Picture 2

Picture 2

Oct 13, 2013

Obama Debt Limit Wisdom 2006

I am truly amazed at the wisdom of Barack Obama:

Senate Record 16 Mar 2006 page S2237

Mr. OBAMA. 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. 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 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.

Only problem is, he was just posturing. Under his administration the debt has increased to $16.7 trillion. And he wants to increase it even more, now that he's president.

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