Raise that debt ceiling

Random: can we have some flop with that flip?  Raising the debt ceiling does not increase our debt.  hmmmm

“As I said before, our deficits are coming down very fast.  In fact, the IMF and other international organizations that had cautioned us previously about our deficits are actually now concerned that we’re bringing our deficits down too fast.  That’s the assessment of the economists.  On the current trajectory that we’re on and if we were to pass the budget that I put forward, our deficits would continue to go down.  And we would have a deficit-to-GDP ratio below 3 percent, which is typically the standard at which it’s sustainable.”

“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.

And I’ve heard people say, well, in the past, there have been negotiations around raising the debt ceiling.  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.  And then there’s some political campaign later that smacks them around for saying, Joe Smith voted to raise the debt ceiling by $2 trillion.  And it sounds terrible and it’s a fun talking point for politics, but it always gets done.”

“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.”

— Sen. Barack Obama, March 16, 2006

 

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About Brian Fulmer

Brian is the owner of Crossroads Property Management Inc. (www.crossroadsproperty.com) He writes six blogs and has written two books. He also works with various missions around the world. His first love is Guatemala.
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