Shocking — Obama admits the truth: Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
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’ve got a long way to go before we put this recession behind us,” Obama said.
“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.” (Source.)
The Obama administration raised the projected US Federal budget deficit for 2009 to a record $1.84 trillion–a deficit of about $18,000 for every US household.
Duh . . . of course it is unsustainable.