Bawhahaha: President Obama And Debt – The Market Ticker:
Oh really Mr. President?
May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries. “We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Gee, you just figured that out? After roughly three months and change in office, it just dawned on you that after bleating about George W. Bush’s budget deficits, putting forward a budget with three times his projected deficit (and then exceeding THAT!) was unsustainable? Well then how come you pushed (and still back) the budget that led to this
Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Insanity. Pure insanity. Or pure George Orwell. You choose, dear reader. Mr. Obama proposed a whole $17 billion in budget cuts across a $3,500 billion budget? 1/2 of 1% Mr. President, and you call that “meaningful” reductions?
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