April 4, 2012 Leave a comment
On March 22, 2012, the House of Representatives adopted the budget resolution that was reported out of the House budget committee (aka The Ryan budget). In doing so, House Republicans committed to increasing the public debt over the next decade, meaning the so-called debt limit will have to be raised continuously, even if the Ryan budget is implemented exactly. The debt limit implied by implementing this budget will be $17,072,810,000,000 in 2013, rising to $21,627,396,000,000 in 2022. I wrote about this a few weeks ago, but forgot until today to go back and update the necessary increases in the debt limit contained in the budget passed by the House of Representatives.
Here is page 6, lines 3-14 of the budget resolution, as passed by the full House:
DEBT SUBJECT TO LIMIT.—The appropriate
levels of the public debt are as follows:
p 6. top (start with line 1) [my comment]
Fiscal year 2013: $17,072,810,000,000.
Fiscal year 2014: $17,769,762,000,000.
Fiscal year 2015: $18,277,348,000,000.
Fiscal year 2016: $18,752,806,000,000.
Fiscal year 2017: $19,216,661,000,000.
Fiscal year 2018: $19,676,545,000,000.
Fiscal year 2019: $20,168,534,000,000.
Fiscal year 2020: $20,657,588,000,000.
Fiscal year 2021: $21,121,620,000,000.
Fiscal year 2022: $21,627,396,000,000.
Any budget that is not balanced will require an increase in the debt limit. Just remember that when we get to the absurd theater of the debt limit increase sometime from November 2012-January 2013 and remember that when we do, the question at hand will be whether we will pay for the spending we have already agreed to undertake.