Gov’t Has Borrowed $803.73 Per U.S. Household Since GOP Majority Enacted Its First Spending Bill Last Month
(CNSNews.com) - The federal government has already borrowed an additional $803.73 per each household in the United States since the Republican House majority elected last November enacted its first law governing federal spending.
On March 1, the Republican-controlled House of Representatives enacted a short-term continuing resolution (CR) to keep the government funded past March 4, when a CR passed in December by the Democrat-controlled House would expire.
Only 6 House Republicans—led by Representatives Steve King (Iowa) and Michele Bachmann (Minn.)—voted against the March 1 CR.
The next day, the Democrat-controlled Senate passed the CR and President Obama signed it into law.
On March 2, the day that first Republican-approved CR became law, the national debt was $14.1785 trillion ($14,178,525,108,267.60), according to the Bureau of the Public Debt.
As of now, the national debt is $14.2729 trillion ($14,272,993,603,617.44).
That means the debt has increased $94.5 billion ($94,468,495,349.84) since the Republican-controlled House gained constitutional control of the federal purse strings.
The Census Bureau estimated in March that there were 117,538,000 household in the United States. The $94.5 billion increase in the debt since the Republican House approved its first CR now equals $803.73 for every household in the country.
Article 1, Section 9, Clause 7 of the Constitution states: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.”
Article 1, Section 8, Clause 2 of the Constitution gives Congress the power “To borrow Money on the credit of the United States.”
Last year, Congress enacted legislation—without a single vote from House Republicans—legally limiting the federal government to $14.294 trillion in debt. The portion of the federal debt that is subject to that legal limit now sits just $73.2 billion below the limit.
Under the U.S. Constitution, the Senate and the president cannot engage in new spending or borrowing unless and until the Republican-controlled House of Representatives agrees to it.