For the third time in less than a year, President Obama is turning to Congress and like Charles Dickens character, Oliver Twist, is asking, ‘more please.’ Except Obama is not nearly as polite as Oliver as his request is more like, ‘I want more and I want it now!’
In last year’s debt crisis that threatened to shut down the government, Congress reached a deal with Obama that allowed for a $400 billion increase in the debt limit last August, another $500 billion in September and a final jump of $1.2 trillion that the president is asking for now.
The total increase in the debt ceiling, in less than a year, is $2.1 trillion which raises that total debt limit to $16.4 trillion dollars. According to CRS Report for Congress: The Debt Limit: History and Recent Increases updated April 29, 2008, the national debt in April of 2008 was only $9.289 trillion. In Obama’s tenure as President, he has raised the debt limit by nearly $7 trillion since taking office, which is more than any president in history.
This latest $1.2 trillion increased is supposed to be sufficient enough to provide the government room to borrow the money necessary to keep it running for the rest of the year or perhaps until the elections in November.
However, it’s only taken them 6 months to blow through the first $900 billion dollars. At that rate, the $1.2 trillion will only last 8 months which mean come September, no more money.
Then when you consider that a number of Democrats want to solve everything by spending money we don’t have and can’t pay for, the $1.2 trillion will disappear that much faster. Members of Congress, like Maxine Waters of California, have been pushing for an additional $1 trillion to pay for a number of socialist programs in her attempt to solve everything. They have the mentality that if something is broken, just throw more money at it and hope that it fixes itself.
If for no other reason the federal debt limit should be one of the most important determining factors in how you cast your votes this year. Personally, I could not bring myself to vote for anyone that had any part in increasing the debt limit by $7 trillion in the past 3 years. That includes Congressmen/Congresswomen, Senators and the President.