“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 US Government can not 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.Of course, it's almost a given now that everything Obama says has an expiration date, and this statement was no doubt made then only for the purpose of opposing Republicans. Still, it was true then and it's even more true now.
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 H. Obama, March 2006
With 'plans' on the table that actually cut no spending at all - they're all just reductions in projected (i.e. fantasy) spending increases in the future - we'll continue with the status quo... until the whole house of cards collapses in about 10 years.