Obama: Not Allowing Gov't to Borrow More 'Would Amount to a New Tax'

By Susan Jones | October 14, 2013 | 7:45am EDT

President Barack Obama  Friday, Oct. 11, 2013, at the White House. (AP Photo/Charles Dharapak)

(CNSNews.com) - President Barack Obama used his Saturday radio address to press for an end to "this Republican shutdown" and for an increase in the debt limit.

"It wouldn't be wise," he said, "to just kick the debt-ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season. Because damage to America's sterling credit rating wouldn't just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money. Students paying for college. Newlyweds buying a home. It would amount to a new tax -- a Republican default tax -- on every family and business in America."

Obama said once the debt ceiling is raised and the shutdown is over, "there's a lot we can accomplish together."

He called for more job creation at a time when Obamacare is prompting some employers to cut jobs or move workers to part-time. And he called for additional deficit reduction in a "smarter, balanced way," which is code for tax hikes.

"I know you're frustrated by what you see in your nation's capital right now. But because it's easy to get lost in or give up on the political back-and-forth, I want you to remember: this is not normal. Our government is closed for the first time in 17 years. A political party is risking default for the first time since the 1700s. This is not normal. That's why we have to put a stop to it. Not only because it's dangerous, but because it saps everyone's faith in our extraordinary system of self-government. And that hurts us all."

The president decried the "constant brinksmanship" that impedes job creation and economic growth: "And the longer it goes on -- the more frequently this brinksmanship is inflicted -- the more we'll see markets react, businesses put off plans to spend and hire, and unemployment claims tick up.

Obama also urged buinesses to give furloughed government workers a break, as their regular paychecks are delayed: "And I want to thank all the neighbors and local business owners who've shown acts of kindness to these Americans who serve their country. I ask that same spirit of citizenship from lenders who do business with these folks. Because they're being punished enough through no fault of their own."

"So let's pass a budget, put people back to work, and end this Republican shutdown."

Obama said the nation should be focusing its energy on job-creation, education, and immigration reform. "And as always, this country works better when we work together."

CNSNews Reader,

The media are hard at work weaving a web of confusion, misinformation, and conspiracy surrounding the COVID-19 pandemic.

CNSNews covers the stories that the liberal media are afraid to touch. It drives the national debate through real, honest journalism—not by misrepresenting or ignoring the facts.

CNSNews has emerged as the conservative media’s lynchpin for original reporting, investigative reporting, and breaking news. We are part of the only organization purely dedicated to this critical mission and we need your help to fuel this fight.

Donate today to help CNSNews continue to report on topics that the liberal media refuse to touch. $25 a month goes a long way in the fight for a free and fair media.

And now, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can make up to a $300 gift to the 501(c)(3) non-profit organization of your choice and use it as a tax deduction on your 2020 taxes, even if you take the standard deduction on your returns.

— The CNSNews Team

DONATE

Connect

Sign up for our CNSNews Daily Newsletter to receive the latest news.