Posted on 11/15/2009 6:07:38 PM PST by Steelfish
Barack Obama Assures Asia that US Borrowing Will Not Spiral Out of Control President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.
By Ambrose Evans-Pritchard 15 Nov 2009
"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit," he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. "Debt-driven growth cannot fuel America's long-term prosperity."
The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.
China, Japan, and other Asian states with large holdings of US Treasury debt fear that Washington may be embarking on a course that will lead to "stealth default" through dollar debasement and creeping inflation. The public mood in the US has also been shifting as the Republicans score points with calls for a return to fiscal rectitude.
The US deficit reached $1.42 trillion in the fiscal year of 2009 and it is expected to top $1.5 trillion in 2010, roughly 10pc of GDP.
(Excerpt) Read more at telegraph.co.uk ...
How would B. Obama know and what would or could he do about it if he did?
Is Asia that STUPID???
Not spiral out of control??? Hello ?????
** IT ALREADY HAS **
Good God, what planet do these dolts come from ??
“”As the economy recovers, I intend to take serious steps to reduce America’s long-term deficit,” he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. “Debt-driven growth cannot fuel America’s long-term prosperity.” “”
Always qualifying his statements - and IF the economy doesn’t recover, what then? Any plan B, you big doofus? Haven’t we been saying the same thing as his last sentence? GADS! It’s too scary to think too long and hard on what we have sitting in the WH!!!
So Obama is going to cut the budget by $1.4 trillion?
It already has, Moron.
It is way past time to stop, not one more penny!
If this isn’t out of control, I’d hate to see what is.
Ummm, a day late and $1.44 trillion short? Geeze, that horse left the barn in January. Perhaps earlier even.
Sounds like something someone with a drinking or gambling addiction would say. ‘I have it all under control. I can stop any time I want to....I just don’t want to right now.’
No - they see right through Obambi's charade.
How loud did Asia laugh?
Nope.
Hey Zero, the Chinese are not as stupid as the American public.
US borrowing won’t spiral out of control?? Earth to Comrade Zero : that horse has already fled the barn.
Exactly. And lying from this White House has spiraled out of control as well.
He speaks out of both sides of his mouth so often. It is becoming highly apparent he does not believe anyone will call him on his lies. What an ego!!
There, fixed it...
I am SO tired of “amatuer hour” in the oval office...
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