Wednesday, August 03, 2011

Herman Cain on Debt Ceiling Issue

From the Cain Campaign:
The American people are not so easily fooled. They have seen the president as a man who has clung to bitter partisanship instead of earnest cooperation and whose speechifying has replaced mature leadership. This failure to lead has further impaired the financial markets and, as one source put it, 'chipped away at the global authority of President Obama.'

Despite knowledge of this deadline for more than a year, the Obama Administration continued to blow taxpayer money like spending addicts, focusing their attention on Obamacare, bailouts and stimulus packages, all of which have not produced the type of results the American people need and deserve. Instead of cutting up the nation's credit card and supporting programs to stimulate private sector growth through encouraging production and trade and relaxing regulations, the President and his Democratic colleagues are simply asking for a credit line increase. And they wonder why we're broke?

While both parties can claim some political victory in this compromise, the American people got short-changed. The debt ceiling will be raised, opening the door for further debt ceiling and tax increases with no sign of treatment for the addiction to spending in Washington.

I would like to congratulate the concerned Americans who through their unified voice were able to prevent tax hikes from being passed, despite the Obama Administration and Congressional Democrats' wishes. The consideration of a balanced budget amendment to the U.S. Constitution is also a step in the right direction to restoring fiscal sanity to government.

Unfortunately, as we have seen with the handling of the 'debt ceiling crisis,' America is on the wrong track with this leadership.