Who Said It?

Tyler Durden's picture

It really never gets old...

Date: March 16, 2006

Place: Senate Floor

Speech:

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.

 

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

 

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

 

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

 

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.

Fast forward to today, when the same senator, now president, is openly threatening with using a veto to impose his will on raising the debt ceiling over that of what, at least according to the Congress, is still the majority of Americans.

So much changes in 6 years indeed...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
TruthInSunshine's picture

  Forward!*  

*An additional 7.5 trillion USD of debt in the last 5 years and 10 trillion USD of debt since that passionate speech was given.

 

prains's picture

The debt ceiling is not going down anytime soon even if you slash and tax everything, it's still not enough to cover the costs ergo....debt ceiling must go up. This is not one mans fault or just leadership, look in the mirror you are just as much to blame for the system you partake in.

 

silence is tacit agreement, how many of you were silent about the phony war in Iraq that cost you trillions in stolen and looted money by Rumsfeld/Cheney Corp. I would say all because you let it happen. Real change first takes overcoming the force of inertia, nothing happens until then.

AlaricBalth's picture

 

 

The fact that we are here (AGAIN) today to debate (AD NAUSEUM) raising America’s debt limit is a sign of (MY) leadership failureIt is a sign that the U.S. Government (STILL) can’t pay its own bills. It is a sign that we now (CONTINUE TO) depend on ongoing financial assistance from (THE FEDERAL RESERVE, WHO WILL CONTINUE TO PRINT E-DOLLARS UNTIL THE CURRENCY IS DESTROYED) to finance our Government’s reckless fiscal policies.

 

Fixed it for him.

 

 

 

 

 

 

 

 

 

Richard Chesler's picture

Banksters' puppets don't really count as "leaders".

cranky-old-geezer's picture

 

 

Yep, just like the bankster puppet Bernanke who said in 2002 we must keep USD printing low to maintain its value. 

That was back when the money supply was aorund $2 trillion. 

Now it's $10 trillion, and he's printing $250 billion a month, $3 trillion a year ...that they admit, no telling how much more they don't admit.

It wouldn't surprise me if USD money supply is $50 trillion now, $40 trilllion of it "off balance sheet".

The real cliff is currency collapse, not debt.  Printing trillions of dollars every year  to fund hemorrhaging debt will prevent default.   We'll see hyperinflation and currency collapse instead.

Rating agencies don't consider currency printing and debasement in making their ratings.  They don't give credit ratings to central banks.   It would be meaningless since CBs can print currency at will.  

They just look at ability to service debt.  When the govt and central bank are joined at the hip, servicing debt is no problem, just print more currency, so the govt gets AAA rating.   

Yes, you can have AAA rating right up to the day the currency collapses and the debt is worthless.

America is Zimbabwe 2.0

MillionDollarBogus_'s picture

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. (Reagan raised it 18 times over 8 years.  He also raised taxes 7 of those 8 years)

It is a sign that the U.S. Government can’t pay its own bills. (this is nothing new)

It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. (you neglected to mention that Bernanke is forced to buy treasury debt.  His 1st priority is to keep debt interest rates as close to zero as possible.  His 2nd priority is to make sure there is a line of buyers, auction after auction)

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. (yawn...)

And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion. (more yawn...)

 

redpill's picture

They better not get rid of the ceiling, these petty debates over it make for great drinking games.

ArkansasAngie's picture

It's just another cold day in hades.

Popo's picture

The problem is that in the USA there *is no party of fiscal conservatism*.   The Republicans and the Democrats are both debt-creating, fiscally irresponsible parties.  

If the Republicans were really interested in cutting spending the solution is very simple:   Just stop debating and go home.    Because letting the country go 'over the cliff' is the ultimate way to cut spending instantly.  

This morning on WSJ Live there was a Republican hack saying "Yeah, but if we do that then we'll be the bad guys".   But wait, Mr. Republican cheesedick, doesn't that make you a populist Democrat?   If both parties are beholden to the same group of "We'll be mad if we don't get our free shit" voters, then what are these things we call "parties" again? 

 

Tsunami Wave's picture

Democrats = Tax and Spend

Republicans = Borrow and Spend

Both Parties = Print money and Spend

 

Any questions?

Winston Churchill's picture

Quite so.As in those RMBS bonds;AAA to ZZZ in a month.

The question is ; How long will the rest of the world put up with the

US exporting inflation to them via endless money printing ?

The Arab Spring was way more about food inflation than freedom,

however the MSM mis characterises it.

Dr. No's picture

The debt ceiling is not going down

 

I dont think anyone has even broached the idea of reducing the Debt Ceiling but a tip-of-the-hat to you for exceeding expectations.

TruthInSunshine's picture

In KronyKomradeKapitalist Amerika, Debt Ceiling goes down on you!

forwardho's picture

I can't believe you were juncked.

To not speak... screams volumes.

To not stand... is to lay down your rights.

To do nothing even though you see... is to accept responsibility.

Action or inaction both carry consequences.

venturen's picture

Prains...how many people realizes that Clinton dismantling the CIA in 1990's would have repercussions?

Missiondweller's picture

"silence is tacit agreement"

 

Yes, but when the Tea Party spoke out they were called racist and hate mongers weren't they?

Who's responsible for that?

 

 

A Lunatic's picture

Sticks and stones, bitchez. Borrow a set of balls if you have to, but do something, anything, that moves forward in any direction other than the status quo............

GernB's picture

At this point, I think we are passed the point of having a choice in what happens. Either we choose to be responsible or markets will force us to be responsible. This is what is happening en Europe. They keep trying to find ways to avoid living within their means, but they are running out of road down which to kick that can. When the do run out of road, markets will price their debt as junk and, unable to borrow, they will be forced to live within their means, declare bankruptcy, or destroy their currency.

Zer0head's picture

With the US government facing its worst budget crisis in a generation and the whole nation in a tizzy over how to reduce the $16tr (£10tr) national debt, the Obamas have decided to lead from the front this holiday season – by ordering a mere 54 Chrstmas trees.

 

http://www.guardian.co.uk/world/2012/dec/03/michelle-obama-white-house-c...

 

I'm actually Christmas trees are even permitted

fonestar's picture

Forward to:

 

Obamaville, GENERAL DELIVERY (second blue coleman tent near latrine).

bagehot99's picture

The key to success is sincerity. If you can fake that, you've got it made.

Never, ever listen to what Obama says. It is meaningless. Watch what he does. He is a disciplined radical, who says what is neccessary to move the revolution forward.

His words are verbal confetti.

Keyser's picture

Can't we all just get along and rise above!!! If I hea one more slogan, I think I'm going to puke. 

 

Winston Churchill's picture

Appropos.Scum, and puke rise above.

Unprepared's picture

Yeah? But his index was pointing to the horizon when he said "The buck stops here".

Abiotic Oil's picture

Frank Marshall Davis Jr.

Chupacabra-322's picture

News Flash:

Hello!  We're already broke ass broke and over the cliff about to spalt.  Not to mention the DEPRESSION we're in. 

sbenard's picture

But things are different this time. After all, he's now the Dictator of Debt!

Falkor's picture

IS there a video of this speech?

Bawneee Fwank's picture

Congressional Record 109th Congress Pages S2237-S2238

http://thomas.loc.gov/cgi-bin/query/F?r109:1:./temp/~r109aw0PtY:e8114:

I could not find any video.

wagthetails's picture

How truly awesome would it be if some senator walked up to the podium and read this speech, word for word.  No intro, no commentary....just start reading.  then drop the mic and walk out. 

tsx500's picture

I've got a boehner just thinkin' about that !

That would make my year.

RmcAZ's picture

"Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities."

As soon as he became President, he figured out that he didn't have to take one dollar from HERE and put it THERE. He figured out that he can work with Bernanke and print dollars, so he can have a dollar here AND there. Simple really.

Cursive's picture

The O'Bammer!

Hippocratic Oaf's picture

It's out of control.

No turning back.

Dr. Engali's picture

The crimminal dictator wanna be Obummer.

fonzannoon's picture

Speaking of who said it.....Whoever said this please come out and claim some credit for the most accurate post (my opinion) in the history of ZH. It never gets old. Sorry I did not save your screen name with it.

"Hope you didn't put much money on that bet, Dawg. These fuckers are going to print hard enough to wake the dead. They'll print like mo'fos, print like mad men, print like fly pimps. Print until their eyes bleed. They will print via the swaps, via bank bailouts and mergers, via fixed Treasury yields, via real honest-to-God negative interest rates, via loans to banks on no collateral, via payroll tax reductions, and in the end via actual fiat paper instruments which they might very well drop in bails from actual mutherfucking helicopters. They will not give two figs what anyone thinks. Here is why. Because this is the Goddamned end of it my friend. There is no accounting beyond this point. There will be no history of it. No one to take notes of rates of exchange, or of the graft and violence, nobody to worry about the deficit or the GDP or the national debt of any nation large or small under the blazing Goddamned sun. End. Of. It. Does anyone bitch about how Rome totally debased their coinage at the end? Hell no. But whoever did it had enough to hand and grabbed some land with a nice vineyard and sat back and waited for the Middle Ages to start 700 years further on. And that's what a singularity is about. Anything that passes through is striped of all meaning. Nothing we think is important now will remain so beyond the event horizon. Nobody will remember, nobody will write about it, nobody will be held to any standard. Ever for evar. So yeah, they'll print like the mad crazed terrorists they are. Because they have nothing to lose, and maybe something to gain. Maybe a dollar. Maybe a day. Maybe a slim chance to escape with some of the loot. Whatever the fuck advantage they see in it, for themselves and their elite crap wanking buddies, they will full-on-full-time-fucking do it to advantage. Watch for it, Dawg. It's totally on this time, on like Donkey Kong. And when the dust is settled in a generation hence it's going to have become another unbelievable episode among the ages of men."

Dr. Engali's picture

I was just thinking about that post  a few days ago. I almost mentioned something to you but got caught up with work or something else ridiculous like that.

fonzannoon's picture

I am almost waiting for gravity to cease right now. They are actually trying to bend the laws of physics, and succeeding. Precious metals should be up massively and the dollar should be spiraling off to confetti. This is fascinating.

Oh yeah, GS sees growth next year, i forgot. My bad.

CH1's picture

I am almost waiting for gravity to cease right now.

The suspension of reality continues. It is almost sickening to behold.

stormsailor's picture

precious metals are not up, because no /dx currency is tied to them.  and the price can be manipulated by an entity that has a trading account balance to infinity.

jimmyjames's picture

precious metals are not up, because no /dx currency is tied to them.

************

What kind of stupid comment is that?

When the price of wheat goes up-is it because some currency is tied to it?

Crabshacker's picture

I thought it was because snap and ebt were  tied to it..

prodigious_idea's picture

But how long can PMs be manipulated?  Shouldn't prices drop hyperinflation?  And where does the hyperinflation phase fit into the (imminent?) currency collapse event?  If PM prices collapse during the hyperinflation phase, isn't that the time to go all-in?  Otherwise, what's the optimal all-in point?