Where Did the Debt Come From, History of Debt and Debt Ceiling, Bond Rating and Debt

71% of national debt happened during GOP presidencies; 28% under Dem presidents

By John Aravosis
America’s Blog, July 28, 2011

GOP Presidents     Dem Presidents
$9.5 trillion            $3.8 trillion

Total debt is $14.3 trillion.
$1 trillion of debt comes from before Reagan (NYT doesn’t make clear who created that debt).
$13.3 trillion accumulated from Reagan to Obama.

71% of the $13.3 trillion was under GOP presidents.
28% of the $13.3 trillion was under Dem presidents.

(Source: NYT pieced together data from Treasury, OMB, Federal Reserve Bank of NY, and more)

More from the New York Times,

How Often the Debt Limit Has Been Raised

By the Treasury Department’s count, Congress has acted 78 times since 1960 to raise, extend or alter the definition of the debt limit — 49 times under Republican presidents, and 29 times under Democratic presidents. Related Article »

In 1940, the debt limit was about $43 billion. It was raised as high as $300 billion during World War II.

The debt limit has been increased 140 percent since 2000, when it was $6 trillion.

Proposals would raise the limit of $14.3 trillion by $2.5 to $2.7 trillion.

U.S. Debt Limit Since 1940

Debt Limit as a Percentage of G.D.P.

Sources: Office of Management and Budget; Bureau of Economic Analysis

Published: July 26

How Bond Rates Could Rise If the U.S. Rating Is Lowered

If the AAA rating of the United States was lowered, bond rates would most likely rise, making it costlier to pay the interest on its debt. Related Article »

Standard & Poor’s Sovereign
Rating Outlook 10-Year Government Bond Yield
Switzerland AAA Stable 1.5 %
Hong Kong AAA Stable 2.3
Sweden AAA Stable 2.7
Germany AAA Stable 2.7
Canada AAA Stable 2.9
United States AAA Watch Neg. 3.0
Denmark AAA Stable 3.0
Britain AAA Stable 3.1
Netherlands AAA Stable 3.1
Finland AAA Stable 3.1
Norway AAA Stable 3.2
Austria AAA Stable 3.3
France AAA Stable 3.3
Australia AAA Stable 4.9
Belgium AA+ Negative 4.3 %
New Zealand AA+ Negative 5.1
Slovenia AA Negative 4.3 %
Spain AA Negative 6.0
Japan AA– Negative 1.1 %
China AA– Stable 4.1
Slovak Republic A+ Stable 4.2 %
Italy A+ Negative 5.6
Czech Republic A Positive 3.9 %
South Korea A Stable 4.2
Israel A Stable 5.2
Malaysia A– Stable 3.9 %
Poland A– Stable 5.8

Sources: Standard & Poor’s; Bloomberg

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