111th Congress Added More Debt Than First 100 Congresses Combined: $10,429 Per Person in U.S.
Now that IS productive! The federal government has accumulated more new debt–$3.22 trillion ($3,220,103,625,307.29)—during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury.
Edtior’s note: The U.S. Treasury figures only account for cash expenditures. If the government used accrual accounting the way it forces businesses to it would have to include the new liabilities (debt owed) along with the cash shortfall. That would have almost doubled last years deficit from $1.3 trillion to $2.1 trillion. See Cooking the Books: The 2010 Deficit Was $2.1 trillion.
By Terence P. Jeffrey at CNSNews.com
EXCEPTS:
The total national debt of $13,858,529,371,601.09 (or $13.859 trillion), as recorded by the U.S. Treasury at the close of business on Dec. 22, now equals $44,886.57 for every man, woman and child in the United States.
In fact, the 111th Congress not only has set the record as the most debt-accumulating Congress in U.S. history, but also has out-stripped its nearest competitor, the 110th, by an astounding $1.262 trillion in new debt.
During the Rep. Nancy Pelosi’s (D-Calif.) tenure as speaker, which commenced on Jan. 4, 2007, the federal government has run up $5.177 trillion in new debt. That is about equal to the total debt the federal government accumulated in the first 120 years of the nation’s existence, with the federal debt rising from $5.173 trillion on July 24, 1996 to $5.181 trillion on July 24, 1996.
In her inaugural address as speaker, Pelosi vowed that Congress would engage in no new deficit spending.
“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” she said in an address from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”
FULL ARTICLE
Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere:
