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Technically, he's right. Raising the debt ceiling does not raise the nation's debt. It does, however, give our government the ability to borrow more which does raise the debt.
Either he thinks the public is dumb enough to buy his drivel or he's so freaking stupid that he actually thinks what he said is right.
On July 3, 2008 -- the day before Independence Day -- Barack Obama said that adding $4 trillion in debt was irresponsible and "unpatriotic.
Obama: The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.
Obama says adding $4 trillion to debt is unpatriotic
reply to post by pavil
the economy is improving so much much that the fed opted to continue the bond buybacks because "the economy isn't ready" for the stimulus taper.
The political machine has resorted to pathetic contradictions, and outright lies, in every aspect of our society.
If you want to rally against spending, go for it. But I'm sure everyone here knows what happens when you don't pay a credit card bill... Your credit rating goes down. Not raising the debt ceiling is the same thing as not paying off your credit card when it comes to the national debt. Sure, next month you can spend less. But RIGHT NOW, it needs to be paid.
the head of the powerful U.S. Chamber of Commerce called on Republicans to stop using the threat of default to get the spending cuts they want.
reply to post by xuenchen
you clearly don't have a firm handle on Obamath.
4 trillion in debt is bad but increasing that number would actually be a good thing. It's tricky math and would take too many pages of numbers to show you, via the equation, how it works but, in the end you get 0.
0 being the value of the US economy
Obama, however, saw the 0 and thought that by increasing the ceiling which allows him to borrow more, he will get to 0.