http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsSb4qtILhg&refer=worldwide
“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.”
The national debt is currently $1.26 trillion.
Obama has proposed a whopping $17 billion be cut from the budget. At the same time he is seeking $81 billion in spending increases.
Have we not been telling you this all along?
And no lip about Bush. I disliked him also.
Trillion
Tril”lion\, n. [F. trillion, formed from the pref. tri- in imitation of million a million. Cf. Billion.] According to the French notation, which is used upon the Continent generally and in the United States, the number expressed by a unit with twelve ciphers annexed; a million millions; according to the English notation, the number produced by involving a million to the third power, or the number represented by a unit with eighteen ciphers annexed. See the Note under Numeration.
Webster’s Revised Unabridged Dictionary, © 1996, 1998 MICRA, Inc.
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Beverly, did you read anything other than my headline?
Chuck, I say “no lip about Bush” because he is no longer the president. At some point, Obama will have to own this debt that BOTH parties have accrued, and under Obama’s watch, has doubled.
Show me an example where a nation has spent its way to prosperity.
Jesse
Kathy
Right about what? Obama did exactly what he was ELECTED to do. The far Right don’t like his policies or his views. So what? They didn’t elect him.
Not much has changed except for the fact that Obama is personally more popular than he was on Nov 4th.
Leon
•Its not his fault. We elected him with no experience in fiscal issues, foreign affairs, etc. There will be some mis-steps along the way, but he should straighten things out in the next year or two.
Tara
Wow, that would be funny if it weren’t so sad!
Miguel
Well, as the narcissist in chief, we don’t need to ‘hate’ him, it’s just fun to point out all the defects in the socialist / Marxist policies their pushing. And the above quote is right out of the republican opposition, isn’t it?
OH, let’s blame Bush, lookit all the deficit he left for poor 0 to fix! Yeah, he fixed it all right, by spending more in the first 100 days than every other president since Washington all the way to Bush 2 combined!!!
Yvonne
Yep, I told you so. I am not an Obama hater. I just dont feel he has enough experience. He is using tax paying dollars like its his personal bank account. His first two weeks in office he had already spent in the billions causing the deficit to double. He is writing checks that we cant cash because there is no money.
If you write a check and there is no money in the bank to cover it, you get in lots of trouble right? Well, why is it that he can do it with no consequences? Because it comes out of our pocket, not his.
Shirley
I’m not going to defend every financial decision he’s made… but he inherited a once in a generation recession. That’s the primary reason for this year’s unprecedented deficit. Both the Bush and Obama administrations made the decision to be interventionist in containing the recession. Bush passed TARP. Obama passed the stimulus package. And so far, though both could have been better managed, it’s looking like intervening was the right decision. Many economists believe both packages should have been more massive than they were.
Of course, avoiding financial catastrophe is something a politician rarely gets credit for, precisely because it didn’t happen. Bush too deserves some credit, considering it was even harder for him to buck his party.
By far the most important financial issue is somehow reforming Medicare/Medicaid and Social Security. Considering left untouched the US will be bankrupt by 2050. Compared to that, this year’s deficits hardly matter.
Nellie
Ok ths what happened on election day all of these kids and adults that had never voted. Didn’t have idea what each one stood for because he was young and knew big words and was african american. Now we see what I said all along HE”S NOT CUT OUT FOR THE JOB. I feel like ok we made history now can we get a real leader.
Floyd
It is easy to say “no lip about Bush” but get real. President Obama inherited a total clusterfuck. Two wars (1 very difficult 1 idiotic), an economy in the worst recession in at least 80 years, a budget already over stretched, etc.
G W Bush took office with a balanced budget, a world at relative peace, and managed to totally screw it up. It will cost some money to fix it.
Give it a rest.
April
Fixed:
It is easy to say “no lip about Bush” but get real. President Obama inherited a total clusterf*** and is doing everything he can to screw it up even worse. Two wars (1 very difficult 1 we won), an economy in the worst recession in at least 80 years thanks to guys like Barney Frank supporting the under regulation of the housing market, a budget already over stretched because Bush abandoned his fiscally conservative base, etc.
G W Bush took office with an on paper balanced budget, a world that was only plotting to attack us but hadn’t actually done it, and managed to have it fall apart, only to build it back up to record low unemployment and record high stock markets, only to have it fall apart after the housing bubble burst. It will cost some money to fix it.
Give it a rest.