Rather amazing video of comments made by President Obama before the Business Roundtable. Unfortunately, we can’t embed it, so you’ll have to click through to see it for yourself.
What we can share with you, however, are President Obama’s words from the White House’s official transcript of the event:
Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved....
The last time we checked, the amount of the United States’ national debt has increased each and every single time after the U.S. Congress acted to raise the nation’s debt ceiling so that it could borrow even more. This is quite an epic fail.