From Fox News:

Obama says adding $4 trillion to debt is unpatriotic.

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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.

Obama to Seek Third Debt Ceiling Increase Since Summer Deal

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.

Such stuff as nightmares are made on…


{ 3 comments… read them below or add one }

1 Random Blowhard January 3, 2012 at 9:17 pm

Hey, total economic collapse into the United States of Zimbabwe is CHANGE. Stop complaining.

2 Jim Campbell January 8, 2012 at 6:24 pm

Great idea, indeed, I’m still hanging in for a trial for treason and letting him swing like his buddy.

3 1389 January 8, 2012 at 6:52 pm

@Jim Campbell,
This debt is immensely destructive. It’s going to send everything down the tubes. There is no way to overstate the bad effects of runaway sovereign debt.

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