He said what...?

...when Congress gets back to work, they are going to decide whether or not to raise the debt ceiling (the amount of money we are allowed to borrow).

Obama said "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. 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. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit."

Harry Reid gave a similar speech: "If my Republican friends believe that increasing our debt by almost $800 billion today and more than $3 trillion over the last five years is the right thing to do, they should be upfront about it. They should explain why they think more debt is good for the economy. . . . Democrats won't be making arguments to support this legislation, which will weaken our country."

Make any sense to you?  Aren't these the guys who need to borrow all that money to pay for all there government?  Oh...that is because these statements were made in 2006, when the Republicans controlled the House...the Senate...and the Oval Office.

I don't always agree with Arthur Laffer, (see Bill Clinton as President 1992-2000) but he does write clearly on this matter.

"...But there is no reason why House Republicans shouldn't seek and get major concessions from the Democrats in exchange for raising the debt ceiling..."


"...Who among the 21 Democrats and two independents whose terms are up in 2012 would vote against raising the debt ceiling, especially if the legislation also removed the least-popular features of other bills?..."


"...Government spending is taxation, pure and simple. That taxation reduces output, employment and production. It's basic Econ 101. If, instead of using government spending for productive purposes, Congress uses it on bailouts for failing banks and unprofitable businesses, cash for clunkers, housing subsidies and unemployment, it's a double-whammy for the economy. You can't raise taxes on people who work, increase what you pay people not to work, and then expect more people to work..."