As we head toward what will likely be another rancorous debt ceiling debate, the writers at The Guardian’s Datablog have updated their great series of charts that tell the ceiling’s story.
Since 1944, America’s debt ceiling has been increased 94 times. Up until the mid-90s, it was a pretty routine part of congressional business. But in the fall of 1995, Republican House leaders Newt Gingrich, Dick Armey and John Boehner announced that within seven years they wanted $245 billion in tax cuts, entitlement reform and a balanced budget. President Clinton refused to give in and Americans dealt with the most serious government shutdown in U.S. history.