Debt Limit Games
Recorded on January 7, 2011
It's time for common sense; I'm Ernest Istook.
Just like the limits on credit cards, there's a legal limit on how much the U.S. Government can borrow. It's a huge number: $14.3-trillion.
But the Treasury Department says we've almost reached that limit, so President Obama wants to raise the debt limit, so government can borrow more and spend more.
Yet in 2006, when a Republican president wanted to raise the debt ceiling to about $9-trillion, then-Senator Obama voted no. He condemned it as wrong, because it shifts the debts onto the backs of our children and grandchildren. But now Obama claims it would be irresponsible for today's Congress to vote like he voted in 2006.
Sadly, both parties tend to vote for or against more debt based on which party got to decide how to spend the money. Instead, isn't it time to cut spending and shrink government down to size?
For common sense, from The Heritage Foundation, I'm Ernest Istook.