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Obama on 2006 Debt Limit Increase (to $8T): “We’ve Got to Get our Fiscal House in Order…Not Sure It’s Going to Happen Under Current Leadership”

Morgen on July 8, 2011 at 6:30 am

From a March 16, 2006 podcast on then Senator Obama’s congressional web site: (click to play)

Flashback: Obama on Debt Ceiling Increase in 2006

We are voting on the budget today. It’s a sad state of affairs, we just voted to increase the debt limit. The U.S. total debt at this point exceeds eight trillion dollars. That’s eight trillion with a “t”. So we’ve got to get our fiscal house in order here in Washington. I’m not sure it’s going to happen under the current leadership in Congress. But we’re going to see what kind of difference we can make. To make sure that veterans programs, student loan programs, low income housing assistance programs, homeland security dollars, are receiving the highest priority , not just tax cuts for the wealthiest .1% of the population.

This little lecture, remember, came after the Senator had the political fortitude to vote against the debt limit increase.  Six trillion dollars in deficit spending later, after 2-1/2 years as president, and 4 years of majority rule in Congress by his party, Barack Obama is once again trying to portray himself as the adult in the room in dealing with the current debt limit crisis. He shouldn’t be allowed to get away with this. Because America has had the opportunity to see what kind of difference he and his party have made, and it has been utterly disastrous.

He told us exactly what his priorities were, but too few were paying attention. It was always spending – and more spending. To the spending “priorities” he listed above we can add: government healthcare, auto industry bailouts, public sector unions, green jobs, Fannie/Freddie, wine trains, robotic bees, and apparently even guns for Mexican cartels. Billions upon billions of dollars of net new spending for virtually no lasting economic benefit, and at a price tag of nearly $4 trillion in additional debt just since he entered office.

It is a sad state of affairs, and its preposterous that the person chiefly responsible for this explosion in deficit spending should have any credibility in crafting the solution. It’s even sadder that a genuine debt reduction plan is not even being discussed. At best it looks like there may be a deal for a $4 trillion reduction in the total amount of deficit spending over the next decade, which means we are still likely to add at least another $6-8 trillion in additional debt over this period.

At some point this profligate spending simply has to end. Hopefully with the election of a more responsible Administration next year, but it seems increasingly likely that its going to take another serious financial crisis to force a solution.

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Category: Politics |

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