From President Obama's speech Monday, an interesting passage on the debt ceiling.
Understand – raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it 7 times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.
This Congress - led by Republicans - has looked at what past Congresses have done.
They see the problems ahead.
They want to stop racking up bills.
They want to cut, cap and balance.
This is the time to make hard decisions, not wait until 2013.
You need debt increases to keep spending.
The House doesn't want to spend so much. No more racking up bills means we won't be bumping up against the ceiling all the time.