“Unlimited” Power To Borrow

“Unlimited” Power To Borrow

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President Obama Has Added Over $5 Trillion To The Debt And Now He Wants Unlimited Power To Add Trillions More

 

‘The Most Rapid Increase In Debt Under Any U.S. President’

 

$5.71 Trillion added to debt since January ‘09. (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 11/7/12)

 

·         $16.34 Trillion – The current national debt. (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 11/7/12)

 

·         $20+ Trillion – Debt target in President’s Budget. “CBO’s Estimate of the President’s Budget … Deficit (-) or Surplus… 2013-2022: -6,390 [billion dollars]” (“An Analysis Of The President’s 2013 Budget,” Congressional Budget Office, Table 2, P.3, 3/12)

 

CBS: “The most rapid increase in the debt under any U.S. President.” (“National Debt Has Increased $4 Trillion Under Obama,” CBS News, 8/22/11)

 

Now President Wants New ‘Unlimited’ Debt Power

 

“…the White House reportedly called for $1.6 trillion in new tax revenue and an unlimited debt ceiling on the table…” (“Republicans Say No To Obama’s Opening ‘Cliff’ Bid,” Marketwatch, 11/29/12)

 

“The Obama administration’s initial offer included a permanent, ‘unlimited’ debt limit hike with no strings — or spending cuts — attached…” (“Pelosi: Debt Ceiling Should Be Separate From Fiscal Cliff,” Politico, 12/5/12)

 

“The Obama administration is asking to eliminate Congress’ role in raising the debt ceiling as part of a fiscal cliff deal…” (“WH Asks for End to Debt Limit Votes, McConnell Says,” Roll Call, 11/29/12)

 

President Obama Once Called Debt Limit Hikes ‘A Failure Of Leadership’

 

THEN-SEN. BARACK OBAMA (D-IL): “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.” (Sen. Obama, Congressional Record, S.2237, 3/16/06)

 

·         OBAMA: “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.” (Sen. Obama, Congressional Record, S.2238, 3/16/06)

 

·         OBAMA: “Keep in mind, the first 42 presidents, they amassed $5 trillion worth of debt, the first 42 of them. The first couple of hundred years-plus of American history, we accumulated $5 trillion. Now we’re at $9 trillion. That’s just bad — that’s not being fiscally conservative. And so we’re going to have to change our policies. Now, it’s going to be — let me say this. It’s not going to be completely easy, because we’re in a hole. And the first thing you do when you’re in a hole is what?” (UNKNOWN): “Stop digging.” OBAMA: “Stop digging. Who got that right? There you go. You stop digging. So the first thing that we’re going to have to do is to stop adding to our deficit.” (Sen. Obama, Remarks To Campaign Event, Watertown, SD, 5/16/08)