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Posted By Gerren McHam On October 21, 2013 @ 6:30 am In Economics,Front Page | Comments Disabled
President Obama boasted  last week that he had signed legislation to lift “the twin threats” to our economy of government shutdown and default. But what was done to fix the problem of growing debt that leads Washington to repeatedly raise the debt ceiling?
Nothing.  In fact, by Friday, the U.S. debt had rocketed past $17 trillion.
What does this mean?
How quickly Obama changed his tune when he transitioned from Senator to President. Here’s what he said just a few years ago:
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 , March 16, 2006)
And his partner in debt, Senate Majority Leader Harry Reid (D-NV), argued mightily against what he now champions—when a different Administration was in office.
Today the Senate is considering a bill to increase the Nation’s debt by $781 billion. If adopted, it would be the fourth such increase in the 5 years this administration has been in office. I will be opposing this latest request, and I hope that people on both sides of the aisle will do the same. (Senator Harry Reid , March 16, 2006)
History shows us that those in power will always face the temptation of funding their pet projects and initiatives . Meanwhile, entitlement spending—the key driver of spending and debt—remains unaddressed.
To fix these problems, a responsible constituency needs to consistently hold elected representatives accountable and limit their spending .
Read the Morning Bell and more en español every day at Heritage Libertad .
Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2013/10/21/debt-hits-17-trillion/
URLs in this post:
 boasted: http://www.washingtonpost.com/politics/transcript-president-obamas-oct-17-remarks-on-shutdown-deal/2013/10/17/3eff02b6-3738-11e3-8a0e-4e2cf80831fc_story.html
 Nothing.: http://blog.heritage.org/2013/10/16/senate-deal-fixes-nothing/
 Image: http://blog.heritage.org/2013/10/21/debt-hits-17-trillion/
 Image: https://www.facebook.com/sharer/sharer.php?u=http://www.facebook.com/photo.php?fbid=10151698938014481&set=pb.21375324480.-2207520000.1382359608.&type=3&theater
 Barack Obama: http://www.gpo.gov/fdsys/pkg/CREC-2006-03-16/pdf/CREC-2006-03-16-pt1-PgS2236.pdf
 Harry Reid: http://www.gpo.gov/fdsys/pkg/CREC-2006-03-16/pdf/CREC-2006-03-16-pt1-PgS2225-5.pdf
 their pet projects and initiatives: http://www.politico.com/story/2013/10/conservatives-mitch-mcconnell-kentucky-kickback-spending-deal-98428.html
 limit their spending: http://blog.heritage.org/2013/03/01/sequestration-much-larger-spending-cuts-needed-to-balance-the-budget/
 Heritage Libertad: http://www.libertad.org/
 Dave Ramsey had to say about Obamacare: http://blog.heritage.org/2013/10/19/dave-ramsey-says-people-will-pay-more-for-obamacare-its-simple-math/
 successfully enrolled: http://blog.heritage.org/2013/10/18/just-1-of-healthcare-gov-visitors-successfully-enrolled-in-obamacare/
 a more popular condiment than ketchup: http://www.myfoxdc.com/story/23718477/changing-demographics-influencing-taste-buds
 top 10 reasons: http://pjmedia.com/tatler/2013/10/16/the-top-10-reasons-obamacare-will-always-be-controversial/?singlepage=true
 actually essential: http://www.fee.org/the_freeman/detail/essentially-meaningless
 This school’s zero-tolerance policy: http://www.foxnews.com/opinion/2013/10/17/erin-cox-hero-not-villain-dont-punish-her-for-doing-right-thing/
 vow to keep on fighting: http://washingtonexaminer.com/ted-cruz-mike-lee-vow-to-keep-on-keeping-on-against-obamacare/article/2537346
 Watch live at noon ET: http://www.heritage.org/events/2013/10/governor-mccrory
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