Bloomberg News

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.”

The president pledged to work with Congress to shore up
entitlement programs such as Social Security and Medicare and
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. […]

And whose bright idea was it to submit a $3.6 trillion FY2010
budget to Congress that would generate cumulative deficits of

$9.3 trillion
between 2010 and 2019, put the government’s
bailout program on steroids, and (secretly) abolish welfare
reform all while pushing for national bankruptcy-inducing
universal health care?

The president doth protest too


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