Another hard-hitting graph from Veronique de Rugy and Mercatus. It shows that Congressional "debt limits" are worth less than the paper they are written on. Every year for the last 10 years Congress has raised the limit so they could spend more. Not the two years of DOUBLE increases in the debt limit were Bush's last and Obama's first. Thanks, stimulus!
Lets hope this new Congress acts differently. But absolutely do not give any credit to debt limits or promises, only give the credit if they ACTUALLY reduce the debt.
Check out the data behind this graph and more analysis here.