A Quote by Barack Obama
Increasing America’s debt weakens us domestically and internationally. 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.
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The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. 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.
Debt ceiling is something that, you know, any time the president asks for the authority to increase the debt ceiling, the debt burden on our children and grandchildren, I think that requires a pretty serious discussion, robust debate.
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 we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.
Whats happening in America today is parents are emphasizing their relationship with their children instead of leadership. Anyone in leadership will tell you you cannot have a warm, fuzzy relationship with someone youre in charge of leading.
The truth is the Republican leadership has created a credit card Congress that is recklessly selling out the future of America, our children and our grandchildren, and President Bush is the most fiscally irresponsible President in the history of America.
I hope that the United States would cooperate with the partners to reduce its debt. The debt is a problem. The debt is with you, but unfortunately, the debt is not only with you but with us and with the rest of the world because we all, one way or another, are dependent on the dollar.
When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
I don't intend to spend my morning being lectured to by a president whose failed policies have put our children and grandchildren in a huge burden of debt.
What we are effectively doing, I say this to the young people of America whom my colleagues represent, is leaving our children and grandchildren the tab for fighting a war, letting them pay for the lion's share of it by simply adding it to the national debt.
Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.
The massive debt we have racked up to finance our wasteful government is pulling down growth today. Gross debt over 90 percent of GDP weakens growth now. Not tomorrow - now.
We haven't been leading anybody. We've been acquiescing to a bunch of linguini-spined leftists all over the world, at the United Nations, in NATO, wherever it is. The people who don't even pay for their own defense. The people that don't even believe in guns and bullets to protect yourself are the people we have been acquiescing to. And they think this is called leadership. Leadership is sponsoring America's decline. Leadership is administering America's decline. Leadership is admitting that America's superpower status was never deserved or warranted.
There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.
Donald Trump ran for office complaining that at $19 trillion, the US debt was completely out of control, and yet what he's planning to do is throw trillions of dollars more onto that debt. If the proposed tax plan cuts upon the wealthiest Americans is enacted, 10 years from now America's debt will be over $30 trillion. And so, he's contradicting, his own stated positions. And that's because, to Donald, none of this is about policy. It's not about sound economics. It's about greed and the glorification of the great leader.
We feel led to caution . . . against forming the bad habit of incurring debt and taking upon themselves obligations which frequently burden them heavier than they can bear, and lead to the loss of their homes and other possessions. We know it is the fashion of the age to use credit to the utmost limit. . . . We, therefore, repeat our counsel . . . to shun debt. Be content with moderate gains, and be not misled by illusory hopes of acquiring wealth. . . . Let our children also be taught habits of economy, and not to indulge in tastes which they cannot gratify without running into debt.
The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt.
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