“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 cannot 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. Increasing American 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.”
— Sen. Barack H. Obama, Floor Speech, March 20, 2006.
Five years later, Obama has us drowning in debt — he’s spending $4.1 billion a day, compared to Bush, who spent $1.7 billion a day, and Clinton, who spent $547 million a day. (Clinton had a Republican Congress who forced spending limits and actually balanced the budget.) For every dollar our government spends, it has to borrow 42 cents, much from China and Japan. Obama has run up over $4 trillion in debt in his three years in office, and this raising the debt ceiling fiasco will give him almost $3 trillion more to spend and will get him safely past the 2012 election without facing embarrassing debt ceiling questions.
The commission to cut spending is a joke. There have been 13 prior commissions, and none of them ever did diddly squat. There are no cuts in spending, just cuts in the increase in spending from the prior year.
The ad showing Republicans pushing Granny in a wheelchair off a cliff is even more reprehensible than LBJ’s little girl and the mushroom cloud. Obama has manufactured a crisis to frighten old people. Truth is that the government takes in about $170 to $200 billion a month — $29 billion to pay interest on our debt (no default on our debt), with enough money to pay Social Security, the military personnel and Medicare.
The only recourse we the people have is the ballot box — 2012.