"Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren...America has a debt problem and a failure of leadership."

That was Sen. Barack Obama in 2006.

How times have changed;

Senate must raise debt ceiling above $12T

By Walter Alarkon - 09/07/09 12:11 PM ET

The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.

The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.


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