"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.
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
And 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."
Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
Obviously, Senator Obama was referring to George W. Bush's failed leadership, but now that's he's in charge, he's singing a different tune. He now regrets his vote against raising the debt ceiling....now that our government faces the issue of needing to raise it again. Another rung on the ladder of hypocrisy. What's the point in having a ceiling if it doesn't serve the purpose of keeping something under the ceiling? Has it occurred to anyone in America that if we ran our personal finances the way we allow and enable our government to, we would have all been thrown in jail long ago?!?! If you called your bank and said, "Hey, uh... I know I haven't made a payment in 10 years, and I can't make a payment now, but uh.... can you increase the spending limit on my card?" do you think for a second they would say yes??? Uhhhhh, no. I can pretty confidently say no.
I have a BIG problem with raising our debt ceiling. But I have a BIGGER problem with the way it is perceived and judged by the media and the "Left" now that the issue exists under Obama rather than Bush. While raising the debt ceiling under Bush was seen by Dems as irresponsible and harmful to America, it apparently is now the responsible thing to do.......even though spending under Obama has exceeded beyond understanding at a phenomenal rate of speed, and our national debt is nearly DOUBLE what it was at the time of the 2006 vote to raise the ceiling. Again, double standard to the max. That would be double standard # ................nevermind, I quit counting.
Let's review: Democrats who voted against raising the debt ceiling under Bush.....
Claire McCaskill (Who called increasing the debt limit in 2006 "profoundly irresponsible...")
John Kerry (Who, by the way, said the purpose of his vote was “to demand a course correction from the Bush fiscal policies that had turned record budget surpluses into record deficits with no end in sight”....... Hmm...)
................. okay, who am I kidding? EVERY Democrat that voted on the issue voted in favor of raising the debt ceiling. And that is NOT a sarcastic remark. It is the actual voting record.
Weird, huh? And would you believe that many of them now say they regret their vote at the time??? Nooo, really? Imagine that...
To be fair, most Republicans in 2006 voted in favor of raising the debt limit, though some did vote against. However, even though we were in a down economy, we were no where close to the risky position we're in now in terms of our national debt, budget, economy and future. In the words of Dallas Federal Reserve Bank President Richard Fisher, "If we continue down this path on which the fiscal authorities put us, we will become insolvent." ........... Not if. When.
And they think raising the ceiling again might somehow be good for us? Yeah....thanks, but no thanks.