On March 20, 2006 Senator Obama stated, "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure." at the Senate Floor Speech. He continued to say, "It is a sign that the U.S. Government can't pay its own bills." "Increasing America's debt weakens us domestically and internationally.
Sunday, February 16, 2014
Obama Signs law to raise U.S debt ceiling
On Saturday President Obama signed a legislation that will raise the U.S. debt limit through March of 2015. Raising the debt limit through March 2015 but to what. With no specification of what the limit has been raised to in the article, seems like there will be a unlimited debt ceiling until March 2015. Did the government set this up to have no restrictions on spending and debt this year? The past 13 years the national debt has increased by 13 trillion dollars. They could be potentially be creating a finical crisis.
Subscribe to:
Post Comments (Atom)
I don't think the issue is spending, the US does not have enough revenue. There is a lot of waste in the US government. I'm not very crazy about raising taxes as a solution to over spending. If we increase taxes, it will just get absorbed in most cases and becomes a fixture. I believe the government has become so large that it will not be able to be contained. The US government cannot continue with all the spending, our the consequences will be serve.
ReplyDeleteThe quote added at the end is a prime example of why many politicians only want to keep growing and making their name heard. Thirteen trillion dollars in the same number of years is absolutely mind boggling. Yet perhaps President Obama has a bigger plan. He may be paving the way for some other plan that he has in the works, which will probably ultimately fail. Obviously the debt ceiling won't be unlimited, but something has to change and it has to change fast. Otherwise the US will be in a lot of trouble.
ReplyDeleteRaising America's debt limit is not solution. It is just Life-prolonging treatment. I think that US govemrnent cannot solve the problm,because its vision is not clear. If the United States goes bankrupt, the world suffers from a financial crisis,so raising America's debt limit is good for other countries,but so bad for US.
ReplyDelete