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Tuesday, April 12, 2011

This is going to get interesting. When the vote comes in May to increase the debt ceiling and the Democrats try to demonize the Republicans for demanding more cuts instead of raising the debt ceiling I wonder if anyone will remember what Senator Barack Obama had to say about raising the debt ceiling when he voted against it in 2006.

"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."


Think we ought to send him this, just in case he forgot???? emoticon
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Member Comments About This Blog Post
    yes we all ought to REMIND obame of his promises and better yet, Impeach him, for failure to keep his word! I am still waiting for my $1000 dollsrs he promsied every voter for voting Democatic, I want my tax break! But I would rather he just leave Social Security and Medicare alone!

    Has anyone read what he wants to do? So far he has not given us what we been promised. Whats next will he start killing off the elderly so he can balance the budget by taking possession of our wealth left behind? I think that is how he may go.

    Sooner or later someone will see the truth of all his lies and say ," ENOUGH is ENOUGH", and Americans will all revolt, like they are around the globe! WE shoudd just stop paying our taxes and see how far Government can go or work without it. What if we all just dont pay our taxes until the following year? WE can then put them out of Business! I am one for revolting! WE would probably do better without any State or Federal Leaders, people take up the slack, help one another, we'd be better off without Political Leaders, because sooner or later we will be forced to help oen another or go down with this Politrcial farce of a Leader! Hes no Leader, hes only beena folower! Hes been following the Communism and ways fo the world! I say spend all your money now before Obama finds a way of taking it from you! Thats what he plans on doing!
    2507 days ago
    It will be interesting.
    2507 days ago
    Funny how the tune changes . . . I doubt most will recall this, least of all President Obama.
    2508 days ago
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