In his zeal to persuade Congress to let the government borrow another trillion dollars in the next nine months, Barack Obama has stated that raising the debt ceiling will not add to the nation's debt. But as Judge Andrew Napolitano observes, Obama is either willfully ignorant or Clintonesque in his use of misleading words. He knows the feds never have declined to borrow whatever they want, whenever they want it, up to the limit of their legal borrowing authority. And they have done so with their eyes on only immediate political needs, with disdain for the economic consequences and with contempt for the future.
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