011.

  1. Truthmatters
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    U.S. Debt Ceiling: Your Cheat Sheet to the Policy History (NYSE:DIA, NYSE:IWM, NYSE:SPY, NASDAQ:QQQ, NYSE:MDY, NYSE:TLT, NYSE:TBT, NYSE:XLF, NYSE:UUP, NYSE:UDN) | Wall St. Cheat Sheet


    the closest the government ever came to default was a last minute deal in 1979. Though the deal was finalized in time, computer malfunctions led to $122 million in Treasury payments being delayed, technically amounting to temporary default and thus permanently increasing interest rates by 0.6%, resulting in $12 billion in additional annual debt payments, costing the government roughly $384 billion to date. We can only imagine the toll a default, even temporary, could take on today’s economy.
     
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    Last edited: Jul 29, 2011
  2. Truthmatters
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    The history shows us that this default will cost the United States More money forever.

    The tea party is trying to distroy this country
     
  3. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Well what we have is a bunch of people divorced from reality sitting in positions of power in the Congress. It's both sad and crazy.
     
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  4. iamwhatiseem
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    iamwhatiseem Gold Member

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    No...the Tea Party is trying to keep the country from being destroyed.
    You people who believe in a "painless" fix are delusional.
     
  5. Stephanie
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    Stephanie Diamond Member Supporting Member

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    too late for that, your Obama and his clown administration ALREADY DID THAT.
     
  6. Truthmatters
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    Read The Bill: H. J. Res. 43 [110th] - GovTrack.us



    Sep 28, 2007 - Enrolled Bill. This is the final text of the bill or resolution as approved by both the Senate and House. This is the latest version of the bill currently available on GovTrack.









    H.J.Res.43




    One Hundred Tenth Congress




    of the




    United States of America




    Begun and held at the City of Washington on Thursday,




    the fourth day of January, two thousand and seven




    Joint Resolution




    Increasing the statutory limit on the public debt.




    Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $9,815,000,000,000.




    Speaker of the House of Representatives.




    Vice President of the United States and




    President of the Senate.
     
  7. Truthmatters
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    That is the FULL text of the last bill to raise the debt limit.


    Ask why does all sorts of shit have to be added to any debt ceiling bill.

    The republicans can stop this NOW by passing a clean debt limit bill in the house.
     
  8. Kiki Cannoli
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    Kiki Cannoli Have you met my shadow?

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    That is an interesting history. I never knew how the CBO was created.
     
  9. Truthmatters
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    It would pay this country well if Americans knew their history
     
  10. Skull Pilot
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    Skull Pilot Platinum Member

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    Why did all sorts of shit that had nothing to do with health care get added to the 3000 page monstrosity that was that bill?

    And I think our debt limit is too high as it stands so I'm all for a little fiscal responsibility.

    Politicians are supposed to make the hard choices that need to be made. I think it's time they actually did their fucking jobs.
     

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