In a one-line letter to Congress that was sent on January 12, President Obama announced his intention to seek a $1.2 trillion increase in the national debt ceiling.
As part of the deal reached with Congress last August, Obama had the ability to request multiple increases in the debt ceiling. This was his final opportunity to do so. This proposed increase of America’s borrowing limit — to $16.4 trillion, which is said to put the nation’s debt over the its economic output — is expected to last until just after the November elections.
It’s clear that our government is becoming increasingly dysfunctional. We obviously cannot afford our current level of spending. The road Obama has us traveling on right now has a cliff at its end. But instead of eliminating unnecessary programs and reducing spending across the board, he simply wants a higher spending limit. This is unsustainable. Before he was the commander in chief, Obama seemed to know this very well. He spoke passionately against debt increases. But since he’s gotten to spend the money on his favorite projects, his opinions have mysteriously changed.
Despite his legal right to initiate the debt increase, Project 21 spokesman Coby Dillard believes that this move will ultimately sully President Obama’s place in history. Coby said:
President Obama’s request to raise the debt ceiling a third time in this fiscal year underscores the culture of fiscal irresponsibility that has become the hallmark of his administration. Instead of making the hard choices of cutting government spending and enacting true entitlement reform, the President appears content to leave behind massive deficits for future generations to clean up. History will view the Obama Administration as an overly expanded and regulatory government that made the conscious decision to forgo a fiscally responsible course in order to pursue an aggressive, overreaching and fiscally reckless agenda.