DCBigPappa's Blog

Politics & Pop Culture from a homocon.

On Raising the Debt Ceiling


“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. … 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.”
–          attribution after the jump

Six years ago, the debt limit was $7.3 trillion.  Since then, Congress has increased the debt limit six times in five years, bringing it to $12.1 trillion.

I am not advocating a vote against raising the debt ceiling.  We must!  It is the moral thing to do if we do not wish to go into a complete meltdown with the bond and stock markets, let alone default on our loans.

But we seriously need to take a look at what the role of government should be.  What it should be funding and what can and should be funding by the private sector.  This does not simply mean cut spending, which has to be done.  It also means taking a look at corporate subsidies, loopholes, and other forms of social welfare.

Former British Prime Minister Margaret Thatcher once said, “The problem with socialism is that sooner or later, you run out of other people’s money.”  That’s something to sink your teeth in.

Oh, and about that quote…

“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. … 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 Obama, March 20, 2006.

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One response to “On Raising the Debt Ceiling

  1. Nick Carraway January 14, 2011 at 4:03 PM

    At this point I’d say DC can’t be trusted to raise the ceiling and then cut spending. If they are to raise the ceiling, the spending cuts should come in the same bill.

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