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→Debt Ceiling 2011 Controversy: expand
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.
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.
=== Background to Obama debt crisis ===
After the failure of President Obama's [[Stimulus package]], his entire [[White House]] economic team quit. Over the next several years, the deficit was projected to fall somewhat, but if discretionary spending were to stay at the same level, the deficit would not fall enough under President Obama's economic policies to stabilize debt payments. Further, the debt is projected to begin rising more rapidly under Obama's policy because of the rising costs of [[Social Security]], [[Medicare]], and [[Medicaid]].
== History of the "Debt Limit" ==
== History of the "Debt Limit" ==