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Joe Biden Voted Towards Debt Ceiling Enhance in 2006

Then-Sen. Joe Biden (D-DE) voted towards elevating the debt ceiling in 2006, voicing considerations in regards to the fast improve within the debt underneath then-President George W. Bush.

On March 16, 2006, Senate Republicans voted to lift the debt ceiling, with Senate Democrats largely voting towards the statutory restrict of the nation’s debt.

Then-Sen. Biden voted in lock step with Senate Democrats towards this invoice, which might increase the debt ceiling from $8.184 trillion to $8.965 trillion.

Throughout his Senate ground speech explaining his vote towards the debt ceiling improve, Biden lashed into then-President Bush, claiming Bush didn’t do sufficient to steadiness the finances or pay down the debt:

Within the 5 years he has been in workplace, President Bush has added extra to our overseas debt that the 42 Presidents earlier than him. It took 224 years to build up $1 trillion of debt to different nations. It took President Bush simply 5 years to greater than double it.

Over $3 trillion in debt, overseas debt and debt held by Individuals, has been piled up by this administration.

When he set out on the course that introduced us to this sorry state, the President was clearly and repeatedly warned that large tax cuts would go away us weak to pure disasters, financial slowdown, or threats to our nationwide safety. “Don’t fear,” the President instructed us. “I do know what I’m doing.”

After 9/11, within the face of what he has himself known as the ethical equal of the World Battle II, or the Chilly Battle, he insisted that whereas every thing else had modified, he wouldn’t change his financial insurance policies.

Details had modified. His promise to steadiness the finances, his promise to pay down the debt, had been proved to be false. [Emphasis added]

However he refused to take duty for his insurance policies. He refused to confess {that a} modified world demanded a change after all.

His refusal has pushed us deeper and deeper into the opening. His refusal added $450 billion to the debt in 2002; it added $984 billion in 2003; it added $800 billion in 2004. And right here we’re once more at this time, including one other $781 billion. With that addition, our nationwide debt might be $8.6 trillion on the finish of this 12 months.

The President’s finances plans will convey that quantity to $11.8 trillion on the finish of the following 5 years. It is a document of utter disregard for our Nation’s monetary future. It’s a document of indifference to the worth our youngsters and grandchildren can pay to redeem our debt when it comes due. Historical past won’t choose this document kindly.

Now, seventeen years later, it seems that Biden’s tune has modified in regards to the want for structural reforms to resolve America’s debt disaster. The Biden White Home and Senate Democrats have signaled that they are not looking for structural reforms to the federal authorities’s spending habits.

Senate Majority Chief Chuck Schumer (D-NY) predicted on Monday that Democrats would win the debt ceiling negotiations towards Home Speaker Kevin McCarthy (R-CA).

The New York Democrat mentioned, “No hostage-taking, no brinkmanship. Go the debt ceiling.”

Twenty-four Senate Republicans on Monday wrote a letter to President Biden, calling on Biden to again spending reforms that would scale back the deficit.

“Individuals are keenly conscious that their authorities will not be solely failing to work for them – however actively working towards them. We don’t intend to vote for a debt-ceiling improve with out structural reforms to deal with present and future fiscal realities and handle out-of-control authorities insurance policies,” the Senate Republicans wrote.

Sean Moran is a coverage reporter for Breitbart Information. Comply with him on Twitter @SeanMoran3.

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