Obamas 2006 speech on the debt limitGOP/Republican/Tea Party and John Boehner are a threat to the united states of America, where is Seal Team 6.?
Mr. President, I rise today to talk about Americas debt problem. The fact that we are here today to debate raising Americas debt limit is a sign of leadership failure. It is a sign that the U.S. government cant 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 governments 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.
Obamas language is remarkably similar to charges made by the Mitt Romney campaign against Obama during the 2012 election, though Romney mostly focused on the debt held by China.(Japan was ignored.) When Obama took office in the midst of the Great Recession, the total national debt was $10.6 trillion; it is now $16.4 trillion.