[stextbox id=”x22report”]Lets put this into perspective, the government is borrowing money to pay all of its obligations and they hit the amount they can borrow. Now they are taking the money from the government pensions plans to fund all the programs of the US. If they raise the debt ceiling it will add more debt because they will need to borrow more money to repay the pensions plus interest plus the tax revenue is not enough to cover the interest on the debt. So they need to borrow more money to make up the difference. When Obama took office the national debt was 9.8 trillion and now it is 17 trillion. He must have been schooled using Common Core because he can’t do basic math.[/stextbox]
- Raising the debt ceiling doesn’t increase the nation’s debt, Pres. Obama declared in a speech today.
- 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:
- “It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”
- But, isn’t the fact that the U.S. has hit its debt ceiling “over a hundred times” – and, thus, has had to keep raising it – proof that raising the limit does, in fact, lead to increased debt?