Twenty-Six Percent Debt Limit Increase in One Year

As of Sept. 27, 2007 the limit on public debt was $8.965 trillion. The current bail out proposal from House Financial Services Committee Chairman Barney Frank would raise the National Debt Ceiling to a staggering $11.3 trillion. That is 26% in one year!

SEC. 18. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu 6 thereof
$11,315,000,000,000. - Sept 22, 2008, Chairman Frank's Proposed Legislation

The debt ceiling has been raised twice already in the last year. It was increased from $8.965 trillion to $9.815 trillion effective September 29, 2007. And it was increased from $9.815 trillion to $10.615 trillion effective July 30, 2008. Now the feds want more fiat currency.

I also encourage you to look at the history of our National Public Debt in alignment with the various expansions of our federal government, which occurred at the expense of State's Rights. The growth of the public debt is staggering, particullarly when you look at how fiat currency was used to fund the Union Army. The National Banking Act of 1863 put many state run banks out of business.

Visit the following U.S. Treasury link to see how much public debt we owe. The numbers do not include unfunded government programs like Social Security and Medicare. In 1893 there was panic over the gold supply. In 1907 there panic spawned from a stock scheme. Now we have no standard gold and can't print enough paper (fiat) currency.

God Save the U.S.A.