Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Thursday, September 26, 2013
$43,000 Per Household
By News Release @ 12:43 PM :: 4731 Views :: National News

Morning Bell: $43,000 Per Household

by Amy Payne, Heritage Foundation, September 26, 2013

Did you know that since President Obama came into office, the debt limit has been raised seven times?

With those increases, Congress has added $43,000 in debt for every American household in just the last four years.

And now the debt limit deadline is looming again. Treasury will run out of tricks to keep paying the bills on October 17, Secretary Jack Lew announced yesterday.

Instead of pursuing significant spending cuts and entitlement reforms that are desperately needed to get spending under control, House Republicans reportedly are proposing to suspend the debt ceiling for more than a year, which would add $1.1 trillion to the debt.

So, take that $43,000 per household that was added in the last four years and tack on another $8,800 per household.

What happened the last time Congress raised the debt ceiling? Did they accomplish any meaningful spending cuts before increasing the debt limit? In a word, no:

Congress and the President last suspended the debt ceiling from February 4, 2013, through May 18, 2013, adding $300 billion to the national debt in less than four months. Their only request was that the Senate produce a budget for the first time in four years, which it did. No savings were accomplished.

No savings.

This is unacceptable.

As Heritage’s Romina Boccia, the Grover M. Hermann Fellow in Federal Budgetary Affairs, wrote yesterday:

Congress should implement spending cuts and entitlement reforms before—or as part of—an increase in the debt ceiling. Lawmakers still have time to put forth a plan that puts the budget on a path to balance and avoids a debt crisis today and in the future. The clock is ticking.

LEARN MORE:

Debt Limit: Options and the Way Forward

Read the Morning Bell and more en español every day at Heritage Libertad.

Quick Hits:

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT