published Saturday, January 14th, 2012

Obama's $1.2 trillion debt hike request treated casually

One of the alarming things about our nation's colossal debt is how casually we have come to speak of the trillions of dollars we owe, as if it were no worse than spending a bit too much on a credit card.

It was the middle of last November -- just two months ago -- that the United States passed the $15 trillion debt mark for the first time in history. We had passed the $14 trillion mark less than a year before that. Those disastrous milestones came and went with barely a whimper.

Now, with little public outcry, President Barack Obama has asked Congress to raise America's borrowing limit again -- by an additional $1.2 trillion -- as part of a multistage increase in federal borrowing.

So we will soon have a debt surpassing $16 trillion, necessitating the continued annual payment of hundreds of billions of dollars in interest.

The president's and Congress' unwillingness to deal with the debt realistically is what prompted Standard & Poor's to downgrade our country's credit rating a few months ago -- a mark of shame that had never been imposed on the United States before and that should have sent a warning that our refusal to live within our means is having dire results.

Instead, the spending and the expansion of the size of our mammoth federal government continue without letup. And against all the evidence, we persist in believing we will escape the consequences.

We won't.

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Standard and Poor, the same company that allowed the passing of numerous shoddy investment instruments as rock solid blue ribbon financial tools?

The real shame is that we didn't arrest them for gross negligence. A Two trillion dollar error in their own press release compounds the problem.

January 14, 2012 at 1:46 a.m.

The sad thing is the money the U.S. is now borrowing they have to pay back 0.46 cents on every dollar. This president ran a campaign on balancing the budget and all he has done is put this country in 3 times the debt it was before he took office. I bought into his crap about change as well, I just did not know it was going to be a change for the worse.

January 14, 2012 at 9:21 a.m.
conservative said...

It may already be to late to save our nation. Both parties are big spenders. The Republican party is the party of big government and the Demoncrat party is the party of BIGGER government. There will have to be rollbacks in programs and spending, not just the Republicans spending less than the Demoncrats if we are to survive. If Obamination care survives, we won't.

January 14, 2012 at 9:23 a.m.

Starvation is a bad path to prosperity. It might be necessary to start eating healthy rather than the mindless cut/cut/cut approach.

January 14, 2012 at 10:37 a.m.
Plato said...

The last time the debt limit was raised the President and the Speaker negotiated a deal that would have reduced the debt by $4 Trillion over 10 years, however the Tea Party Caucus in the House would not go along with it because it has what they termed tax increases the vast majority of which was simply closing of tax loop holes. Granted $4 Trillion would not solve the debt problem but it would have made a nice downpayment.

The Tea Party types and other obstructionists in congress need to be voted out of office in order for us to make progress on the national debt.

January 14, 2012 at 10:41 a.m.
conservative said...

Plato--

NO cuts in debt were proposed. The proposals would have increased our debt because spending would have increased. The scam has been "base line budgeting" where spending was increased about 10% each year. Anything less was deemed a "cut" by Demoncrats and the mess media went along without explaining that "cuts" proposed by Republicans .were actually INCREASES in SPENDING. You are just one of scores who have been fooled by this.

Also, Obamination wanted tax increases NOW with these phony "cuts" to come in later years under a different Congress, under no obligation to keep the deal made today. There is not even one chance the phony deal would be kept by either party in a future Congress.

January 14, 2012 at 11:22 a.m.
Mila78 said...

Really, it's true that trillions dollars in debt have become something casual for us. It's absolutely not right that we used to take loans and debts so easily like it's okay, everybody have debts. As for Obama, he must do his best to get out the US of the debt if he wants to stay a president of the United States. Debt based economy should be over, government should manage a budget because living in debt isn't actually living. Mila from http://paydayloansat.com/

November 6, 2012 at 9:32 a.m.
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