Lets take a stroll down memory lane, shall we? 1980: Ronald Reagan runs for president, promising a balanced budget 1981 - 1989: With support from congressional Republicans, Reagan runs enormous deficits, adds $2 trillion to the debt. 1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes from congressional Republicans. 1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged. 2000: George W. Bush runs for president, (steals and cheats to win the election) promising to maintain a balanced budget. 2001: CBO shows the United States is on track to pay off the entirety of its national debt within a decade. 2001 - 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt. 2002: Dick Cheney declares, Deficits dont matter. 2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obamas fiscal irresponsibility. 2009: Congressional Democrats unveil several domestic policy initiatives -- including health care reform, cap and trade, DREAM Act -- which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction. September 2010: In Obamas first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obamas fiscal irresponsibility. October 2010: S&P endorses the nations AAA rating with a stable outlook, saying the United States looks to be in solid fiscal shape for the foreseeable future. November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility. December 2010: Congressional Republicans demand extension of Bush tax cuts, relying entirely on deficit financing. GOP continues to accuse Obama of fiscal irresponsibility. March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage -- a move without precedent in American history -- until massive debt-reduction plan is approved. July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets. August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility.
Posted on: Fri, 31 Jan 2014 06:49:05 +0000
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