DEFICITS: PRESIDENT OR CONGRESS?
Political pundits often comment on the records of Presidents regarding deficits.
In fact, the Congress is the branch of government responsible for the budget.
The Constitution of the United States, in Article 1 (the Congress) states:
Section. 7: All Bills for raising Revenue shall originate in the House of Representatives; ..
Section. 8: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises; ..To borrow Money on the credit of the United States;
Section. 9: No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; ..
Let’s compare the records of Presidents and Congresses using data as of 8/10/11 from:
http://www.whitehouse.gov/omb/budget/Historicals
DEBT SUMMARY BY PRESIDENT:
From:…To:…..Change:…….Annual:……President:…US House:
1961….1964….$…..25,534….$…..6,384….Kennedy…..Democrat
1981….1988….$1,692,063….$..211,508….Reagan…….Democrat
1989….1992….$1,400,683….$..350,171….Bush……….Democrat
1993….2000….$1,626,913….$..203,364….Clinton…….Both
2001….2008….$4,357,382….$..544,673….Bush……….Both
2009….2011….$5,490,161….$1,830,054…Obama…….Democrat
DEBT SUMMARY BY PARTY MAJORITY IN THE US HOUSE OF REPRESENTATIVES:
From:…To:…..Change:…….Annual:……US House:….President:
1981….1988….$1,692,063….$..211,508….Democrat……Reagan
1989….1992….$1,400,683….$..350,171….Democrat……Bush
1992….1995….$1,322,408….$..306,266….Democrat……Clinton
1996….2000….$…708,114….$..141,623….Republican….Clinton
2001….2007….$3,322,044….$..474,578….Republican….Bush
2008….2008….$1,035,338….$1,035,338…Democrat……Bush
2009….2011….$5,490,161….$1,830,054…Democrat……Obama