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Obama: People mistakenly think raising the debt ceiling means the US is racking up more debt

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By Doug Powers  •  September 19, 2013 02:07 PM

**Written by Doug Powers

In April, President Obama proclaimed it to be the month when we “teach young people how to budget responsibly.”

Less than half a year later he’s basically telling those same people that if they buy something they can’t afford it isn’t really racking up more debt as long as the credit card company raises their limit by the time the transaction gets to the bank.

From CNS News:

In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it’d been done so many times in the past:

“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”

Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt

Video at the link.

Claiming that automatically raising the debt ceiling without debate or much discussion doesn’t promote profligacy is like saying removing the doors from banks wouldn’t encourage robbers.

If raising the debt ceiling hasn’t encouraged profligacy over the years, what’s the deal with this?

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**Written by Doug Powers

Twitter @ThePowersThatBe

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