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Words of wisdom on debt ceilings

From none other than U.S. Sen. Barack Obama, in 2006, when he was urging his colleagues not to approve an increase in the debt ceiling to $9 trillion (it’s now $14.3 trillion):

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

According to USA Today, Obama’s spokesman said Obama was trying to make a point about President Bush’s need to get serious about fiscal discipline.

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