Debt Crisis Timeline

Debt Crisis Timeline:
1969: Under Republican president Richard Nixon, the Federal government goes into debt. This is not the first time we have run a deficit, but it is the first one to last for more than just a few years. A limit, a debt ceiling, is put on it.
1980: Ronald Reagan runs for president, promising a balanced budget
1981 - 1989: With support from congressional Republicans, Reagan runs enormous deficits. Adding $2 trillion to the debt, increasing its size by 186%, the largest percentage increase in any 8-year period. During this time, the debt ceiling is raised 17 times, without hassles or haggling, without special deals, without promises to cut anything. Many social programs are cut, accompanied by the largest tax increase in history, but this is not tied to raising the debt ceiling.
1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes from congressional Republicans.
1993 - 1998: The debt ceiling is raised 4 times, without hassles or haggling, without special deals, without promises to cut anything.
1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged.
2000: George W. Bush runs for president, promising to maintain a balanced budget.
2001: The Congressional Budget Office (CBO) shows the United States is on track to pay off the entirety of its national debt within a decade.
2001 - 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt. This increase of 72% is a distant second to Reagan's record-setting increase. Along with this, the debt ceiling is raised 7 times, without hassles or haggling, without special deals, without promises to cut anything.
2002: Dick Cheney declares, “Deficits don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.
2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s fiscal irresponsibility.
2009 - 2010: Congressional Democrats unveil several domestic policy initiatives — including health care reform, cap and trade, DREAM Act — which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction.
September 2010: In Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.
October 2010: S&P endorses the nation’s AAA rating with a stable outlook, saying the United States looks to be in solid fiscal shape for the foreseeable future.
November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility.
December 2010: Congressional Republicans demand extension of Bush tax cuts, relying entirely on deficit financing. GOP continues to accuse Obama of fiscal irresponsibility.
March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage — a move without precedent in American history — until massive debt-reduction plan is approved.
July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets.
August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility

No votes yet

The reality is here >

Notice the HUGE jump in deficit spending in 2009?

Recent and Budgeted US Federal Deficits

Click chart for briefing on Federal Deficit.

For numbers and more click here.

Click chart for briefing on Federal Deficit.

For numbers and more click here.

Don't blame me,
I didn't vote for a

You can't reason with an Opal Covey supporter. They don't understand reason.

Just say it this way.

The debt ceiling took off the way it did because we didn't elect Opal Covey as Mayor and God is now smiting us.


Since you were kind enough to post a graph all you did was corroborate the information I posted. The deficit took off starting under Nixon, who was sworn in January 20, 1969, and continued through the late 90's while Clinton was President when the deficit was erased to only resume again under Bush the Lesser. After the financial crisis Bush's policies started in 2008 the deficits REALLY became worrisome. President Obama is now stuck with the daunting task of trying to undo the severe damage that 8 years of flawed policies under W. brought on the world.

He doesn't even take the time to cite his source. Instead he chooses to just attack people. I guess that's what you should expect from a plagiarist.


Reverend Sarge - is "hey idiot!" any way for an ordained minister to address another one of God's children?

Or was that ordained minister business a bit of a fib?



The "Hey Idiot" graph I posted showed there has been a deficit. Then in 2009, the debt tripled. In other words, the first year that the empty suit bastard child was president, HE TRIPLED THE DEFICIT with nothing else to show for it than MORE lost jobs.

So, since there was already a deficit, then according to you it's OK to spend trillions of dollars MORE. Then you blame Bush for Odumbo selling America to the Chinese?

Do you wonder why everyone thinks you're a moron?

Look at what your blind support of this failure has done to America. While you kiss Odumbo butt, other Americans ARE STARVING.

Poverty rate rises in America
NEW YORK (CNNMoney) -- Amid a still struggling economy, more people in America fell below the poverty line last year, according to new census data released Tuesday.

The nation's poverty rate rose to 15.1% in 2010, its highest level since 1993. In 2009, 14.3% of people in America were living in poverty

Don't blame me,
I didn't vote for a

The poverty rate DECLINED between 1993-2000 while, GASP!, a DEMOCRAT was President? Between 2000-2010, following 8 years of Bush it ROSE? President Obama is trying to straighten up the mess the RETARDED George W. Bush created through failed economic policies. Don't try to blame Obama with trying to fix a MESS your side started.
You just keep showing your stupidity and lack of a grasp of economic realities by posting these graphs. Thank you for backing up what I have been saying. The Republican Party is a FAILURE when it comes to economic issues.

When is your hero going to actually become President? Didn't he take over the office almost 3 years ago? It's obvious that the hopey changy crap you idiots fell for isn't working and the only ones who can't see you Democraps are flushing Americas future down the toilet ARE you same stupid Democraps. You a$$wipes are like the Ty-D-Bowl man. Spinning around in your little boat while it goes down the crapper and blaming the water company for your ignorance.

To prove Democrats cannot be trusted with ANY money, just today there is an article about how Democrap morons like yourself and Odumbo the empty suit bastard child golfer-in-chief are responsible for MORE PEOPLE LOSING THEIR HOMES and another about how the ODumbo Urkle Administration had their heads up their asses while everyone else was trying to tell them one of the companies Odumbo used TAXPAYER MONEY TO SUPPORT was losing that money.

Mortgage default warnings surged in August
AP Real Estate Writer
LOS ANGELES (AP) -- Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures.

The number of U.S. homes that received an initial default notice - the first step in the foreclosure process - jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday.

The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.

"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here.""


Obama admin. ignored warnings about Solyndra
Associated Press

WASHINGTON (AP) -- The Obama administration ignored repeated warnings about a clean-energy loan program that has become an embarrassment for the White House amid the collapse of a California solar energy company that received more than $500 million in federal loans.

At least three reports by federal watchdogs over the past two years warned that the Energy Department had not fully developed the controls needed to manage the multibillion-dollar loan program that provided more than $528 million to Solyndra Inc., a now-bankrupt solar panel manufacturer.

The Silicon Valley company was the first renewable-energy company to receive a loan guarantee under the 2009 stimulus law, and the Obama administration frequently touted Solyndra as a model for its clean energy program. President Barack Obama visited the company's Fremont, Calif., headquarters last year."

Look at the chart again, moron. If you would remove your lips from the empty suits ass long enough to see something besides his underwear, you'd see that since 2009 WHEN ODUMBO TOOK OVER AS PRESIDENT, the poverty rate HAS CLIMED FASTER AND HIGHER. If your hero is really tring to "clean up Bush's mess" then he is a TOTAL FÜCK-UP. His policies are making the problem worse. MUCH worse as shown by the chart.

Don't blame me,
I didn't vote for a

dont argue with Sarge - he's proven himself a flat out idiot and liar too many times to waste your time on him. Been kicked off other sites for his fibbin...

That one? From Glen Rice during their one-night stand?

After 8 years of economic failures by Bush and his Republicant buddies how do you expect Obama to fix that kind of mess in less than 3 years? You are giving Obama a lot of credit by saying he should have fixed Bush's mess by now! Are you actually a closet LIBERAL?

Fortunately I don't believe anything that a Liberal Zelot like you says. You just come up with crap, throw it against the wall and see what sticks without giving any reference to the BS you vomit up. So I looked at your statement and can prove you are a lying little sack of Obama and you have Barak running down your chin.

Direct from the CBS News website from October 16, 2010. That's almost 1 year ago and President Urkle was in office for 1 year and 8 months at that time. In other words, put simply so your drug fried brain can understand it, your hero the empty suit bastard child SPENT $150,000,000 A MONTH, EVERY MONTH FOR THE FIRST 20 MONTHS HE WAS IN OFFICE. That's $150 MILLION DOLLARS A MONTH THAT ODUMBO BORROWED FROM CHINA.

And the worst part besides you voting for this retard? By the time we can finally boot his lazy ignorant ass out of office in 2012, the commie pinko you love like he's your boyfriend will MAKE AMERICA OWE MORE THAN 100 PERCENT OF THE VALUE OF THE ENTIRE NATION'S ECONOMY.

October 18, 2010 3:46 PM
National Debt Up $3 Trillion on Obama's Watch
By Mark Knoller

New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.

The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.

The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job."

Don't blame me,
I didn't vote for a

You can't "undo" damage when you're committing the same damage.

Obama and the Democrats thought that $1.5 trillion in yearly deficits sounded just fine.

Obama just went to the Congress a few days ago and demanded another $350 billion. The Senate (Democrat-controlled) then dutifully raised the debt ceiling by that amount, to just BORROW it. What do they care? You and your children will be paying for it, whereas that august body (packed with millionaires) will seldom be called to account, with their wealth locked up in a maze of IRS loopholes written by... themselves!

Bush and the Republicans started this fire, yes. But Obama and the Democrats are doing nothing but feeding the flames.

So... the original posting is the most biased shit that I've read in a while. It makes it seem like the Democrats are somehow trying to RESTRAIN this out-of-control borrow-and-spend system, when they doing the exact opposite.

Under a 3-yr period of Obama and the Democrats dominating national finances, the national debt has grown by 50%. In just 3 years.* Time for you partisans to think about that. Of course it's really too late anyway, since the Democrats are very likely to lose the Senate in the 2012 elections, and with debts being as they are, we've already lost our Republic despite Franklin's well-quoted warning.

* I mean, really, think about it. The national debt in the last 3 years has increased the eventual tax demand upon Lucas County alone by $1 billion. Where do you people see an extra $1 billion that you're able to drain from this county?

Here is where Sarge cut and pasted this from:

Notice how he left off the last paragraph where the article veers off from factual to to opinion...

Bad blogger reporting...The Blade would hire you in a heartbeat...

LOL Sarge is using wolfman tactics.


Somebody let Harley off the trailer park again...



Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.