Senator Obama was correct, when the national debt approached $8.6 TRILLION, it was immoral and horrid public policy to extend the ceiling. Now that our national debt approaches $16.5 trillion, even more so. Truly, our children deserve better. This is all their bill. http://www.usdebtclock.org
See Senator Obama’s statement from 2006 …
INCREASING THE STATUTORY LIMIT ON THE PUBLIC DEBT — (Senate – March 16, 2006)
BREAK IN TRANSCRIPT
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.
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