Claim: In 2006, U.S. Senator Barack Obama spoke out against raising the U.S. goevrnment debt limit.
Example: [Collected via e-mail, July 2011]
'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
Origins: In 2006, while serving his first term as a freshman U.S. senator from Illinois, Barack Obama made the remarks attributed to him above during discussion in the
The full text of his remarks in the Senate on
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.
Over the past 5 years, our federal debt has increased by
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like
But we are not doing that. Despite repeated efforts by Senators Conrad and Feingold, the Senate continues to reject a return to the commonsense
Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took
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. Americans deserve better.
I therefore intend to oppose the effort to increase America's debt limit.
President Obama has undergone a change of position regarding raising the debt limit. In a
Congressional Record. "Remarks by Sen. Barack Obama." 16 March 2006. Farley, Robert. "Obama Says Reagan Raised Debt Ceiling 18 Times; George W. Bush 7 Times." St. Petersburg Times. 26 July 2011. Stephanopoulos, George. "President Obama One-on-One." Good Morning America. 15 April 2011. Werner, Erica. "WH: Obama Regrets Vote Against Raising Debt Limit." Associated Press. 11 April 2011.