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

[Rebel Yell]

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

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.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsSb4qtILhg&refer=worldwide

Really? You don't say. Where have I heard that before? Oh, yeah. It was from everybody with any common sense in the country, which doea not include our glorious Republicans who passed the first stimulus bill.



Welcome back, Carter.

[patriot45]

Really? You don't say. Where have I heard that before? Oh, yeah. It was from everybody with any common sense in the country, which doea not include our glorious Republicans who passed the first stimulus bill.



Welcome back, Carter.

Ha, what is the 0s cure!? Well lets spend more!

Old Nealz Nuzes take on it-



PrezBO says that the current rate of deficit spending by the federal government is "unsustainable." He says interest rates are going to go up for US consumers. Why? Because the government is competing with the consumers to borrow money. High demand, lower supply = higher cost. For those of you educated in government schools, this means higher interest rates. Obama's projected deficit for this year alone is over $1.8 trillion dollars.