Yes indeed, the Democrat-controlled Congress under George W. Bush is responsible for TARP and excessive spending, but if Obama were really concerned about the soaring debt crisis, he would have cut spending and not put it on steroids.But he wasn't done firing off vindictively:
Because neither party is blameless for the decisions that led to this problem, both parties have a responsibility to solve it. And over the last several months, that’s what we’ve been trying to do. I won’t bore you with the details of every plan or proposal, but basically, the debate has centered around two different approaches.
Correction Mr. President, the only we in this equation are the Republicans in the House who have sent a budget proposal for 2012 to the Senate, where it sits on Harry Reid's desk along with the "Cut, Cap and Balance" bill. The Democrat congress under control of Harry Reid and Nancy Pelosi were derelict in their duty, to pass a budget which congress is required to do by law, in both 2009 and 2010 . Without a budget all spending by this administration should be considered illegal and the whole bunch should be hauled off to court and prosecuted for fiscal malfeasance. If they were in charge of the fiscal affairs of a private organization or company these same people would be fired for fiscal mismanagement or possibly charged with fraud or worse. Obama does not wish to bore us with details of his proposals because he has none, neither does his party, which controls the Senate.
Understand; raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every president has signed it. President Reagan did it 18 times. George W. Bush did it 7 times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.
Obama has not always been an advocate of raising the debt ceiling, in fact he is on record opposing it:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “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…Leadership means that "the buck stops here." Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.
Obama followed these remarks by voting against the hike in 2006.