Obama: 'Raising the Debt Ceiling...Does Not Increase Our Debt,' Though It Has 'Over 100 Times'

[newacct 688]

A thing to keep in mind is what to spend and how much to spend is determined and passed by Congress. It's not like the president or anyone in the executive just decides to spend money. In fact, when the budget passed by Congress says to spend so much money on something, the president must spend that much money on that thing, or he would be breaking the law.

At the same time that Congress is requiring the president to spend money, it is also saying, you cannot borrow more than a certain amount. So the president is caught in a Catch-22 -- If he borrows to pay for the things Congress requires him to pay for, he would be breaking the law; at the same time, if he does not borrow, and therefore cannot pay for the things Congress required him to pay for, because there is not enough revenue to cover it, he would also be breaking the law. That's the absurdity of the situation.

It's like you (Congress) order something from a store, and then when they bill you, you say, Oops, sorry, I have made a self-imposed rule that I cannot borrow more than $x (even though people are willing to lend to me), and I don't have enough money to pay for it without borrowing, so I can't pay you. The store would look at you as if you were crazy, and say, s**t, if you knew you had this rule that you can't pay for stuff, then why did you order the product in the first place?

[MyLittlePony 340]

Obama wants to increase spending for more of his Air Force One vacations on us tax payers.

[Mr. Big Dog 10,747]

Obama wants to increase spending for more of his Air Force One vacations on us tax payers.

[Teddy B 17,252]

You know how obsessed with his ####### he is. That gif prolly just sent him to the bathroom for the day, or to Duraaraa's house, where open displays of masturbation are welcome.

Edited September 19, 2013 by Teddy B

[GandD 5,966]

Nicely done sir.

[Hilarious Clinton 452]

No, it isn't proof of that at all. To suggest that it is is really stupid. It's the tax and spending bills Congress passes - especially those where tax bills put tax revenues on lower trajectories than expenditures in spending bills - that lead to increased debt. You know, when you spend more than you generate. That's where deficits come from and that is how debt is racked up. Raising the debt ceiling adds not even a penny to the national debt. Never has, never will. Any fifth grader can easily figure that our but no conservative will ever get it.

We have a spending problem. Obama ignores it and therefore so does his followers (got a mirror). Go ahead and hide behind "raising the ceiling is for money we already spent'. It doesn't change the fact that Obama doesn't want to do anything about spending. Oh wait.... he did sign the sequester into law but is somehow blaming the Republican for that.

Read his own quote below. Oh how things have changed.

"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."

Senator Barack Obama

Senate Floor Speech on Public Debt

March 16, 2006

Why not raise the ceiling to 100 gazillion gabillion?

[Mr. Big Dog 10,747]

"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."

Senator Barack Obama

Senate Floor Speech on Public Debt

March 16, 2006

Sen. Obama engaged in political posturing around the debt ceiling? That is outrageous. No politician has ever done that before or since. Oh, wait. They all do it all the time and always have. Always will. And yet, up until the numbnuts from the Tea Party came to Congress this nation never faced the specter of not being able to pay the bills. Not until those numbnuts arrived in DC has the full faith and credit of the US government been a bargaining chip.

Be all that as it may, I see that you agree that raising the debt ceiling does not, in fact, increase the debt.

Edited September 19, 2013 by Mr. Big Dog

[lostinblue 1,989]

[Ban Hammer 13,619]

finally, i can agree with obama on something.

[Mr. Big Dog 10,747]

[RGinWA 816]

I love the debt ceiling debates...it always involves newly educated economist.

Who cares...we can't agree on anything anyway.