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It's a basic function of making sure that the full faith and credit of the United States is preserved."
xuenchen
Another gem from Obama
It's a basic function of making sure that the full faith and credit of the United States is preserved."
1104light
reply to post by xuenchen
A basic civics course would really calm you down. The debt ceiling is about bills promised yet not paid but...oh well nevermind. You are not interested in facts, you just want a thread to hate Obama in.
xuenchen
1104light
reply to post by xuenchen
A basic civics course would really calm you down. The debt ceiling is about bills promised yet not paid but...oh well nevermind. You are not interested in facts, you just want a thread to hate Obama in.
Well let's understand how the slippery salamander gets money to pay promised debts.
Let's think real hard with this.
I know...... [ but this might go over some peoples' heads ]
Wait for it...
He *Borrows* more money by way of selling Treasury Securities !!!
Why does he sell securities to borrow extra money ?
Because he spends more than he takes in from revenues !!!!
It's called deficit spending which always adds to the national debt.
Does that satisfy your requirement for a civics course ?
autopat51
reply to post by 1104light
i think there is a reason they call it a debt ceiling..
dont you think?
the more you spend..the higher the debt.
SpaDe_
I understand his logic in making this statement, but then if that is the case why does the debt ceiling need to be raised if we will not be gaining more debt? Not sure who he thinks he is kidding with this statement, but I'm certain he thinks everyone will buy it because we are all like this emoticon ->edit on 9/18/2013 by SpaDe_ because: (no reason given)
“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.” …….. Senator Barack Obama