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== Obama debt ceiling crisis ==

== Obama debt ceiling crisis ==

President [[Barack Obama]] voted against raising the debt ceiling in 2006.  However, he now wants to raise the debt ceiling to over twice what it stood at in 2006. However, as Congress essentially deem the Obama administration to be a serious credit risk, Obama may not get the debt ceiling increased he wants.  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.

President [[Barack Obama]] voted against raising the debt ceiling in 2006.  However, he now wants to raise the debt ceiling to over twice its 2006 level. However, as Congress essentially deems the Obama administration to be a serious credit risk, Obama may not get the debt ceiling increase he wants.  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 it was signed into law by President Obama on February 12, 2010, at which stage 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 Deficit Reduction Commission), which was charged with identifying “policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.”<ref>[http://www.fiscalcommission.gov/ National Commission on Fiscal Responsibility and Reform], retrieved from http://www.fiscalcommission.gov , July 28, 2011.</ref> However, President Obama promptly ignored the Commission's recommendations.<ref>http://www.realclearpolitics.com/2011/06/23/cbo_quotwe_don039t_estimate_speechesquot_258038.html</ref>

The last increase in the debt ceiling occurred in early 2010 and it was signed into law by President Obama on February 12, 2010, at which stage the limit stood at $14.294 trillion. 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 Deficit Reduction Commission), which was charged with identifying “policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.”<ref>[http://www.fiscalcommission.gov/ National Commission on Fiscal Responsibility and Reform], retrieved from http://www.fiscalcommission.gov , July 28, 2011.</ref> However, President Obama promptly ignored the Commission's recommendations.<ref>http://www.realclearpolitics.com/2011/06/23/cbo_quotwe_don039t_estimate_speechesquot_258038.html</ref>

The prospect of the Obama administration defaulting on its debt rose greatly when the Democrats insisted on raising taxes to cover their irresponsible spending habits.  Obama refused to engage in negotiations, much like 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 their irresponsible spending habits.  Obama refused to engage in negotiations, much like 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.