You got to be kidding: President Obama warns about unsustainable federal spending. At a town hall meeting in Rio Rancho, NM (in Suburban Albuquerque). The president told the audience the nation will face skyrocketing interest rates by borrowing from foreign 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.”
This comes as the Federal government deficit raises the amount from$1.84 trillion up 5 percent sine February. The deficit in 2010 will be $1.26 trillion up from February.The budget will new be $3.59 Trillion vs $3.55 Trilion also from February.
So the president warns of uncontrolled spending while using the Federal budget like a Target credit card with a limit of $5000 and acting like he has a an Neiman Marcus unlimited credit limit. Folks it doesn’t work.
Bloomberg