Obama: ‘I Will Not Compromise’ on Debt Ceiling
In his weekly internet address on Saturday, President Obama continued his bullying rhetoric over Americans debt problem. With the fiscal cliff deal signed into law – the deal raised income taxes dramatically on everyone making above $400,000 per year and payroll taxes on everyone regardless of income – the debate has turned to the debt ceiling. America has reached its statutory limit on borrowing authority again, this time at an unthinkable $16.4 trillion. And Republicans want spending cuts in exchange for granting more borrowing authority.
In his weekly address, Obama lashed out at Republicans for even suggesting that the debt ceiling issue be used as leverage to cut spending:
As I said earlier this week, one thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. The last time Congress threatened this course of action, our entire economy suffered for it. Our families and our businesses cannot afford that dangerous game again.