And he was right. The Bush tax breaks and 2 wars are the main reasons that the U.S. debt is where it's at.<quoted text>
Obama’s 2006 speech on the debt limit
“Mr. President, I rise today to talk about America’s debt problem.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure.
It is a sign that the U.S. government can’t pay its own bills.”
Here, Obama is sounding a bit Tea Partyish.
“It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies.
Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion.
That is ‘‘trillion’’ with a ‘‘T.’’
That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.”
Dear Leader is very smart.