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Obama: 'Raising the Debt Ceiling...Does Not Increase Our Debt,'
Ms Sans Serif
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[quote:Anonymous Coward 46992274:MV8yMzU4NDM2XzQwMzA5Mzk4X0M3NTY1RDQz] I guess technically increase the debt ceiling does not automatically increase our debt since (as far as I understand) the debt ceiling is just the absolute most that the gov can spend, no? With that being said, the only reason to increase the debt ceiling is so you can spend more and the US is broke so based on that increasing the debt ceiling will increase our debt. [/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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