Obama: raising the debt ceiling does not increase our debt

Seriously? The media takes this answer seriously?  Increasing the debt ceiling doesn't increase the level of the nation's debt?  This is like saying that running deficits doesn't increase the national debt.  After all you can't run a deficit past a certain point if you don't increase the debt ceiling.
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. . . .

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OpenID lifeofillusion said...

Technically he's correct. Raising the limit does not mean you then owe that amount. It is not owed until spent. Raise the limit to 20 trillion & we don't then owe 20 T until we have spent the money. This is to allow him to borrow all the money he intends to spend and he has shown he will spend to the limit.

9/20/2013 3:15 PM  

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