2006 Obama on federal debts

“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. … 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.”
Barack Obama

He was right then. Too bad he didn’t carry through as president.

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5 Responses to 2006 Obama on federal debts

  1. Mike S says:

    On the other hand, he’s still right about American having a failure of leadership.

  2. Mike says:

    Just a touch of quick math here…

    2009 Federal Spending: $3.5B
    2009 Federal Revenue: $2.1B

    People are talking about raising the debt limit like it’s optional. The alternative is an immediate, across-the-board 30% cut… of everything. Pensions, medicaid, the military, the whole enchilada.

    I’m willing to guess they will raise the limit, no matter what.


  3. Aix says:

    @ Mike Raising the budget roof tells the government that it’s OK to spend more, so go ahead. Are you insane? If they overspend, they should cut it, rather than receiving a pass to spend more.

  4. Mike says:

    Aix, we agree that the gov is spending way too much, no argument there. My point is simply that we’d have a make a 30% cut – right now, this month – in order to avoid going over the debt limit.

    It’s up to you whether you think that’s a good idea or not. Either way, I think we can both agree that it is exceedingly unlikely, and, if not, well, I’d be happy to make a modest bet…

  5. Les Jones says:

    No doubt it isn’t optional now. Likewise it won’t be optional the next time and the time after that if we don’t start cutting back.

    There will come a time when cutting back won’t be optional. We won’t be able to borrow enough to support our spending.