Don't store libraries in your project's repository. It bloats things like hell and makes it difficult to navigate the change sets. Set up your own library cache. Store that cache in its own repo if that floats your boat. Then all of your projects can get their dependencies from your cache.
Well, if you are in other languages that have an actual standard library (so you don't need 500 packages to make up for it) and only a few dependent libraries that are well package and you don't need to update frequently.
