Monday, April 11, 2011

Obama regrets vote against raising debt limit

If the president actually sat and listen to the debates and stop voting present most of the time, he would understood what the bills were about. Ironically, it is comical that raising the debt ceiling crisis is imperative from a president who voted against it as a senator.

(Yahoo) WASHINGTON – The White House said Monday that President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit — the same kind of increase he's now pressuring Congress to approve.

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 its debt limit of $14.3 trillion by May 16. If Congress doesn't raise it by then or shortly thereafter, 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.