Obama Promises Asian Creditors He Won't Let Borrowing Spiral Out of Control
Obama assured Asia today that US borrowing would not spiral out of control…
Just as soon as he passes his nationalized health care plan that will raise the costs of health care by $289 billion over the next 10 years.
Isn’t it a bit late for that?
Obama tripled the US deficit his first year in office. His October budget deficit was greater than Bush’s 2007 budget deficit for the entire year.
The Telegraph reported:
President Barack Obama has promised Asia’s creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.
“As the economy recovers, I intend to take serious steps to reduce America’s long-term deficit,” he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. “Debt-driven growth cannot fuel America’s long-term prosperity.”
The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.