Again?!
It seems now that Obama is president, he has a new take on increasing the debt load on our children and grandchildren. He has requested Congress to raise the debt ceiling before October in order to avoid the government going into default on its debt load. Here is the article link with some quotes first:
The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.
The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.
When he was the junior senator from Illinois, he had a different take on the matter of debt:
Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”
Obama later joined his Democratic colleagues in voting en bloc against raising the debt increase.
No matter what, it is clear that the debt ceiling will need to be raised again next year!
Should the Senate follow the House’s lead and set the new debt limit at $13 trillion, lawmakers would probably have to raise the limit again next year, when the Obama administration expects to run a $1.5 trillion deficit.
http://thehill.com/homenews/senate/57493-senate-must-raise-debt-ceiling-above-12t
This goes along with Joe Biden’s quote very nicely:
“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that’s what I’m telling you.”
Reminds me of the couple who found an item they were looking for that was 50% off and, after the purchase, reasoned that they actually got it for free because, instead of paying $200 they only paid $100 and, since they saved $100…We are in soooo much trouble!
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