Posted on 02/16/2011 11:01:42 AM PST by Constitutions Grandchild
The Obama administration's statement that the government will not be adding to the debt by the middle of the decade clashes hard against the facts, Republicans say, leaving officials straining to justify the budget claim they've pushed repeatedly over the past few days. As it turns out, the administration is not counting interest payments. That means the budget team plans to have enough money to pay for ordinary spending programs by the middle of the decade. But it won't have the money to pay off those pesky -- rather, gargantuan -- interest payments. So it will have to borrow some more, in turn increasing the debt and increasing the size of future interest payments year after year.
(Excerpt) Read more at foxnews.com ...
...or simple interest. I thought he was in the Marines. Turns out he’s in the White House. Okay, this IS serious. He has no business being anywhere near a calculator.
It must've been an oversight.
And forgetting to add in the interest payments is quite an oversight.
More lies from the prince of lies.
LLS
Interest rates are historically VERY low.
If they go up, we’re screwed!
Considering the interest payments for Jan 11 was $21.1B or 7.6% of outlays.
Total Debt for Jan 11 was $52.084B
http://www.fms.treas.gov/mts/mts0111.pdf
Barry's probably just accustomed to Islamic banking rules. Honest mistake.
;-)
That would infer he at least has the fundamentals of arithmetic in hand which would give me some solace. What worries me is his insistence that 2+2=3. His budget seems predicated on lower totals than are actually possible.
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