In March 2006, then-Sen. Barack Obama found the notion of raising the debt ceiling quite distasteful. So distasteful, in fact, that he made the following statement to the Senate and voted against the bill.
“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.… 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 and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”
Now President Barack Obama says he was mistaken and his vote didn’t mean anything because the bill was passed without his support. Wonder what changed his mind? Could it be that he needs to borrow money to pay for the entitlements for many of those who voted for him?