The Federal Debt

As of today, the federal debt stands at $11,270 Billion. It is increasing at a rate of $3.8 billion per day. I will become eligible for Social Security (full benefits) in 2016, which, coincidentally, is when the SS system is schedule to start operating at a deficit, with outgo exceding income.

Now, according to our Constitution, the Congress has the following authority:

"Section 8. The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States"

In short, the Congress, not the President, has primary responsibility for the budget. So, let's review.

In Jan 1, 1993, the debt was $4,070 billion. By Jan 1, 1995, it was $4,710, for a $625 billion increase under the Democrat controlled Congress. By Jan 1, 2007, it was $8,592 billion under the 12 years of Republican control. And now, after 29 months of Democrat control, it has increased by $2,678 billion. So, in 53 months, 4.4 yrs, under Democrat control, the debt increased by $3,303 billion and in 12 years under Republican control, it increased $3,882 billion.

So, at current rate, the Democrat controlled Congress, should exceed the Republican debt in less than 6 years, or twice the rate.