In 2006 the junior Senator from Illinois gave a floor speech leading the opposition to President Bush’s request to raise the debt ceiling. He argued that President Bush lacked leadership and that spending and deficits were out of control. That Senators name was Barack Obama. The debt ceiling must be raised now says Obama, just a short 3 years after denying Bush.
Total Debt Relative to GDP
Three years isn’t a long time, but in Politics it’s an eternity, or so it would seem. Barack Obama now President of the United States, is asking Congress to raise the debt ceiling some $12 Trillion dollars. Tim Geithner says that this must be done by mid-October for the U.S. government to remain solvent.
One thing you can always count on in politics is blatant hypocrisy. Obama desperately needs the Senate to raise the debt ceiling to $13 trillion dollars to allow for his massive expansion of government and socialist agenda. There is no other way to explain it.
The Hill reports that business leaders are on board with raising the debt ceiling because essentially there isn’t any other choice. The top lobbyist for the U.S. Chamber of Commerce said:
“If we fail to address this in a timely fashion, then you run the risk of having to curtail government operations,” Josten said. “The last thing our economy and the world economy needs is greater uncertainty throughout global credit markets.”
Obama is currently expected to run a record $1.6 trillion deficit, with an anticipated $1.5 trillion next year. And yes, even if the Senate raises the debt ceiling this month or next, they will be asked to do the same again next year. Obama and the CBO have both said that the debt would rise to an estimated $9 trillion in the next 10 years. This translates to a lot of red ink for a lot of years.
As for that junior Senator in 2006; what advice did he give? From Obama’s 2006 floor speech:
“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,”
So what should the answer be to Obama’s debt ceiling request? Physician, heal thyself.
The Debt Car, good illustration
Photos: CC