Posted by DrJohn on 9 July, 2011 at 10:09 am. 12 comments already!


In the sparring over the issue of raising the debt ceiling BArack Obama weighed in with “harsh language.”

In some of his harshest language to date in the fight over the deficit, President Obama warned today that the debt ceiling should not be “used as a gun” against Americans to extract tax breaks for the wealthy.

Speaking at the Twitter Town Hall at the White House today, the president said Congress “shouldn’t be toying” with the debt ceiling and cautioned against risking the financial health of the country in order to protect the interests of the super wealthy.

“Never in our history has the United States defaulted on its debt. The debt ceiling should not be something that is used as a gun against the heads of the American people to extract tax breaks for corporate jet owners, for oil and gas companies that are making billions of dollars because the price of gasoline has gone up so high. I mean, I’m happy to have those debates. I think the American people are on my side on this,” Obama said.

Wasn’t so long ago that Obama felt differently about raising the debt ceiling.

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

To call Obama a hypocrite gives hypocrisy a bad name.

But Obama is in good company. Both Steny Hoyer and Harry Reid voted against raising the debt ceiling. When asked for why he voted against raising the debt ceiling, Reid pleaded Alzheimer’s.

When asked about his 2006 vote against raising the debt ceiling this afternoon, Senate majority leader Harry Reid, speaking to a press gaggle in the Capitol after a meeting of the party caucus, told me to check the answer he gave to Meet the Press when he was asked a similar question. That appearance was in January of this year, and at the time Reid said he couldn’t remember the vote or his reasoning behind it.

Voting against raising the debt ceiling is good when a Republican is President, but bad when a democrat is President.

OK, I got it now.

And you still are an idiot to believe anything Obama says.

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