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.
– Senator Barack Obama, 16 March 2006
This was the future US President speaking out against raising America’s debt ceiling to $8.965 trillion. Perhaps he was reading the teleprompter speech for a Republican senator by mistake… Quote hat tip: Gary North
Just hat is it about assuming governmental power that turns people into mind addled debt junkies after years of perfectly reasonable calls for reducing said debt? It’s not just Ireland’s favourite son (after Daniel O’Donnell) Barry O’Bama, here in the UK David Cameron has spoken time and again about reducing debt and spending cuts, yet UK government borrowing is increasing.
Curiously both men are wedded to the idea of huge sums of public money being spent ‘fighting climate change’ with windmills, and increasing the cost of energy, making us poorer and subsidy hungry renewable power firms very rich indeed. Could such waste be linked to our rising debt, perhaps?
Autonomous Mind 
Like many modern politicians Obama is an ideas man. At any given time he is talking of a big idea, a sunlit upland, a ‘radical change’ that will bring us all milk and honey. That idea can change like the wind and be contradicted by the next big idea without compunction because the previous one was not a dearly held view in the first place – it was nothing more than whatever Obama thought (or polling suggested) he had to say to differentiate himself from his political opponents.
But he’s a politician!
Obama was funded by Goldman Sachs and has done his job in serving their interests with Federal funds. If the backstop of Federal Welfare for Wall Street stops the creditworthiness of the banking system would not justify bonuses. Obama needs more Goldman Dollars for his 2012 Campaign so he has to provide more State Welfare to underwrite trading.
Art 1 Para 8 of the US Constitution gives Congress authority over each and every Treasury Issue but Woodrow Wilson got them to forego the annual vote for a Tranche System “Debt Ceiling” which disenfranchised Voters and led to massive Federal Deficits as the only level of government in the US allowed to run deficits.
The whole sham is a Wall Street fix
Wall St help. Soros will help him again.Obama hasn’t a clue, never did. He’s a local organiser and that’s where he should have stayed.