...With the Treasury Department announcing that the U.S. will reach its borrowing capacity by Oct. 17, a debate over raising the debt ceiling will likely consume the attention of Capitol Hill next month, with Republicans pushing for certain budgetary concessions in return for raising America’s borrowing limit. President Obama calls such demands unprecedented.
“You have never seen in the history of the United States the debt ceiling or the threat of not raising the debt being used to extort a president or a governing party and trying to force issues that have nothing to do with the budget and nothing to do with the debt,” Obama said before the Business Roundtable.
In fact, the Democrats of the 1980s repeatedly used the debt ceiling issue to force President Reagan not to increase defense spending. And Obama himself used the issue of the debt ceiling in his battle against President George W. Bush’s tax cuts....
...“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,” Obama said [pdf] in March 2006. “It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘trillion’ with a ‘T.’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.”
Read more: http://dailycaller.com/2013/09/29/democrats-have-fought-debt-ceiling-hikes-many-times/#ixzz2gMqDkaUH
“You have never seen in the history of the United States the debt ceiling or the threat of not raising the debt being used to extort a president or a governing party and trying to force issues that have nothing to do with the budget and nothing to do with the debt,” Obama said before the Business Roundtable.
In fact, the Democrats of the 1980s repeatedly used the debt ceiling issue to force President Reagan not to increase defense spending. And Obama himself used the issue of the debt ceiling in his battle against President George W. Bush’s tax cuts....
...“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,” Obama said [pdf] in March 2006. “It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘trillion’ with a ‘T.’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.”
Read more: http://dailycaller.com/2013/09/29/democrats-have-fought-debt-ceiling-hikes-many-times/#ixzz2gMqDkaUH