$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History

The bill to increase the federal debt limit that has been put before Congress today would increase that limit by up to $2.4 trillion, which would be the largest increase in the debt limit in U.S. history by a margin of half a trillion dollars, according to records published by the Government Accountability Office and the Congressional Research Service.

In fact, according to records published by the Congressional Research Service, if the current bill is passed and the debt limit is increased by $2.4 trillion, the two largest debt-limit increases in U.S. history would come in back-to-back years, both during the presidency of Barack Obama.

Up until now, the largest increase in the debt limit was the $1.9 trillion increase passed by Congress and signed by President Obama on Feb. 12, 2010. That law increased the debt limit from $12.394 trillion to $14.294 trillion.

Up until now, the second largest historical increase in the debt limit was enacted on March 27, 2003, when President George W. Bush signed a law that lifted the limit by $984 billion—from $6.400 trillion to $7.384 trillion.

The third largest historical increase in the debt limit was enacted on Nov. 5, 1990, when the senior President George Bush signed a law that lifted the limit by $915 billion—from $3.230 trillion to $4.145 trillion.

Read more here.

Our vice president, the crackhead

Ah, that Joe Biden, the experienced legislator, who spoke with such restraint and intelligence that people could feel comfortable imagining him as president if horribly necessary especially compared with his vice presidential opponent Sarah Palin.

Vice President Biden’s (D) latest Bidenism was on display on the floor of the House of Representatives Monday night, greeting Rep Gabrielle Giffords (D-AZ) as she made her first appearance to vote since being shot for the latest debt ceiling bill by saying, “She’s now a member of the cracked head club like me.”

Well, Biden got one member of “the cracked head club” right.

Surely Sarah Palin couldn’t have, wouldn’t have said something so uh, insightful.

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