$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History

CNS News ^ | August 01, 2011 | Terence P. Jeffrey

[CodeToad]

This debt limit increase is only the beginning. I was looking at the actual bill and found the following increases enumerated in it. I also found the debt increase for this year, alone, can be $1.8 trillion. The following table shows the ADDITIONAL spending authorized in the bill for each year. It adds 5% more every year.

In $ Trillions	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Total	$1,936	$2,107	$2,319	$2,570	$2,668	$2,854	$2,899	$2,945	$2,992	$3,039
Social Security	$623	$751	$924	$1,123	$1,166	$1,309	$1,309	$1,309	$1,309	$1,309
Health and Human Services	$270	$299	$329	$361	$395	$414	$434	$454	$475	$496
Discretionary Spending	$1,043	$1,057	$1,066	$1,086	$1,107	$1,131	$1,156	$1,182	$1,208	$1,234

[Sopater]

Interesting analysis. How do they claim the cuts if the bill adds 5% more each year? I don’t get it.

[CodeToad]

They claim cuts because some small amount, I believe it is actually $7 billion, is cut from some agencies but it gives trillions more to others. There are no cuts in the total dollars spent.

[expatguy]

Across Southeast Asia there is an ubiquitous feeling of repugnance that has replaced the overall malaise here as millions watched America's politicians in Washington sip champagne and celebrate the "victory" of adding another 2.4 trillion to the nation's debt. Many here are perplexed to say the least, asking the simple question - "What is there to celebrate?"

An American Expat in Southeast Asia

[Sopater]

...$7 billion, is cut from some agencies but it gives trillions more to others...

That's called a shell game.

[CodeToad]

“Shell game”

Yes, it is. When they say they “cut the budget” they are lying because they know we are talking about the total amount spent and not just the budgets of a few agencies.