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Obama: Deficit Spending Unsustainable

From Bloomberg:

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.”

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…

In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also said he was confident that the House and Senate would pass health-care overhaul bills by August.

“Most of what is driving us into debt is health care, so we have to drive down costs,” he said…

“The days of any time, any increase, anything goes — rate hike, late fees — that must end,” Obama said today at Rio Rancho High School. We’re going to require clarity and transparency from now on.”

He also said the steps he has taken to stimulate the economy and start the debate on overhauling the health-care system are beginning to take effect…

Well, he did write the book on audacity.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs.

Even the supposed business mavens at Bloomberg don’t seem to understand this.

Those were not cuts. The budget that Congress passed still totals the same amount — $3.6 trillion dollars.

Those ‘cuts’ just shifted the money to other ‘more worthy’ programs.

This article was posted by Steve on Friday, May 15th, 2009. Comments are currently closed.

16 Responses to “Obama: Deficit Spending Unsustainable”

  1. Colonel1961 says:

    Derh?

  2. proreason says:

    “The days of any time, any increase, anything goes — rate hike, late fees — that must end,”

    Nothing embarasses this creature.

    Has a more amoral person ever walked the earth?

  3. heykev says:

    He must be a terribly conflicted person

    He says he’s going to go through the budget line by line and eliminate post. Then passes the largest pork-filled stimulus package ever.

    He says he’s against ‘unsustainable’ debt, thent passed the largest budget EVER. One that’s bigger than all previous budgets combined.

    He says one thing and does the exact opposite.

  4. FidesEtRatio says:

    “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.”

    So we were right all along, or… we’re still raving domestic terrorists and the deficit is now a news story because “The One” spoke of it? It’s so hard to keep up……

  5. curvyred says:

    Der Der duh………………………….

  6. MinnesotaRush says:

    “Well, he did write the book on audacity.”

    Good one, Steve. No … GREAT one!!!

  7. pdsand says:

    He might have to put himself on the DHS watchlist. In a couple of months he might believe in a limited role of the federal government, or discover that abortion kills a human being.

  8. electionhangovervictim says:

    “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.”

    Really, big guy? Ya think? NOOooooohh…

    Bet this recent “discovery” has him feeling pretty smug.

  9. Confucius says:

    Obama is “just another entertainer.”

    –He reads a script real well, but without direction, he is ridiculous.
    –He’s had more primetime airtime than most.
    –He’s shown up on late-night television and SNL.
    –He’s shown up in the tabloids semi-nude.
    –He adores Castro and has met Chavez.
    –He likes cocaine.
    –He has starry-eyed groupies, like Chris Matthews, who get that tingly feeling whenever they see him.
    –He’s written a fatuous autobiography tediously recording all the vapid musings and non-accomplishments of a pampered brat.

    I just can’t figure out what kind of show I’m watching. It’s part comedy, part tragedy, party variety-hour and part reality-TV.

    • Petronius says:

      Great post. :-)

    • proreason says:

      Confucious: you probably speak ironically, but I say that what you say is actually true.

      Obama is an actor who now thinks that the role he was trained to play is real.

      And like every actor, he is damned proud of himself for playing it.

    • Confucius says:

      Hi proreason.

      I’m speaking both. After all, isn’t there always some truth in irony?

  10. electionhangovervictim says:

    Should I be ashamed to admit that I hope he gets lung cancer…real soon? Would that mean I’ve stooped to Wanda Syke’s level? Even worse, would Steve ban me from S&L for saying that??

  11. Wayne from Jeremiah Films says:

    OK, I’ve linked to your post with a quotation from White House, Obama, and
    No Confidence

    … So why in the world did he rush a stimulus package that spends money in 2010 – 2011 – 2012. But not this year! And, after we get accustomed to the money coming from overseas borrowing, turn it off! and throw the economy into a new credit crunch! …

  12. GL0120 says:

    How long will it be before the media gushes over this new fiscal conservative?

  13. logicrat says:

    Of course, this is the same Obama who shamelessly lectured the nation on racial tolerance after listening to Rev. Wright preach black liberation theology and racist hate for two decades and after referring to his own grandmother as a “typical white woman”. The chasm between rhetoric and reality deepens.


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