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Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru] - editor@arranewsservice.com (Pub. Since July, 2006)
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Friday, December 07, 2012

POTUS Wants ‘Unlimited’ Power To Borrow

President Obama Has Added Over $5 Trillion To The Debt And Now He Wants Unlimited Power To Add Trillions More

Politico reports today, “On Thursday, with the House out of session, White House congressional liaison Rob Nabors trekked to Capitol Hill and delivered a firm message: We aren’t moving. In a meeting with leadership staff, Nabors reiterated the administration’s hard line that tax rates on top earners must go up, according to Republican sources with knowledge of the meeting. The White House is also insisting that Congress give it power to raise the debt limit on its own.”

‘Just A Minute! Under Obama We've Had The Most Rapid Increase In Debt Under Any U.S. President’
$5.71 Trillion added to debt since January ‘09.(“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 11/7/12)
CBS: “The most rapid increase in the debt under any U.S. President.” (“National Debt Has Increased $4 Trillion Under Obama,” CBS News, 8/22/11)
So President Obama has reiterated his demand to have Congress cede him the power to grow the debt unchecked by the legislative branch.  Again, repeating what CBS News’ Mark Knoller wrote of our president over a year ago: He’s presided over “the most rapid increase in the debt under any U.S. president.” And, “The debt was $10.626 trillion on the day Mr. Obama took office.” NOW, the debt stands at $16.34 trillion. And President Obama’s budget proposal this year, if enacted, would have added another $6.4 trillion in debt over ten years.

And apparently President Obama and his administration want the power to do all of this without checks and balances from Congress. Appearing on Bloomberg TV last month, Treasury Secretary Timothy Geithner was asked, if “we ought to just eliminate the debt ceiling.” Geithner responded, “Oh, absolutely,” adding, “the sooner the better.”

However, Back in 2006, Obama Once Called Debt Limit Hikes ‘A Failure Of Leadership’
Then-Sen. Obama said, “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.”THEN-SEN. BARACK OBAMA (D-IL): “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 our Government's reckless fiscal policies.” (Sen. Obama, Congressional Record, S.2237, 3/16/06)
  • OBAMA: “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.” (Sen. Obama, Congressional Record, S.2238, 3/16/06)
  • OBAMA: “Keep in mind, the first 42 presidents, they amassed $5 trillion worth of debt, the first 42 of them. The first couple of hundred years-plus of American history, we accumulated $5 trillion. Now we're at $9 trillion. That's just bad -- that's not being fiscally conservative. And so we're going to have to change our policies. Now, it's going to be -- let me say this. It's not going to be completely easy, because we're in a hole. And the first thing you do when you're in a hole is what?” (UNKNOWN): “Stop digging.” OBAMA: “Stop digging. Who got that right? There you go. You stop digging. So the first thing that we're going to have to do is to stop adding to our deficit.” (Sen. Obama, Remarks To Campaign Event, Watertown, SD, 5/16/08)

Now President Wants New ‘Unlimited’ Debt Power
Six years later, we have an even greater “debt problem and a failure of leadership” thanks in large part to this administration. But now they want the power to expand this debt without any restraint from Congress.“…the White House reportedly called for $1.6 trillion in new tax revenue and an unlimited debt ceiling on the table…” (“Republicans Say No To Obama's Opening 'Cliff' Bid,” Marketwatch, 11/29/12)

“The Obama administration’s initial offer included a permanent, ‘unlimited’ debt limit hike with no strings — or spending cuts — attached…” (“Pelosi: Debt Ceiling Should Be Separate From Fiscal Cliff,” Politico, 12/5/12)

“The Obama administration is asking to eliminate Congress’ role in raising the debt ceiling as part of a fiscal cliff deal…” (“WH Asks for End to Debt Limit Votes, McConnell Says,” Roll Call, 11/29/12)


Tags: President Obama, unlimited power, to borrow, debt, national debt To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 3:59 PM - Post Link

3 Comments:

Anonymous Vote Ray A said...

Obama will not be happy until we are third world country or worse. He wants to destroy American and the people are too stupid to know what is going on

12/08/2012  
Anonymous Saber Point said...

Obama is asking Congress to give him the power to raise the debt limit all by himself. That would essentially end the debt limit and give Dear Leader an unlimited credit card. That would be similar to giving your teenager the keys to both the liquor cabinet and the car while you are out of town.

Note to Congress: No Effin' Way.

12/08/2012  
Anonymous Cal Murphy said...

Only a dictator wannabee would make the request.

12/08/2012  

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