Home > Uncategorized > Obama On Raising the Debt Ceiling

Obama On Raising the Debt Ceiling

February 9th, 2010

This is from a speech Obama made in 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 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.

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006

I hadn’t heard this speech before, but it’s actually pretty impressive. I’m not sure where this guy went, but I wish he’d come back before our current President drives us to bankruptcy. The current budget deficits just can’t be sustained.

Hat Tip Tabitha Hale and Gateway Pundit


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Author: Derek Clark Categories: Uncategorized Tags:
  1. TJ
    February 9th, 2010 at 08:23 | #1

    Yuh, we should elect this guy, whoever he is, that wants tor educe national debt… oh wait… :(

  2. February 9th, 2010 at 09:42 | #2

    Part of me feels that Obama honestly does want to cut the deficit. Nancy Pelosi and her crazy band of lunatics maybe not, but somewhere in my cold heart, I feel Obama does want to cut it. And I do expect him to cut it over the next few years.

    However, unless he is willing to make phenomenal cuts across the board, things won’t get under control. Once the economy rebounds, though, and the GDP rises, if those cuts are made, the deficits will get balanced. And if that occurs, then maybe, just maybe, we can start working on getting rid of that bloody debt.

  3. February 9th, 2010 at 09:57 | #3

    @Jacob
    Unfortunately nothing in the past year has made think Obama wants to stop spending. He just proposed a 3.8 Trillion budget with a 1.56 Trillion deficit. That’s not trying very hard to cut things. His current proposal is to have a deficit of 700 Billion in his last year. I’m not impressed with his “cutting” since that is still higher than every single year before he was president

  4. February 24th, 2010 at 12:55 | #4

    It’s all very confusing. Mr. Nobel Prize Krugman seems to have thought the stimulus was a real boffo good idea from his tranquil hideout in the Caribbean…

  5. April 17th, 2011 at 04:09 | #5

    I suspect that the debt limit will be raised but with some policy riders the Republicans desire to have. It will likely have something to do with funding of Planned Parenthood and some other miscellaneous social programs that conservatives don’t agree with. So in the end the debate will be really about “what are we gonna get if you get to continue to spend money without regard to responsible fiscal policy?”.

    more… http://bit.ly/edY5Dk

  6. April 26th, 2011 at 11:36 | #6

    The current deficit isn’t supposed to be sustained. It’s the result, in large part, of a weak short-run state of the economy.

    However, the current long-run trend of the deficit can’t be sustained either. It’s the result of a number of things: the demographics of retirement and medical costs, the failure of the medical system to deal rationally with costs (regardless of the demographics), the political impossibility of taxing anyone who can afford to pay enough to matter, the exponentially-growing interest on the debt, the gradual loss of the economic advantage the US had after WWII when the rest of the world’s infrastructure was in ruins, and the sacred-cow status of military spending. Medicare is the biggest chunk of projected spending, and Obamacare was about the best attempt to deal with it that could have had a chance of making it through Congress.

  7. Proud American
    July 6th, 2011 at 20:53 | #7

    @Jacob
    ROTFLOL!!! Yeah…right… Sheesh!!!

  8. Pj
    July 9th, 2011 at 16:02 | #8

    ya, and then he decided to abstain from voting against it when he could have and instead voted for the TARP bill which raised the debt ceiling 700 billion dollars. FANTASTIC what a clear position on an issue mr prez. Read up on your facts and see under the lie…

  9. David Rice
    July 12th, 2011 at 02:01 | #9

    I’m not in favor of greater debt but TARP was absolutely essential at the time. Unfortunately, the banks have decided not to loan money for business expansion. Had they done that, employment and investment would have increased and the deficit would not be as great. Hard to fault Obama or Congress for that. There are, however, plenty of other things to blame them for.

    For those that don’t want the debt ceiling raised this year, do you realize default on our loans will result in higher interest rates and even greater debt than currently projected? That’s a “win” for you folks?

  10. pocketpal
    July 17th, 2011 at 22:21 | #10

    @Jacob
    man, were you WRONG! you probably voted for that dunce as well.

  11. Chris
    July 18th, 2011 at 16:37 | #11

    Oh, they all want to cut the deficit, but getting reelected his #1 top priority and doing what SHOULD BE DONE is not what his VOTERS WANT DONE. He’s just like every politician in Washington. Reelection is EVERYTHING.

  12. William Guenther
    July 20th, 2011 at 12:33 | #12

    Who authorized the federal government to borrow from the Social Securty account?

  13. Greg Salomon
    July 24th, 2011 at 05:26 | #13

    David,
    Failure to raise the debt cieling will NOT result in default. That is a typical scare tactic. It takes about 10% of federal revenue to service the debt.

    William,
    It is not so much that the federal government is borrowing from SS as that SS is investing in Treasury bills. Same thing, really.

  14. Ro
    July 25th, 2011 at 20:39 | #14

    Mr Obama,

    With all due respect, if you really want to raise “revenue” (aka - taxes), take a long-term view and bet on winning a second term. Outside of closing egregious corporate loopholes, do you really believe small businesses and individuals’ making $250k are rich and now is the time to target this earning group who, statistically, represent some of the largest investors and generators of jobs? Please stop vilifying all business owners and corporate enterprises as evil and instead help shine the spot light on the most corrupt aspect of America, Washington. I have the utmost respect for the challenge you and we as a nation are facing, but respectfully disagree with the approach you are taking.

  15. Willy Eva Gurrowabrain
    July 26th, 2011 at 00:51 | #15

    As an Insurance agent for the last 25 yr’s for one of the Big Name Company’s I only have never had more than 4 employee’s, but I can tell you that in Obama’s eyes, I am one of those rich people who dont need a tax break…But let me tell you OBAMA IS A LIAR !!! I have 1 check come in per month, based on Comission’s since homes are foreclosing left and right, I have lost a 1/3 of my business to homes that have cancelled due to foreclosures, I have had to move my office into an office half the size of my last, I have had to lay off 3 out of 4 employees, and now he wants to raise my taxes. You see Obama has never ran a private business and he just has no clue what so ever on how to run a nation. As an Insurance agent for 25 yr’s I have a huge view into the pulse of our nation, and It is in VERY VERY EXTREME DANGER!!! this is not a small issue. WE ARE GOING TO BE IN SOME VERY VERY BAD SHAPE, AND IF YOU PEOPLE ARE NOT HORRIFIED YOU SHOULD BE, BECAUSE THESE ARE ONLY THE BIRTH PANGS, WE HAVE NOT EVEN FELT THE FULL EFFECT YET…..If we dont stop this administration from spending we are screwed. I ACTUALLY BELIEVE THIS GUY OBAMA IS EITHER THE DUMBEST HUMAN TO EVER BE PRESIDENT, OR HE HAS A SINISTER PLAN, TO MAKE OUR NATION FAIL!!! PLEASE PLEASE TRUST ME I LOVE OUR COUNTRY MORE THAN ANY POLITICAL PARTY, WE ALL ARE BEING FOOLED TO BELIEVE ITS A DEMOCRAT VS REPUBLICAN ISSUE, THESE GUY’S NEED US TO BE DIVIDED, AND BLAME EACHOTHER….TOO MANY PEOPLE ARE BEING DESTROYED!!!
    It is not normal to just raise the debt ceiling, that’s like me sitting here and never making adjustments too what my business is doing….AS AN INSURANCE AGENT WHEN MY BUSINESS GROWS THEN MY OFFICE AND EXPENSES GROW, AND AS I LOSE THE HOMES TO FORECLOSURES AND I LOSE EMPLOYEES THEN I REDUCE THE SIZE OF MY OFFICE, AND STAFF…….OBAMA HAS GROWN THE GOVERNMENT AND ADDED MORE AND MORE SPENDING, NO CUTS AT ALL, AND IF I WAS LIKE OBAMA THEN I WOULD TAKE THE OTHER POLICY HOLDERS THAT I STILL HAVE, AND I WOULD SEND THEM THE BILLS AND RAISE THEIR INSURANCE COSTS SO THAT I COULD JUST KEEP MY SAME INCOME…..BUT I KNOW THAT WILL NOT WORK, I WOULD JUST LOSE ALL THOSE CLIENTS…..THIS IS EXACTLY WHAT OBAMA IS TRYING TO DO….LOOK AT THE PERCENTAGE OF HIS CABINET MEMBERS WHO HAVE PRIVATE BUSINESS EXPERIENCE???? STOP THE MADNESS CALL YOUR LEADERS AND TELL THEM STOP SPENDING STOP GROWING GOVERNMENT AND MAKE CUTS/THERE IS ROOM WITH ALL THESE WARS, WE CAN STOP RE BUILDING AFGHANASTAN, I KNOW A MAN RIGHT NOW WHO ASKED ME FOR LIFE INSURANCE BECAUSE HE WILL BE GOING TO KABUL AFGHANASTAN TO BUILD A DRUG ENFORCEMENT GOVERNMENT BUILDING IN AFGHANISTAN, AND IT IS HUGE, AND 1 OF 4 BUILDINGS THAT SHOWS WE WILL BE THERE FOR MANY YEARS????

  16. Micheal Harvell
    July 27th, 2011 at 15:49 | #16

    HAHAHA.. you all got him.. what a bunch of idiots..LOL

  17. Douglas
    July 27th, 2011 at 21:47 | #17

    @David Rice
    But David there is fault to be laid at the feet of Obama and Congress for TARP. They could have given it out with requirements or strings attached. You MUST loan it if you take it, etc.

  18. Bust My White Ass
    July 29th, 2011 at 10:30 | #18

    You all realize that speech was 2006. And where were all you boneheads in 2006 talking about the stock market crash in 2008 and the worst recession in US history? If you were that smart, you would have been shorting Lehman Brother and AIG stocks? You guys all talk crap but what the government reflect is a bunch dumb-asses such as some idiots here taking crap out of context and creating a bunch of mumbo jumbo blog nonesense. Give a monkey a keyboard and eventually they can type a sentence too.

  19. casey
    July 30th, 2011 at 08:40 | #19

    why is it ok to say one thing at one time for political gain and say and do the opposite later? Politics as usual i guess. oh yeah, he promised an end to that too. well done.

  20. casey
    July 30th, 2011 at 08:42 | #20

    @Bust My White Ass
    why so angry? this is just another example of a politician saying things for political gain, not because he truly believes it. Obama is a politician just like every other politician.

  21. mike
    July 30th, 2011 at 16:13 | #21

    guess he understands now when the REPUBLICAN president and the REPUBLICAN congress were in power and THEY wanted to yet again raise the debt, when he made this speech in 2006…over the debt THEY were creating…cutting spending is easier said than done. them 27.8% Him 9%. http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms

  22. Nathan
    August 5th, 2011 at 13:50 | #22

    Where is video/transcript of this speech? i have searched C-SPAN archives

  23. gleem
    August 7th, 2011 at 23:30 | #23

    @Nathan They have been scrubbed out of existence, close friend at c-span said they were yanked from the archives there too.

  24. Sue
    August 11th, 2011 at 16:08 | #24

    There is only one way to get America’s economy straightened out, and that is by ending the Federal Reserve System. Unfortunately, as it stands, that event isn’t likely to happen any time soon. Check out a few of these sites. After spot reading several of them, the situation and it’s solution start to become clear. Perhaps if we start demanding more, we will get more. As it is, all we seem to be accomplishing is to provide a group of folks in Washington with cushy, well paying jobs that have a ton of fringe benefits.

    http://www.google.com/search?hl=en&client=safari&rls=en&q=how+many+times+did+Representative%2C+Ron+Paul+try+to+get+a+bill+going+to+end+the+Federal+Reserve+System%3F&btnG=Search&aq=f&aqi=&aql=&oq=

  25. September 27th, 2011 at 23:12 | #25

    Barry needs to be charged with TREASON, tried, convicted and sentenced to be hanged in front of the Capitol Building Asap.

  26. john
    November 7th, 2011 at 11:20 | #26

    obama is not a good president

  27. john
    November 7th, 2011 at 11:21 | #27

    fat guys rule o yeah

  28. john
    November 7th, 2011 at 11:23 | #28

    s my d

  29. john
    November 7th, 2011 at 11:26 | #29

    i think john mcain should be president

  30. skytag
    January 26th, 2012 at 04:10 | #30

    “I’m not sure where this guy went, but I wish he’d come back before our current President drives us to bankruptcy. The current budget deficits just can’t be sustained.”

    Republican rhetoric has brainwashed people into believing the deficit is due to “Obama’s spending.” It isn’t. The president doesn’t even have the authority to spend money, folks. Here’s a more accurate assessment of the problem:

    “Much of that increase has come from mandatory spending, including Medicare, Social Security and Medicaid. Those programs have expanded mostly because of the recession, which has prompted more people to apply for Medicaid and Social Security, as well as the growth in people hitting retirement age.

    “How much do you lay at the recession’s feet versus the president’s policies?” said Josh Gordon, policy director at the Concord Coalition, a fiscal policy group. “The aging of the population can’t be blamed on the president.”

    Many safety net programs, such as Medicaid and food stamps, automatically expand during economic downturns. And in the face of prolonged high jobless rates, Congress has authorized extending federal unemployment benefits to a record 99 weeks. The initial extension was passed under President Bush.

    The conservative Heritage Foundation, which advocates for a reduced government role in society, acknowledges that much of the increase in federal spending originates in laws passed by this Congress and previous ones, but feels that Obama could do more to rein it in.”

    http://money.cnn.com/2012/01/25/news/economy/obama_government/index.htm

    If you think he should do more to rein in discretionary spending, fine, but all this talk about him bankrupting the country, his out-of-control spending, blah, blah, blah, is just partisan nonsense.

  31. skytag
    January 26th, 2012 at 04:16 | #31

    It should be noted that Obama said this in 2006. In 2006 unemployment averaged about 4.6% and we were generating record tax revenues, but Republicans were still spending over $500 billion more than we were taking in.

    The unemployment rate was 7.8% and rising fast when Obama took office, 3 percentage points higher than its peak in 2006. Things changed dramatically when the recession hit, but too many people fail to take that into consideration when comparing what he said then with what he’s doing now. This is not 2006. Home prices are not at record highs. Tax revenues are not at record highs. Unemployment isn’t 4.6%. Think about it folks. Context matters.

  32. RG
    May 4th, 2012 at 15:55 | #32

    H@john
    Hey guys I guess craziness is in the air;so put your mask on so it doesn’t reach you..haha. Everyone knows that the president don’t make the decisions. This country is founded on democracy.It’s hard to please everybody because we all have different views. I personal like to thank President Obama for what he has done and if we americans would pull together as a country we could overcome all this mess. And be a great country again but give the president a chance and stop fighting against him because fighting never solve anything.

  33. July 7th, 2012 at 00:16 | #33

    I almost never leave a response, however i did some searching
    and wound up here Obama On Raising the Debt Ceiling. And I do have a few questions
    for you if you don’t mind. Could it be only me or does it look like a few of these responses come across like they are left by brain dead folks? :-P And, if you are posting on additional social sites, I’d like to keep up with everything new you have to post. Could you list of all of your shared sites like your twitter feed, Facebook page or linkedin profile?

  34. Charlie
    October 21st, 2012 at 21:22 | #34

    No, Obama never wanted to decrease the debt. Continued spending is continued redistribution of wealth, which he is a great fan of. Never mind it hurts everyone who has done everything correctly (worked hard, saved, did not spend beyond their means, built businesses by working 80-100 hours a week), it both buys him votes with the peoples’ own money, decreases the value of saved money, and, once again, redistributes wealth.

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