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"Raising America's debt limit is a sign of leadership failure"


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#1 UncleBob

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Posted 12 October 2013 - 07:43 AM

Mr. President, I rise today to talk about America's debt problem.

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. 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.

But we are not doing that. Despite repeated efforts by Senators Conrad and Feingold, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues. Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending. As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years. That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again.

Our debt also matters internationally. 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. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours.

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.


Curious what people's thoughts are. Senator Obama said these words back in March of 2006. Now that he's in charge, he's arguing the exact opposite. Has something changed so drastically that this was true then, but doesn't apply now? Was it untrue back then, but Senator Obama was just too naive to know better - and now President Obama understands the truth? Or is this yet another example of yet another politican playing politics?
"The ultimate weakness of violence is that it is a descending spiral, begetting the very thing it seeks to destroy, instead of diminishing evil, it multiplies it."

#2 GrooThePerverted

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Posted 12 October 2013 - 08:05 AM

I think it's two things.  One, is obviously, the politics aspect, but it's also the difference between what you know as a Senator (or anyone for that matter, perhaps to a lesser degree non-senators/congressman)  and what you know as the President.

 

I've long felt that a lot of the so-called "Flip Flopping" that candidates do before and after they get in the office that they run for, is that before they think it's so easy to just do something, and then they get in and find out that shit ain't that simple and that there are other aspects that play into things, and it's not a simple yes or no decision.

 

For what it's worth, here's Obama's response to the "hypocrisy" label, a few years ago:

 

I think that it's important to understand the vantage point of a senator versus the vantage point of a president. When you're a senator, traditionally what's happened is, this is always a lousy vote. Nobody likes to be tagged as having increased the debt limit — for the United States by a trillion dollars. As president, you start realizing, you know what, we, we can't play around with this stuff. This is the full faith and credit of the United States. And so that was just an example of a new senator making what is a political vote as opposed to doing what was important for the country. And I'm the first one to acknowledge it.

 



#3 egofed

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Posted 12 October 2013 - 11:11 AM

So basically Obama admits to talking out of his ass without a proper understanding  of the situation. Kind of like his famous "the cops acted stupidly" and "Obamacare is not a tax" remarks. Great, just who I want running the country....



#4 mrsilkunderwear

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Posted 12 October 2013 - 04:30 PM

What a tool.



#5 speedracer

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Posted 12 October 2013 - 11:02 PM

"Why don't politicians treat us like adults instead of just falling into stupid rhetoric?"

 

"The nuance between 06 an now is hard n stuffz. Obummer Nobama Hussein iz a tool lol"


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#6 Blaster man

Blaster man

Posted 13 October 2013 - 07:24 PM

Reading through that, it has little to do with the current situation.  First off, most of it is just a monologue of what everyone already knows.  In addition there's talk of "Pay-go" which Bush refused to do during the wars and Obama has done for almost everything (Hurricane Sandy relief and a couple other bills being the exception).  In other words, at that time the government was increasing spending at a rapid clip.  For the last 4 years, the government has barely increased spending and for many agencies the budgets have gone down.

 

I've heard people refer to this many times and I have to wonder if they're either not paying attention or are plain stupid to not understand this isn't the same thing?  Oh and the last piece...Republican's held everything at that time and there was no chance of default so Obama wasn't actually threatening the country's financial stability.  I realize that "small" thing maybe doesn't mean anything to Republican's but that's because they're eyes are closed.



#7 GBAstar

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Posted 13 October 2013 - 07:33 PM

The situation is different. That explains everything. Gotcha.



#8 ElwoodCuse

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Posted 02 November 2013 - 08:25 AM

Republican Jesus Ronald Reagan had the debt ceiling raised 18 times and no one cared at all

 

It's a procedural thing that needs to happen that the psycho wing of the Republicans has managed to politicize and convince their idiot followers is a terrible thing.

 

Deficits don't matter!*

 

*applies to wars only

**doesn't apply to Democratic presidents


But when his drinking and lusting and his hunger for power became known to more and more people, the demands to do something about this outrageous man became louder and louder.

#9 UncleBob

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Posted 02 November 2013 - 09:20 AM

Weird. I didn't know Obama was Republican...
"The ultimate weakness of violence is that it is a descending spiral, begetting the very thing it seeks to destroy, instead of diminishing evil, it multiplies it."

#10 Finger_Shocker

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Posted 03 November 2013 - 07:27 PM

Weird, people need to realize Obama is a REPUBLICAN

 

Anyways Reagan was the one who started the increasing defict we are at today... REAGAN the republican messiah, was the one who started this mess.

 

Remember when DEMOCRAT LIBERAL Carter told people to live within their means...  HA HA !!!

 

Righties are such farking hacks



#11 UncleBob

UncleBob

Posted 03 November 2013 - 09:17 PM

True - it is hard to tell Obama apart from Republicans at times.

But this board seems to get so upset when it gets pointed out how much the Democrats seem to be aligned with the 'pubs... They aren't happy if they think there's some reason not to believe the mainstream "Us vs. Them" pedantic line of thinking and showmanship they've been taught by too many years of professional wrestling. :D
"The ultimate weakness of violence is that it is a descending spiral, begetting the very thing it seeks to destroy, instead of diminishing evil, it multiplies it."

#12 mrsilkunderwear

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Posted 04 November 2013 - 01:52 AM

HE IS AN ARAB. 



#13 Msut77

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Posted 04 November 2013 - 03:37 AM

HE IS AN ARAB. 

Who?


wahhhhh noone helped me so they must not help anyone. - knoell

#14 mrsilkunderwear

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Posted 04 November 2013 - 04:11 AM

Who?

Hussein



#15 Msut77

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Posted 04 November 2013 - 09:09 AM

Hussein

Who?


wahhhhh noone helped me so they must not help anyone. - knoell

#16 mrsilkunderwear

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Posted 04 November 2013 - 02:50 PM

Who?



#17 Finger_Shocker

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Posted 04 November 2013 - 07:12 PM

MSU is the beacon of a non-racist libertarian republican here :)