Posted on 08/02/2011 3:01:41 PM PDT by grundle
The fact that we are here today to debate raising America's debt limit is a sign of leadership failure.
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.
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.
My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years.
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.
I therefore intend to oppose the effort to increase America's debt limit.
(Excerpt) Read more at snopes.com ...
The countdown to the next manufactered crisis has begun. I wonder what it will be. Any ideas?
Hypocrisy, thy name is Barry.
If you stacked $1000 bills 67 miles high it would be equal to $1 trillion.
Or a stack of $1 bills 67,000 miles high would equal $1 trillion.
These clowns spend/squander that much w/o giving it serious thought then want more.
Wonder how the GOP voted--oh wait, they were for raising the debt limit back then.
How could they use it when they were the ones arguing in FAVOR of raising the limit? They are just as bad as Barry.
No, the GOP didn’t want to raise the limit, but had to compromise to live to fight another day. It was just a numbers game.
Total nonsense.
Haha, you don’t understand how the government or politics functions then I guess. You can’t unilaterally cut spending when you have 1/3 of the government and it’s political suicide to force a partial shutdown over largely symbolic cuts 16 months before a presidential election. You need a Senate majority and a new president to enact the ONLY kind of change that can fix the budget - entitlement reform - but you all go on with this delusional tempest in a teacup if it pleases you...
You’re totally missing the point-—Obama was against raising the debt limit in 06—and the GOP was FOR IT—with the Senate, the House, and the presidency in GOP control. If they ever get control again, they’ll come up with an excuse of their own to raise it, and the DEMs will go back to being against it.
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