Obama Condemns Obama's First 100 Days
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.”
The guy who supported TARP, who signed the non-stimulus, and the budget that quadrupled the deficit in ONE YEAR has come out against his own administration and his own party. He's probably just laying the foundations of an argument for massive tax increases. But who comes out and says that his own policies are unsustainable and will destroy the economy?