In 2006 Senator Barack Obama gave a speech (actually didn't read it, just included it into the record) in which he advocated against raising the debt limit. Not only did he oppose it on principle, he called it a "failure of leadership" (Bush's).
He said the following -- "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure.
If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.
Washington is shifting the burden of bad choices today onto the backs of our children and grand children. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit."
Since he has become President the debt has more than doubled from the levels he was complaining about. So where is the FAILURE OF LEADERSHIP fall now?