Jan 6, 2011
The Obama administration is warning of catastrophic consequences if Congress does not increase the debt ceiling, the legal limit on how much the federal government can borrow, but Barack Obama held a different view on the issue as a senator in 2006.
Five years ago, then-Sen. Obama (D-Ill.) voted against raising the debt ceiling and even spoke about it on the Senate floor before the Republican-controlled Senate voted 52-48 to increase it.
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” Obama said on March 16, 2006. “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. I therefore intend to oppose the effort to increase America’s debt limit.”
Fast-forward to January 2011: The White House is now stressing the need to increase the debt ceiling, currently $14.3 trillion, while Republicans in Congress believe a vote to raise the debt limit should be offset by significant debt-reduction spending cuts. The national debt stands at $13.9 trillion.
This article was posted: Thursday, January 6, 2011 at 10:07 am