McClatchy: Obama says he'd stop adding to debt, but that's not true

Source: McClatchy Newspapers

President Barack Obama's claim Tuesday that his proposed budget would stop adding to the national debt is wrong — and is proved wrong in his own budget.

... However, his budget shows that the gross national debt would continue to rise every year under his proposal, almost doubling from $13.5 trillion last year to $26.3 trillion in fiscal 2021.

... Obama bases his claim on the notion that his budget would bring government spending — except for interest on the national debt — in line with government revenues by fiscal 2017, reaching what he and his aides call "primary balance." That's a new bit of budget jargon designed to mask how much the debt costs the government annually.

... He overlooks the fact that the government still would have to borrow to pay interest on the debt, much of it run up on his watch. Despite achieving "primary balance" in fiscal 2017, the government would have to borrow $627 billion to pay $627 billion in interest. Interest payments would rise annually through 2021.

Read more: http://www.mcclatchydc.com/2011/02/15/108796/obama-says-hed-stop-adding-to.html

we're fucked.

are out on their asses through no fault of their own. the center wants a jobs bill,they want our jobs back from overseas,and they want to move up in life. they were counting on obama in the last election but he`s failed. they won`t go with the republicans because they offer nothing.

what the center and the left is faced with is who will do the most harm to their family and friends. that is a hard question to answer.

the worst economy and jobs market (inherited) since the Great Depression, produce burgeoning budget deficits. So we are left to wonder what can be cut? :patriot: