Post by The Big Dog on May 15, 2009 16:00:28 GMT -5
Does Barack somehow have himself deluded enough to believe that no one is paying attention to what he says and does?
Well... no shit, Sherlock. What have conservatives been saying for the past several years? And now... from the man who gave you THE SINGLE BIGGEST YEAR OF DEFICIT SPENDING IN THE HISTORY OF THE WORLD..... "it's not sustainable".
What was sustainable about it a couple of months ago when you had it rammed through the Congress that has changed since then? What an ignoramus this man is. A slick con man without a conscience... he got what he wanted, stuck us with the bill and now tells us we can't afford to pay it.
We are being led by fools, children and spendthrifts.... we are f**king doomed.
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
By Roger Runningen and Hans Nichols
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.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
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.
By Roger Runningen and Hans Nichols
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.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
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.
Well... no shit, Sherlock. What have conservatives been saying for the past several years? And now... from the man who gave you THE SINGLE BIGGEST YEAR OF DEFICIT SPENDING IN THE HISTORY OF THE WORLD..... "it's not sustainable".
What was sustainable about it a couple of months ago when you had it rammed through the Congress that has changed since then? What an ignoramus this man is. A slick con man without a conscience... he got what he wanted, stuck us with the bill and now tells us we can't afford to pay it.
We are being led by fools, children and spendthrifts.... we are f**king doomed.
