Obama regrets not voting for debt increase in 2006
Posted: April 11th, 2011, 1:34 pm
http://news.yahoo.com/s/ap/20110411/ap_ ... debt_limit" onclick="window.open(this.href);return false;
So let me get this straight... if we don't raise the debt limit, we won't be able to pay our bills, so borrowing even more is essential because if we borrow more, we'll be able to pay it back even though we wouldn't have been able to pay our bills if we didn't? Isn't that logic flawed? =)) Any guesses as to the course they'll take? Are they ready to the pull the rug out or will the criminally insane borrowing to pay for bogus wars and the like continue?WASHINGTON – The White House said Monday that President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit — a vote he's now pressuring Congress to take.
Obama "thinks it was a mistake," presidential spokesman Jay Carney told reporters. "He realizes now that raising the debt ceiling is so important to the health of this economy and the global economy that it is not a vote that, even when you are protesting an administration's policies, you can play around with."
The country will reach the current debt limit of $14.3 million by May 16. If Congress doesn't raise it, the government would not be able to make debt payments, leading to an unprecedented default of the national debt and driving up borrowing costs for the government, U.S. companies and consumers, the Treasury Department warns.