“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…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.” – Senator Barack Obama, 2006

This month, President Obama formally asked Congress for yet-another increase in America’s debt ceiling. This time, Mr. Obama asked for an additional $1.2 Trillion, stating that “further borrowing is required to meet existing commitments.”

It has only been six months, as you may remember, since Obama authorized the ever-increasing debt ceiling – a $2.4 Trillion spending hike – and this would be Obama’s fifth time increasing America’s spending limit in just three years. If granted his request, America’s debt ceiling would be an astonishing $16.4 Trillion.

Under Barack Obama’s leadership, the debt ceiling has become more of an arbitrary inconvenience to the Democrats’ spending binges than a true cap on our government’s reckless borrowing abilities, as it was originally intended. Preferring to put the debt on the backs of our children and grandchildren, this Administration’s fiscal policies have been the very epitome of reckless governing.

It is clear that America could not afford the first four years of Barack Obama’s presidency, let alone the unimaginable economic nightmare that would surely be his second term. In fact, at his current rate, President Obama will have added more debt to the United States of America by the end of his first term than each of the previous 43 presidents – combined!

Time and time again, the president has shown defiance in the face of our country’s tough economic climate. Instead of cutting spending and working to reduce our deficits, Obama instead ordered more spending and higher deficits. When Republicans spoke out against it, he threatened our troops, senior citizens and students with the loss of support and benefits. Scare tactics may have worked well in the Chicago Political Machine, but they have no place in the White House.

Mr. Obama did get one thing right, though; the reason that we are discussing raising America’s debt limit yet-again is indeed a sign of leadership failure. Barack Obama has failed as a leader.