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Tuesday, July 19, 2011
Look at the Chart Showing Debt Increase Under Democrats and Republicans
America's public debt
Down to the wire
Jul 18th 2011, 16:04 by The Economist online
Lawmakers in America are running out of time to raise the debt limit
WHILE Congressmen trade over concessions and budget cuts, the clock continues to tick on America's debt. Barack Obama has set a deadline of July 22nd for Congress to agree on a deal. On August 2nd, the $14.294 trillion threshold at which by law America can no longer borrow money, will be reached. If that happens, America will default on its debt, triggering "a huge financial calamity" according to Ben Bernanke, the Federal Reserve chairman. On June 30th, there remained just $25m left in the kitty. Congress has acted a total of 91 times since June 1940 to either raise, extend or alter the definition of the debt limit—36 times under Democratic presidents. And they have done so with some 300 days to spare on average.