Post by James Allan on Sept 20, 2013 14:32:29 GMT -5
Obama: People mistakenly think raising the debt ceiling means the US is racking up more debt
By Doug Powers • September 19, 2013 02:07 PM
**Written by Doug Powers
In April, President Obama proclaimed it to be the month when we “teach young people how to budget responsibly.”
Less than half a year later he’s basically telling those same people that if they buy something they can’t afford it isn’t really racking up more debt as long as the credit card company raises their limit by the time the transaction gets to the bank.
Quote From Obama:
Note from Hat In Ring: Who needs to raise the debt ceiling if they are not going to borrow money and create debt that has to be paid back?
?? Every time the debt ceiling is raised the U.S. owes more money that isn't getting paid back. The U.S. debt at the time this article was written is 18 trillion dollars. It's expected that the U.S. debt will rise to 20 trillion dollars by the time Obama has to step down as president in 2017 and the 20 trillion dollar debt will accumulate even with the house of representatives giving Obama just enough money to keep the government operating.
Claiming that automatically raising the debt ceiling without debate or much discussion doesn’t promote out of control spending by the democrats is like saying removing the doors from banks wouldn’t encourage robbers.
If raising the debt ceiling hasn’t encouraged out of control spending by the democrats over the years, what’s the deal with the 18 trillion dollars the U.S. owes?
Read More: Michelle Malkin Blog Report
By Doug Powers • September 19, 2013 02:07 PM
**Written by Doug Powers
In April, President Obama proclaimed it to be the month when we “teach young people how to budget responsibly.”
Less than half a year later he’s basically telling those same people that if they buy something they can’t afford it isn’t really racking up more debt as long as the credit card company raises their limit by the time the transaction gets to the bank.
Quote From Obama:
In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it’d been done so many times in the past:
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt
Note from Hat In Ring: Who needs to raise the debt ceiling if they are not going to borrow money and create debt that has to be paid back?
?? Every time the debt ceiling is raised the U.S. owes more money that isn't getting paid back. The U.S. debt at the time this article was written is 18 trillion dollars. It's expected that the U.S. debt will rise to 20 trillion dollars by the time Obama has to step down as president in 2017 and the 20 trillion dollar debt will accumulate even with the house of representatives giving Obama just enough money to keep the government operating.Claiming that automatically raising the debt ceiling without debate or much discussion doesn’t promote out of control spending by the democrats is like saying removing the doors from banks wouldn’t encourage robbers.
If raising the debt ceiling hasn’t encouraged out of control spending by the democrats over the years, what’s the deal with the 18 trillion dollars the U.S. owes?
Read More: Michelle Malkin Blog Report
