February 16, 2009: Legislative Report #18

Federal Debt

For folks asleep the last year and a half or so Congress, both Bush and now Obama continue spending our grandchildren’s futures. In the last year alone Congress has quietly raised the Federal debt limit 3 times. The third time is occurring now with the passage of an $800,000,000,000.00 economic stimulus package. And yes billions of this spending is coming to Minnesota and bailing out our state spending irresponsibility.  

The section posted below, buried within the 1080 page stimulus bill. The federal government is broke, and Congress is increasingly depending on bond sales to institutions, private investors, foreign governments, national banks, and fund managers from all over the world, and even some Americans to bail out federal spending.  

With the passage of the stimulus package Congress authorizes federal debt to reach $12,140,000,000,000.00 or $36,787.00 for each man woman and child in America. 

H.R.1

American Recovery and Reinvestment Act of 2009 (Public Print) 

SEC. 1902. INCREASE IN PUBLIC DEBT LIMIT.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting `$12,140,000,000,000'.