Changes

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 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 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.