Obama Once Understood Debt

Then-Senator Barack Hussein Obama, speaking on 16 March 2006 regarding the raising of the debt limit. What follows are the opening and closing paragraphs of his 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 US Government cannot 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.

Increasing America's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

Apparently, what is terrible if done by President Bush, becomes statesmanship when done by President Obama. He later recanted this position, explaining the world looks different from the Oval Office. The problem is that he was correct the first time. See Snopes for details including his entire Senate speech and his later recantation. Hat tip to friend Earl C. for the link.