Obozo: "Raising the debt ceiling does NOT increase our debt"

As some of you may have heard, the country is fast approaching the legally authorized government borrowing limit. 

In fact, there are a number of indicators that the government has exceeded that limit, but as some very smart woman recently said, "At this point what difference can it possibly make?"

Of course Obama--and all Democrat congresscritters (and a lot of Repubs)--wants to not have any restrictions on spending, since the ability to keep spending your tax dollars equals power--a lot of it.  So the Obama administration is making a major push to ensure congress doesn't limit spending in any way.  And he's declared to Republican leaders that he will NOT negotiate in any way to get an increase in the debt limit.

For example, here's how Obama characterized the situation in a speech at the Business Roundtable headquarters in Washington, D.C.:

Now, this debt ceiling -- I just want to remind people in case you haven't been keeping up -- raising the debt ceiling, which has been done over a hundred times, does not increase our debt.  It does not somehow promote profligacy.  All it does is it says you got to pay the bills that you've already racked up, Congress.  It's a basic function of making sure that the full faith and credit of the United States is preserved.

Say what?  Raising the debt limit does NOT increase our debt??  Uh...seems a bit odd.

But such is the new math in the era of Obama.