Changes

[[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.

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

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.

achieve fiscal sustainability over the long run.” President Obama promptly ignored the Commission's recommendations.