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CBO report: Debt will rise to 90% of GDP... What do you think?

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90% of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 4:53 PM on Mar. 27, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (13)
  • The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.


     

    grlygrlz2

    Answer by grlygrlz2 at 4:54 PM on Mar. 27, 2010

  • Hot damn! I thought they said Bush caused enormous debt.Obama has him beat by great leaps and bounds.
    Anonymous

    Answer by Anonymous at 4:58 PM on Mar. 27, 2010

  • I think the opponents of the health care bill warned of this over and over. You can have this huge new entitlement and it reduce the deficit. We learned that in 1st grade math. Now, we will owe the government $.90 of every dollar we earn. Thank you liberals. And, you have to pay it too. Liberals will not be exempt from paying "their fair share".
    jesse123456

    Answer by jesse123456 at 5:00 PM on Mar. 27, 2010

  • My thoughts are: "What the He#* are they thinking!?!?"
    Anonymous

    Answer by Anonymous at 5:01 PM on Mar. 27, 2010

  • They are thinking: "I own you"!


    wearing crown

    jesse123456

    Answer by jesse123456 at 5:08 PM on Mar. 27, 2010

  • If that bothers you, you should read this article ~ http://www.thedailycrux.com/content/3455/Porter_Stansberry .

    ""The bankruptcy of the United States is now certain ~ It's one of those numbers that's so unbelievable you have to actually think about it for a while... Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that's not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year?""

    We're about to be relegated to a tertiary status and not one government official has bothered to mention it. Most of them are spending money left and right.

    Me, I'm just glad we have a garden and critters capable of producing eggs, milk, and bacon. If you get FS now, you should really be thinking about how to eat without them.
    Farmlady09

    Answer by Farmlady09 at 5:17 PM on Mar. 27, 2010

  • Jimmy Carter billboard near Ennis, Texas

    LoriKeet

    Answer by LoriKeet at 5:28 PM on Mar. 27, 2010

  • ROFL Lori......... They have eveolved to "OMG even CARTER would be better than this Progressive Asshattery"

    grlygrlz2

    Answer by grlygrlz2 at 5:47 PM on Mar. 27, 2010

  • *evolved*.... going to put new batteries in my keyboard!

    grlygrlz2

    Answer by grlygrlz2 at 5:48 PM on Mar. 27, 2010

  • You know it's BAD when they feel even Carter would be an improvement lol
    tnmomofive

    Answer by tnmomofive at 5:50 PM on Mar. 27, 2010

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