A timeline of events
Taken from here (thanks StumbleUpon)
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, 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 don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.
2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s 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 Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.
October 2010: S&P endorses the nation’s 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.
2272 Notes/ Hide
- ileftmyhijabintokyo reblogged this from procrastinationcelebration
- doktorgun likes this
- wats-good-gabby likes this
- myfutureref reblogged this from courtneylovesvaginas
- abbyechofang reblogged this from stfuconservatives and added:
- abbyechofang likes this
- caliblue likes this
- ghostface-chiller reblogged this from stfuconservatives
- heysomeday likes this
- karmiechan reblogged this from amaditalks
- karmiechan likes this
- there-was-a-girl reblogged this from amaditalks
- thelifeofnin9 reblogged this from ihopericksantorum
- violentporcupines likes this
- shkmru likes this
- nonveganzombie reblogged this from afigureofspeech
- readwatchreblog likes this
- virgilspokesrooster reblogged this from andyandtherobot
- wrathia-bellarmina likes this
- awildbear reblogged this from ihopericksantorum
- theroxxi reblogged this from ihopericksantorum
- stilettoslytherin reblogged this from coyotelips
- sorefined likes this
- cominatrix reblogged this from abhortion and added:
- agglesauce likes this
- pixiecactus likes this
- disposablefun reblogged this from thwomps
- chamberhearts likes this
- iamthetoxin likes this
- highpersensitivity likes this
- dumpkin reblogged this from thwomps
- brikaro likes this
- thestorysoverandimnotthehero likes this
- up-set likes this
- sighcopath likes this
- lbukl likes this
- obitool reblogged this from thwomps
- condomnation likes this
- darrynek likes this
- crossfire64 reblogged this from bladeofmasyaf
- dxb0914 reblogged this from thegirlwhochasedthesun
- thegirlwhochasedthesun reblogged this from ihopericksantorum
- oureyesmightmeet reblogged this from proletarianinstinct
- vincentthehuman likes this
- halliedarling reblogged this from drst
- rifkind-moonchild reblogged this from real-news
- onebigpopculturereference likes this
- aliceofmay reblogged this from moyaofthemist
- thesassiestcommander reblogged this from cinzz