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Raising the Debt Ceiling

April 14, 2011 Leave a comment
NYC: National Debt Clock

Image by wallyg via Flickr

I think these words of wisdom are much needed in the debate about 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.

Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

– Then US Senator Barack Obama, May 20, 2006

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