July 23, 2010

White House Predicts Record $1.47 Trillion Deficit - NYTimes.com

White House Predicts Record $1.47 Trillion Deficit - NYTimes.com

TeamObama is taking the country toward insolvency. This is insane policy. Inevitably rates must rise thereby increasing the interest payments on the $13 trillion debt. Otherwise no one will buy it. I think America's glass is half empty. We must reign in federal and state spending.

"New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends."
In this fiscal year through June 2010, interest costs are $354,861,738,070.57.
We are headed toward fiscal disaster without a recovery in the economy. We simply cannot continue to spend at this rate and remain solvent.

Vote for fiscal sanity in November.
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