Uploaded by maywhitley31 on Aug 23, 2011
On July 3, 2008 — the day before Independence Day — Barack Obama said that adding $4 trillion in debt was irresponsible and “unpatriotic”.
Obama: The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.
The Obama administration will ask Congress to raise the nation’s borrowing limit by $1.2 trillion this week, marking the third and final increase from a deal negotiated over summer.
Treasury officials say the increase will boost the nation’s borrowing limit to $16.4 trillion. Treasury officials say the increase is necessary because the nation will be within $100 billion of the current limit by Friday.
In August, Congress and the administration agreed to raise the borrowing limit by $2.1 trillion in three steps. The parties also agreed to cut more than $2 trillion from the deficit over the next 10 years.
Congress can reject the increase, though Obama can then veto their objection. If Congress doesn’t act by Jan. 14, the increase will take place automatically.