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Thread: Obama and the Debt Ceiling - The Next Battle

  1. #1
    Senior Member swampcollielover's Avatar
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    Default Obama and the Debt Ceiling - The Next Battle

    Excerpts from a speech given in Congress by then Senator BarackObama, March 16, 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 US 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”… Obama went on to say

    “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 ourchildrenand grandchildren.” America has a debt problem and a failure of leadership.Americans deserve better"


    OMG...That’s for darn sureMr. President…!

  2. #2
    Senior Member Gerry Clinchy's Avatar
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    Boehner has announced there will be no default, even if the majority of House Republicans do not vote for doing that. He will rely on Dem votes to assure that outcome. It would seem that is a response to Obama's rhetoric that has been categorized as actually inciting the bond markets into a downturn.

    Obama and Lew, however, keep saying the sky will fall because the Rs want to cause a massive economic crash. Yet, it is the Ds that have resisted bills that could prevent this ever happening ...
    Earlier this year, House Republican Tom McClintock and 106 co-sponsors introduced the Full Faith and Credit Act, which would protect the payment, principal, and interest on U.S. Treasury securities, including those held by Social Security funds, even in the event that the federal debt reaches the statutory limit. In other words, by law, not default. Two years ago Senator Pat Toomey introduced similar legislation. And more recently, House Financial Services chairman Jeb Hensarling renewed the campaign for that bill. But Obama and the Democrats have always opposed it. And how bizarre is it that Obama opposes the one piece of legislation that would make it impossible for him or anybody else to make Treasury-default accusations?
    However, even by increasing the debt limit, the credit rating of the US will not be secure ... much like you and I would be "downgraded" by the credit bureaus if we over-borrow. To fail to address our budget deficits by simply increasing the debt limit is as Obama, himself, stated: irresponsible.

    Of course, the Ds see the solution as raising "revenue" ... code word for "taxes" ... while continuing to ignore the even larger issue of decreasing spending. Even if they confiscated every penny earned in taxes, there would not be enough to solve the debt problem UNLESS the spending problem is also addressed.
    G.Clinchy@gmail.com
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