Obama Says U.S. Long-Term Debt Load ‘Unsustainable’

[red states rule]

OK all you Obamabots, your fearless and woefully inept) leader, President Obama has opened the flood gates.

Now that the Chosen One has admitted it, obviously you water carriers for this administration may now admit that which is obvious.

So. Let's hear it:

Share with the rest of us your impressions on what we are going to have to do to get out of this intractable mess which President Obama has largely been responsible for creating. Is there any way to do it? Or has your chosen one made salvation out of reach?



Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2)

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.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

http://bloomberg.com/apps/news?pid=20603037&sid=abXWfVxx_e8w&refer=home

[Insein]

I laughed when I read this. It was a humorless laugh. You know the kind you make when you realize we're heading up the river without a paddle and there's nothing you can do about it.

The sheer audacity. To start by saying this spending is neccessary to save us and then mere months later say we are spending out of control. What do you even say to that level of arrogance?

[red states rule]

I laughed when I read this. It was a humorless laugh. You know the kind you make when you realize we're heading up the river without a paddle and there's nothing you can do about it.

The sheer audacity. To start by saying this spending is neccessary to save us and then mere months later say we are spending out of control. What do you even say to that level of arrogance?

The liberal solution will be to raise taxes to maintain the debt load.

Of course, we know that the whole idea is idiotic, but that never has stopped liberals before.