Debt Has Increased More in Last 15 Months Than First 97 Congresses — Combined!…(Long On Rope Futures!!)
Debt Up $1.59T Under GOP House—More in 15 Months Than First 97 Congresses Combined
By Terence P. Jeffrey
The Republican-controlled House of Representatives, which took office in January 2011, has enacted federal spending bills under which the national debt has increased more in less than one term of Congress than in the first 97 Congresses combined.
In the fifteen months that the Republican-controlled House of Representatives–led by Speaker John Boehner–has effectively enjoyed a constitutional veto over federal spending, the federal government’s debt has increased by about $1.59 trillion.
Article 1, Section 9, Clause 7 of the Constitution says: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” A law appropriating money cannot be enacted unless it is approved by the House.
The approximately $1.59 trillion in new debt accumulated since the Republican-controlled House gained a veto over federal spending legislation is more than the total increase in the federal debt between 1789, when the first Congress convened, and October 1984, when the 98th Congress was nearing the end of its second session.