Posted By LambChop
“I therefore intend to oppose the effort to increase America’s debt limit.” - Senator Obama March 16, 2006 CONGRESSIONAL RECORD—SENATE S2237-2238:
"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. Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers….This year, the Federal Government will spend $220 billion on interest. And the cost of our debt is one of the fastest growing expenses in the Federal budget…Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.
Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years…But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours…Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren."