Obamanomics 101: Borrowing to pay debt isn’t debt-debt
posted at 8:48 am on February 17, 2011 by Ed Morrissey
When does borrowing not create debt? Only in two instances: when one has no intention of paying it back, and when Barack Obama does it. Jake Tapper asked new White House press secretary Jay Carney exactly how borrowing over six hundred billion dollars in the best year of Obama’s ten-year budget projections (using the rosiest of all possible economic assumptions) somehow qualifies as (a) balanced spending and (b) not adding to the national debt. Carney explains how that works:
TAPPER: If I borrow money from you — to pay — to pay off the interest for -
CARNEY: You may owe me.
TAPPER: Ten-year rule. If I borrow money from you t
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