First, the facts.
- October 16: U.S. national debt is $16,747,370,534,090.62.
- Then they raise the debt ceiling.
- October 18, at 3pm: U.S. debt is at $17,075,590,107,963.57.
That’s a $300+ billion increase, in two days. It’ll continue (albeit, at a slower pace). It moves the U.S. mathematically closer to its coming default, and the added interest will cost taxpayers (especially if interest rates rise in the future).
Now, here’s what Obama said during the shutdown. October 3:
I want to spend a little time on this. It’s something called raising the debt ceiling. And it’s got a lousy name, so a lot of people end up thinking, I don’t know, I don’t think we should raise our debt ceiling, because it sounds like we’re raising our debt. But that’s not what this is about.
It doesn’t cost taxpayers a single dime. It doesn’t grow our deficits by a single dime…it’s not something that raises our debt.
Or, October 8:
…it’s called raising the debt ceiling, I think a lot of Americans think it’s raising our debt. It is not raising our debt. This does not add a dime to our debt.