Earlier today, the House voted to disapprove of Obama’s request for an additional $1.2 trillion increase in the debt ceiling. Needless to say, they failed to garner the requisite two-thirds majority to preclude Obama from issuing more debt. The total federal debt will inexorably rise to at least $16.4 trillion by the end of the year.
But wait. Didn’t we pass a Budget Control Act to usher in a new era of budget austerity?
On August 1, the total federal debt stood at $14,342,358,440,969.10. Today, it stands at $15,236,288,061,558.65. That’s an increase of $894 billion. What’s the significance of August 1? That is the day Congress passed the Budget Out-of-Control Act. It took us from the country’s founding until 1982 to accrue $894 billion in debt, yet we have accomplished that in a half year.
Thus, on average, we have incurred an additional $5.26 billion in debt since passage of the debt deal. That’s $219 million per hour.
As Senator DeMint noted today, “This isn’t what winning looks like.”