Posted on 03/24/2009 2:00:31 AM PDT by Scanian
House and Senate Democratic leaders are looking to pass the Obama administration's $3.6 trillion federal budget for 2010 by the end of next week, but the lawmakers under them should take into account the shocking deficit impact and fight to reign in the proposal. We're not holding our breath that they will do so, despite the immense deficit predictions announced Friday by the non-partisan Congressional Budget Office.
The CBO has projected the initiatives proposed in President Obama's budget would increase the deficit to over $1.8 trillion this year. That is 13.1 percent of GDP and significantly more than the already staggering $1.75 trillion deficit projected by the White House. The CBO also found that in 2013 the blueprint will result in $672 billion in deficit spending, $139 billion more than the administration's estimates.
The ramifications of continuing President Bush's years of deficit spending will become increasingly relevant in coming years. The resulting debt will have to be paid either by higher taxes or massive spending cuts, or both, likely at an inopportune time.
(Excerpt) Read more at washingtontimes.com ...
“higher taxes or massive spending cuts”
There’s a third option.
Massive devaluing of the dollar so that debts are paid back with near worthless currency.
Banana republic, here we come...
Yes, kinda like when you can’t even afford to pay the minimum monthly payment on credit card debt,
starve the beast, it’s the only way some Democrat supporters will take notice
Massive devaluing of the dollar so that debts are paid back with near worthless currency.
China won’t like that!!!!!
You can’t starve the beast.
There’s a reason it is called “the beast”.
The beast takes what it wants with little recourse.
That’s why China is starting to get noisy about it.
I’ll add that the treasury has screwed themselves on this subject. They want China to buy our paper and we’re in the process of making our paper worthless...
You can’t have it both ways.
They’ll try, but it will fail, probably spectacularly...
We are already MORALLY bankrupt....financial bankruptcy is just a natural follower.
Obama is a god for a Godless generation..
Yes, and this is why this inflation will have repercussions for us that will be unlike the inflation of the 1970s
Very well said!
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