We can’t keep on just borrowing from China

Obama said WHAT?! In New Mexico today he called the current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries. He even had the nerve to say this (from Bloomberg):

“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.”

He also did his usual whining in New Mexico as well:

“When Congress included in last year’s budget a whole bunch of earmarks, you remember there was a week worth of stories about how terrible these earmarks were,” the president recounted. “You remember this…a week’s worth of stories: ‘Oh, these earmarks, this is what’s blowing up the deficit, this is terrible,’ blah, blah, blah.”

Continued the president: “And yet, as I said before, that was less than 1 percent of that entire budget that had been signed. When we find $17 billion worth of cuts in programs, what do the same folks say? They say, ‘Oh, that’s nothing.’…That’s not significant. That’s not important.’

“Well, you can’t have it both ways,” the president said. “If those earmarks were important, then this money is important, too.”

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May 14, 2009 · Filed Under Barack HUSSEIN Obama


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