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Obama Says U.S. Long-Term Debt Load ‘Unsustainable’

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.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

The president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare and said he was confident that the House and Senate would pass health-care overhaul bills b

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Added: May-14-2009 Occurred On: May-14-2009
By: stranger2ooo
In:
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Tags: obama, us, long, term, debt, load, unsustainable, tea, party, protests, duh!!!
Views: 7707 | Comments: 19 | Votes: 1 | Favorites: 1 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • Hummm,maybe he shouldn't have just spent trillions of dollars then huh.

    Posted May-14-2009 By 

    (4) | Report

  • Comment of user 'rclark951' has been deleted by author (after account deletion)!
  • I love this guy.
    He fucks up royally then blames every one else.

    You have to admire his nerve.

    Posted May-14-2009 By 

    (4) | Report

  • And now Biden is promising school kids their college will be paid for. Send the bill to lasrever and the other loon intellegencer.

    Posted May-14-2009 By 

    (3) | Report

  • %u201CWe can%u2019t keep on just borrowing from China,%u201D Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. %u201CWe have to pay interest on that debt, and that mea More..ns we are mortgaging our children%u2019s future with more and more debt.%u201D

    Does this qualify Obama as teabagger after all? Maybe even part of the rising domestic extremist terrorist...?

    Posted May-14-2009 By 

    (2) | Report

  • It's only a matter of time...

    Monster interest rates.
    Inflation
    Growing Permanent Underclass

    Posted May-14-2009 By 

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  • Comment of user 'rclark951' has been deleted by author (after account deletion)!
  • move your money offshore....

    Posted May-14-2009 By 

    (1) | Report

  • yea no shit dickhead, thanks for tripling the debt in 100 days...that it took bush and the cons 8 YEARS to create.

    fucking moron...

    Posted May-14-2009 By 

    (0) | Report

  • Comment of user 'rclark951' has been deleted by author (after account deletion)!
  • both occupations are unsustainable

    bring the troops home

    Posted May-14-2009 By 

    (-3) | Report