Posted by: arnegrim | January 18, 2011

National Debt limit

“…The national debt is the accumulation of years of deficit spending going back to the days of George Washington…

…Remarkably, nearly half of today’s national debt was run up in just the past six years. It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day Obama was inaugurated and to $14.02 trillion now.”

http://news.yahoo.com/s/ap/20110115/ap_on_re_us/us_debt_wars

Interesting… people talk of how non-conservative GWBush was in regards to spending… (and for the most part they’re correct) yet in his final 4 years the debt increased $3 Trillion… while in the first 2 years of Obama it’s increased $3.4 Trillion!

Now the Democrats want to raise the debt limit…

“…Debt-level brinkmanship doesn’t wear a party label.

Here’s what then-Sen. Barack Obama said on the Senate floor in 2006: “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 the government’s reckless fiscal policies.

It was a blast by the freshman lawmaker against a Bush request to raise the debt limit to $8.96 trillion.

Bush won on a 52-48 party-line vote. Not a single Senate Democrat voted to raise the limit, opposition that’s now complicating White House efforts to rally bipartisan support for a higher ceiling.”

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