Obama wants to increase the debt ceiling again
Posted in the Woodland Forum
Since: Feb 09
#1 Jan 10, 2012
“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. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.
Increasing America's debt weakens us domestically and internationally. Leadership means that ``the buck stops here.'' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
The cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in America's priorities. Instead, interest payments are a significant tax on all Americans--a debt tax that Washington doesn't want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.
Over the past 5 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. And over the next 5 years, between now and 2011, the President's budget will increase the debt by almost another $3.5 trillion.”
Senator Obama, March 6 2006
In his 2008 run for office, then-Sen. Barack Obama said stopping the deficit spending is the first step to recovery. "The first thing you do when you're in a hole is what?... You stop digging. So the first thing that we're going to have to do is to stop adding to our deficit," he said.
But Obama was “shovel ready” when he got to the White House and he started digging like a drunken sailor. No offense to the Navy.
Blame the massive increase in debt on Obama's economic stimulus plan and health care reform measures --$5 trillion during this administration as the Treasury Department's own figures show.
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