Democrats Have More Than **Quadrupled** Annual Increases to the National Debt!

FACT:
When compared to the Republican majorities of the prior 12 Fiscal Years (FY 1996-2007), Democrat Majorities in the last 5 Fiscal Years (FY 2008-2012) have More than QUADRUPLED annual increases to the Total National Debt!

——–

All appropriations (spending) bills must be passed by the U.S. House of Representatives, passed by the U.S. Senate, and signed by the President of the United States (unless a Presidential veto is overridden with 2/3 majorities in both the House and Senate).

I think it is fair to give the majority of the credit and/or blame to the party which controlled a majority (2+ out of 3) of those three entities.

Bill Clinton began his Presidency with a Democrat House and a Democrat Senate. But in his first mid-term elections, in November 1994, Republicans won control of both the House and Senate for the first time since the election of 1946. It was a big deal. And based on the election results of 1994, 1996, 1998, 2000, 2002, and 2004, Republicans earned control of both houses of Congress for 12 straight years. Democrats managed to take back control of the Senate during the 107th Congress when RINO (Republican In Name Only) Jim Jeffords switched from Republican to Independent and caucused with Democrats. Still, during that time, George W. Bush was President, so even though Democrats controlled the Senate, Republicans controlled the House and Presidency, and therefore a majority of the three budget-making bodies.

The Republican House and Senate candidates who were elected in the November 1994 elections took office on January 3, 1995. The Fiscal Year 1995 budget was already in place. So, the first budget that was passed by a Republican House and Republican Senate, and signed by President Clinton, was the Fiscal Year 1996 budget.

A Republican Majority was responsible for Fiscal Years 1996-2007.

In the November 2006 elections, Democrats took back control of both the House and Senate, and therefore majority control of the budgeting and appropriations process, even though George W. Bush was still President.

A Democrat Majority was responsible for Fiscal Years 2008-2012. And during those years, Democrats have More than QUADRUPLED the annual increases to the Total National Debt.

Compare the Total National Debt on the last day of the relevant Fiscal Years. The last business day of FY 1995 was 09/29/1995, and according to http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm, the Total National Debt was just under $5 Trillion:

Date Dollar Amount
09/29/1995 $4,973,982,900,709.39

After 12 consecutive years of majority Republican control of the budgeting and spending process, on the last business day of Fiscal Year 2007, according to http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm the Total National Debt was just over $9 Trillion:

Date Dollar Amount
09/30/2007 $9,007,653,372,262.48

Republican majorities added $4,033,670,471,553.09 (over $4 Trillion) to the Total National Debt over the course of 12 years.

On average, Republican majorities increased the Total National Debt by  $336,139,205,962.76 ($336 Billion) per year.

We have now had five consecutive years of Democrats holding majority control of the budgeting and spending process.  The last business day of Fiscal Year 2012 was Friday 09/28/2012, and according to http://www.treasurydirect.gov/NP/BPDLogin?application=np the Total National Debt on that day was over $16 Trillion:

Date Dollar Amount
09/28/2012 $16,066,241,407,385.89

Democrat majorities added $7,058,588,035,123.41 (over $7 Trillion) to the Total National Debt over the course of just 5 years.

On average, Democrat majorities increased the Total National Debt by $1,411,717,607,024.68 ($1,412 Billion a.k.a $1.412 TRILLION) per year.

Democrat Average / Republican Average =
$1,411,717,607,024.68 / $336,139,205,962.76 = 4.1998 = 419.98%

Rounding,
Democrat Average over the last 5 Fiscal Years has been 4.2 times as much as (i.e., 420% of) the Republican Average over the prior 12 Fiscal Years!

Democrats have More than QUADRUPLED the annual increases to our Total National Debt.

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3 Responses to Democrats Have More Than **Quadrupled** Annual Increases to the National Debt!

  1. Tojo says:

    You have your “math.” I’m with Babs. And as Cleveland Obama phone lady said it so well, “Romney sucks! Bad!” Nuff said.

    /sarc

  2. Eric says:

    I like this analysis (I generally vote democrat). I do wonder, though, about the fact that there were a couple of wars sprinkled in there, plus a financial meltdown. Also, I’d be interested to know where the extra debt was allocated – was it all to entitlements, as is often implied by Republicans, or did it go to military and bailout spending. I think knowing where the money went helps contextualize the increased debt generation.

  3. Eric,
    Thank you for your interest and your comment. I don’t have the budget breakdown. Perhaps you could find that at the Office of Management and Budget (OMB). But I would like to address the wars and the financial “meltdown”.

    1) Wars and their impact on the budget. FY 2007 (October 2006 – September 2007) was the last Fiscal Year budget passed by a Republican House, Republican Senate, and Republican President. We were already militarily involved in both Iraq and Afghanistan, and had been for years. According to the White House Office of Management and Budget (OMB), the total deficit (combining both on-budget and off-budget revenues and outlays) was under $161 Billion for FY 2007. Just two years later, the FY 2009 (October 2008 – September 2009) budget was passed by the Nancy Pelosi House, Harry Reid Senate, and signed by President Obama (Democrats held the budget away from Bush and waited for Obama to come into office and sign it, and most of the appropriations for FY 2009 were signed by Obama, not Bush… remember things like “Cash for Clunkers”?). According to the White House Office of Management and Budget (OMB), the total deficit (combining both on-budget and off-budget revenues and outlays) was over $1,412 Billion (over $1.41 Trillion) for FY 2009. Check the numbers yourself at:

    http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist01z1.xls

    Again, the last Republican budget (FY 2007) had a deficit of under $161 Billion, while just two years later the first budget signed by President Obama, for FY 2009, had a deficit of well over $1,412 Billion (proper rounding would be $1,413 Billion). Well over $1.4 TRILLION.

    2) Financial “meltdown”. Fannie & Freddie were created by the Democrat-passed, and Democrat-expanded, Community Reinvestment Act. Barack Obama was one of the attorneys who put legal pressure on banks to extend loans to people who could not afford the mortgage. The problems with Fannie/Freddie were foreseen by Republicans, and Democrats in Congress blocked their efforts to reform Fannie & Freddie and prevent a crisis that would be placed on the backs of taxpayers. Watch the C-SPAN footage and see for yourself… The Republicans tried for years to rein in Fannie & Freddie, while the Demonrats obstructed, said that there were not any “safety and soundness” issues, and falsely accused the Republicans of racism. (shocker!)

    Watch Maxine Waters and other Democrats accuse Republicans of racism as the Republicans tried to increase regulation of Fannie Mae & Freddie Mac, and Democrats covered up the corruption.

    And let’s not forget that Obama specifically asked President Bush to request the second half of the TARP money, saying that it would be “irresponsible” not to…

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