Barack Obama is asking Congress to pass a credit card reforms bill that would strengthen protections for Americans who are behind on their credit card bills.

A few of the restrictions being placed on what Obama calls “abusive credit card practices” are: a ceiling on credit card interest rates, a 30-day advanced warning before raising interest rates, and requiring CC companies to mail bills at least 21 days before the payment is due instead of the 14 days as they do now.

The reforms in Obama’s bill are expected to save Americans $15 billion each year on penalties and fees. “This is not free money; it’s debt,” Obama said. “And you shouldn’t take on more than you can handle.”

Oh really? Then why is that Obama has already tripled the budget deficit since taking office? This video breaks down how much of your money Obama has spent recklessly since becoming president. Please get your calculators ready.