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Star Member cynatnite (27,673 posts)Hey, Repukes! Remember this?****ing hypocrites!
Obama’s 2006 speech on the debt limit “Mr. President, I rise today to talk about America’s debt problem. 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. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.â€
Under Obama China has become the number one holder of foreign held US debt. Up until he took office, most debt was held by relatively friendly nations.
The federal reserve now has almost $5,000 billion on their balance sheet of US treasuries.
All purchased with freshly printed "Geithner Bucks".