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mLine 332:
Line 332: − + + + + + + − The prospect of the Obama administration defaulting on its debt rose greatly when the Democrats insisted on raising taxes to cover for their irresponsible spending habits. Obama refuses to engage in negotiations, similar to a deadbeat who refuses to answer the phone when the creditors are calling. Unfortunately, for the world, Obama's personal irresponsibilty will hurt many honest hard working people who have done nothing wrong.
→Debt Ceiling 2011 Controversy: expand
[[Barack Obama]] voted against raising the debt ceiling in 2006. Now, he wants to raise the debt ceiling to over twice what it was raised to in 2006. However, Obama may not get the debt ceiling increased by Congress who essentially deem the Obama administration to be a serious credit risk. This is similar to a credit card company telling a person with either no income or little income who has maxed out on his credit card that he won't get a line increase and must pay off his card lest he be sued. In fact, it is almost unheard of for a credit card company to give a credit line increase to someone who's maxed out on his credit card.
[[Barack Obama]] voted against raising the debt ceiling in 2006. Now, he wants to raise the debt ceiling to over twice what it was raised to in 2006. However, Obama may not get the debt ceiling increased by Congress who essentially deem the Obama administration to be a serious credit risk. This is similar to a credit card company telling a person with either no income or little income who has maxed out on his credit card that he won't get a line increase and must pay off his card lest he be sued. In fact, it is almost unheard of for a credit card company to give a credit line increase to someone who's maxed out on his credit card.
Obama's failure to take personal responsiblity and instead his resorting to blaming others is a typical liberal victimhood mindset and pervades the inner city culture greatly.
The last increase in the debt ceiling occurred in early 2010 and President Obama signed into law on February 12, 2010. The limit stood at $14,294 billion. With large deficits emerging as [[baby boom]]ers retire, some members of Congress expressed concern over the government's dependence on borrowing to meet its obligations. President Obama responded by creating the National Commission on Fiscal Responsibility and Reform ([[Simpson-Bowles Commission]],), charged with identifying “policies to improve the fiscal situation in the medium term and to
achieve fiscal sustainability over the long run.” President Obama promptly ignored the Commission's recommendations.
Obama's failure to take personal responsibility and instead his resorting to blaming others is a typical liberal victimhood mindset and pervades the inner city culture greatly.
The prospect of the Obama administration defaulting on its debt rose greatly when the Democrats insisted on raising taxes to cover for their irresponsible spending habits. Obama refuses to engage in negotiations, similar to a deadbeat who refuses to answer the phone when the creditors are calling. Unfortunately, for the world, Obama's personal irresponsibility will hurt many honest hard working people who have done nothing wrong.
==References==
==References==
{{reflist|2}}
{{reflist|2}}
[[Category:Economics]]
[[Category:Economics]]