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Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’
CNS News ^ | 10/25/2010 | Terance P Jeffrey

Posted on 10/25/2010 5:50:45 AM PDT by IbJensen

(CNSNews.com) - When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.

"After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt."

Pelosi has served as speaker in the 110th and 111th Congresses.

At the close of business on Jan. 4, 2007, Pelosi’s first day as speaker, the national debt was $8,670,596,242,973.04 (8.67 trillion), according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. At the close of business on Oct. 22, it stood at $13,667,983,325,978.31 (13.67 trillion), an increase of 4,997,387,083,005.27 (or approximately $5 trillion).

Pelosi, the 60th speaker of the U.S. House of Representatives, has added more to the national debt than the first 57 House speakers combined.

The $4.997-trillion increase in the national debt since she took the gavel is more debt than the federal government amassed from the speakership of Rep. Frederick Muhlenberg of Pennsylvania, who became the first speaker of the House on April 1, 1789, to the start of the speakership of Rep. Newt Gingrich of Georgia, the 58th speaker, who took up the gavel on Jan. 4, 1995.

The national debt first topped $5 trillion on Feb. 23, 1996, more than a year into Gingrich’s speakership.

Gingrich served as speaker in the 104th and 105th Congresses, officially taking the office on Jan. 4, 1995 and leaving office on Jan. 3, 1999. During that period, according to the Treasury Department, the national debt increased $812.4 billion dollars ($812,423,595,162.98), rising from $4.8 trillion ($4,801,793,426,032.89) to $5.6 trillion ($5,614,217,021,195.87).

Rep. Dennis Hastert (R-Ill.), the 59th speaker, who presided over the 106th, 107th, 108th and 109th Congresses (serving as speaker from Jan. 6, 1999 to Jan. 3, 2007), enjoys the distinction of having increased the debt more than any other speaker except Pelosi. During Hastert’s time, the national debt increased $3.1 trillion ($3,061,785,703,851.74).

Thus far (the 111th Congress will not be done until the end of the year), Pelosi has increased the debt by an average of $2.5 trillion for each Congress she has led as speaker. Hastert increased the debt by an average of about $785 billion per Congress, while Gingrich increased the debt by an average of $406 billion per Congress.

Under the U.S. Constitution, the federal government cannot spend any money that has not been approved by congressional appropriations; and, by congressional precedent, appropriations bills originate in the House.

"No money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law," says Article 1, Section 9, Clause 7 of the Constitution.

“By precedent, appropriations originate in the House, with the Senate following suit,” says the House Rules Committee in an explanation of the appropriations process.

Annual federal expenditures have increased by about $730 billion in the Pelosi era, while annual deficits have increased almost 8 fold. In fiscal 2007, when Pelosi became speaker, the federal government spent $2.73 trillion and ran an annual deficit of $162.8 billion, according to the Treasury Department. In fiscal 2009, the federal government spent $3.52 trillion and ran an annual deficit of $1.4157 trillion. In fiscal 2010, the federal government spent $3.46 trillion and ran an annual deficit of $1.2941 trillion.

“The 2010 deficit was equal to 8.9 percent of gross domestic product (GDP), CBO estimates, down from 10.0 percent in 2009 (based on the most current estimate of GDP),” the Congressional Budget Office said in its October Monthly Budget Review. “The 2010 deficit was the second-highest shortfall—and 2009 the highest—since 1945, relative to the size of the economy.”


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Government
KEYWORDS: bailoutnation; bankruptnation; evilregime; nutsypelousy; obamanomics; obozo; partyofdeath; pelosi
Evil, disgusting, despicable, anti-America, nation destructing, hateful, revolution inspiring.

Due to the fact that DemoncRATs are responsible for not allowing the absentee military to vote perhaps they should march on Washington's Holder headquarters!

1 posted on 10/25/2010 5:50:52 AM PDT by IbJensen
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To: IbJensen

Well, she was right.
This is the good, old fashioned type of deficit spending.............


2 posted on 10/25/2010 5:52:01 AM PDT by Red Badger (WOULD SOMEBODY PLEASE GIVE MEGHAN MCCAIN A BOX OF KRISPY KREMES SO SHE'LL SHUT THE HELL UP?!)
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To: IbJensen

What a shock. Of course, the reason she could make that claim was because the press never holds the Dems to account for anything. A truly adversarial press would have laughed her off the stage if she made that claim but the press knew that for Dems to win, she had to look good on fiscal responsibility so they dutifully reported it as if it were a credible claim. 4 years and $5 trillion in debt later, the press will forget the claim rather than hold her to account for it.


3 posted on 10/25/2010 6:00:17 AM PDT by Opinionated Blowhard
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To: IbJensen

Pelosi lied, taxpayers cried!


4 posted on 10/25/2010 6:06:05 AM PDT by luvbach1 (Stop Barry now. He can't help himself.)
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To: IbJensen

nutty nancy blames it all on lost tax revenue due to the Bush tax cuts for the rich - and the press dutifully reports this

Imagine that

If the rich would have paid $5 trillion more in taxes, we wouldn’t be in this ditch sipping slurpees


5 posted on 10/25/2010 6:30:15 AM PDT by silverleaf ("This is not an election on November 2 . This is a restraining order" P.J. O'Rourke)
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To: IbJensen
Jam this up the arse of any rat that claims all of the deficit is Bush's fault... I mean heat it red hot and jam it so far that their ears start to glow red!

LLS

6 posted on 10/25/2010 6:36:33 AM PDT by LibLieSlayer (WOLVERINES!)
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To: IbJensen

*


7 posted on 10/25/2010 6:36:49 AM PDT by PMAS
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To: Red Badger

All that debt is certainly making Wall Street very happy. Watch what happens today - they just got a hint this weekend that the Fed is about to create as much as $4 trillion more. Down went the dollar - and up will go stocks .


8 posted on 10/25/2010 6:41:14 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: IbJensen

bump


9 posted on 10/25/2010 6:51:52 AM PDT by VOA
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To: andy58-in-nh

10 posted on 10/25/2010 6:51:53 AM PDT by Red Badger (WOULD SOMEBODY PLEASE GIVE MEGHAN MCCAIN A BOX OF KRISPY KREMES SO SHE'LL SHUT THE HELL UP?!)
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To: andy58-in-nh
Fed is about to create as much as $4 trillion more.

Yet somehow all this QE will not lead to inflation according to the giant brains in DC and on Wall Street.

11 posted on 10/25/2010 7:05:25 AM PDT by PogySailor (The ruling class will not go down easily. And neither will their paid hacks.)
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To: IbJensen

That would be a good line to use in an ad for Pelosi’s challenger.. in Mexifornia..


12 posted on 10/25/2010 7:07:55 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: Red Badger

I know.... it’s fascinating how the HFT computers all act in short-term concert and perfectly disregard any long-term issues which they are not programmed to foresee. Human traders are acting in much the same fashion, because there’s no long money left and fundamentals are virtually meaningless in this environment, where bankrupt banks and overvalued tech stocks are the dominant issues.


13 posted on 10/25/2010 7:22:22 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: PogySailor

Somehow, they don’t seem to count rising commodity prices as “inflation” - even while the price of everything made from those commodities is increasing weekly.


14 posted on 10/25/2010 7:24:03 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: andy58-in-nh

Computerized trading should be illegal.
I saw a show the other night, I forget what cable channel, where they showed that there are these huge super computer trading companies, connected directly, some within a few feet, of the market’s computers. They are programmed to scan the entire stock lists and make trades based on a few milliseconds data, “buy” huge blocks of stock and then “sell” them a few microseconds later at a profit. A human being stands little or no chance of actually “beating” the market to make a profit when it’s lifetime of stock “ownership” is measured in time on the microscopic scale......


15 posted on 10/25/2010 7:34:32 AM PDT by Red Badger (WOULD SOMEBODY PLEASE GIVE MEGHAN MCCAIN A BOX OF KRISPY KREMES SO SHE'LL SHUT THE HELL UP?!)
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To: Red Badger
The ultimate problem with high-frequency trading is that it defeats the fundamental purpose of a market: price discovery. In manipulating bids by means of mathematical algorithms, computers are not performing a market function. Rather, they employ game theory to create signals unrelated to true time/value, the purpose being to cause an environmental response subject to advantageous counter-execution. Think of it as a game of "chicken" played out in milliseconds.

Now: what happens when all the players are machines and they are all programmed to respond in precise mathematical ways to environmental variables such that their behavior conforms to predictable waves which graph along with virtually no standard deviation - until a rogue wave input comes along? A sudden spike appears - a "flash crash" or "flash boom" in a given issue - and this is exactly what has started to occur on a daily basis, forcing a cancellation of trades. But no one really cares because the market is rewarding companies indiscriminately right now, not based on fundamentals but on "hot money" and cold processes.

What I fear specifically is: one of these days, an external event (the dreaded "black swan") is going to create simultaneous waves of anomalous executions that will quickly synchronize into a monster wave of Biblical proportions - and none of us have the faintest idea how to build an ark.

16 posted on 10/25/2010 8:08:32 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: andy58-in-nh

Then we will need Moses to part the sea.......... again................


17 posted on 10/25/2010 8:11:18 AM PDT by Red Badger (WOULD SOMEBODY PLEASE GIVE MEGHAN MCCAIN A BOX OF KRISPY KREMES SO SHE'LL SHUT THE HELL UP?!)
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To: Red Badger
Ex Speaker of the House
18 posted on 10/25/2010 4:04:22 PM PDT by Fred911 (YOU GET WHAT YOU ACCEPT)
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