What the odds the offsetting cuts we’ve been promised actually happen? I’m guessing pretty low.
(CNS News) — 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 the 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.