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Obama: 'Raising the Debt Ceiling...Does Not Increase Our Debt,'
Ms Sans Serif
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[quote:ohnonotagain:MV8yMzU4NDM2XzQwMzA5MTI2X0MwOUU3REUx] [quote:Anonymous Coward 45189860:MV8yMzU4NDM2XzQwMzA5MDkwX0NCQ0I2QjI4] Anyone here have any idea how much interest is owed on the national debt now? How much of every dollar the government spends is BORROWED? [/quote] I do believe we have to borrow 1.2 trillion each year to balance the books. The interest on the money is a good question! Most of the money borrowed these days is direct from the Fed. [/quote]
Uhhh, is he new? He's pandering to the mouth breathing crowd.
Raising the debt ceiling doesn't increase the nation's debt, Pres. Obama declared in a speech today.
In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it'd been done so many times in the past:
"Now, this debt ceiling -- I just want to remind people in case you haven't been keeping up -- raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you've already racked up, Congress. It's a basic function of making sure that the full faith and credit of the United States is preserved."
Obama went on to suggest that "the average person" mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt:
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