Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’

Monday, October 25, 2010
By Terence P. Jeffrey

(CNSNews.com) – When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.

“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.” 

Pelosi has served as speaker in the 110th and 111th Congresses.

At the close of business on Jan. 4, 2007, Pelosi’s first day as speaker, the national debt was $8,670,596,242,973.04 (8.67 trillion), according to the Bureau of the Public Debt, a division of the U.S. Treasury Department.  At the close of business on Oct. 22, it stood at $13,667,983,325,978.31 (13.67 trillion), an increase of 4,997,387,083,005.27 (or approximately $5 trillion).

Pelosi, the 60th speaker of the U.S. House of Representatives, has added more to the national debt than the first 57 House speakers combined.

The $4.997-trillion increase in the national debt since she took the gavel is more debt than the federal government amassed from the speakership of Rep. Frederick Muhlenberg of Pennsylvania, who became the first speaker of the House on April 1, 1789, to the start of the speakership of Rep. Newt Gingrich of Georgia, the 58th speaker, who took up the gavel on Jan. 4, 1995.

The national debt first topped $5 trillion on Feb. 23, 1996, more than a year into Gingrich’s speakership.

Gingrich served as speaker in the 104th and 105th Congresses, officially taking the office on Jan. 4, 1995 and leaving office on Jan. 3, 1999.  During that period, according to the Treasury Department, the national debt increased $812.4 billion dollars ($812,423,595,162.98), rising from $4.8 trillion ($4,801,793,426,032.89) to $5.6 trillion ($5,614,217,021,195.87).

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I wear many hats but history, economics and political observance have always been a passion. I am a graduate of the University of Cincinnati College of Business with a degree in Information Systems and Digital Business with a minor in European History. I work for a small mom-and-pop IT consulting and software design company. We deal in servicing mostly government funded non-profit mental and behavioral health care agencies in the state of Ohio. In this I deal with Medicaid and Medicare funds and have a little insight on the boondoggles of government there. Thankfully the undemanding nature of my daily profession gives me ample time to read and stay aware of our current state of affairs which I find stranger than fiction in many instances. In addition to being in the IT field, I have also been self employed with a small contracting company so I might know a thing or two about the plight of small business that employs 71% of the American workforce. I however don't draw my knowledge from my day jobs, which I have had a few; I draw it from an intense obsession with facts and observation about the world in which I live. I do have formal education in things such as history, economics and finance particularly as it pertains to global issues, but I have come to find much of what I thought I knew from the formalities of a state university I had to unlearn through much time and independent research. I hope you enjoy what I bring you which is not often heard in the mainstream news outlets. I would like to think my own personal editorializing is not only edifying but thought provoking while not at all obnoxious. That last one may be a hard to achieve.

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