Tony Perkins Washington Update
While President Obama tries to clamp down on credit card companies for hiking the rates on consumers the latest figures suggest that the administration is busily raising its fees on you and me. Under todays deficit projections which are up $89 billion from the White Houses original estimates the government will have to borrow almost half--46 cents--of every dollar it spends this year.
As a result the U.S. debt which clocked in this morning at an astronomical $11272897541856.93 is expected to grow even faster than experts predicted. By the end of 2009 Americans will face a deficit that accounts for 12.9 of the GDP. And considering this administrations aggressive agenda this credit card spending spree shows no sign of stopping.
With an unprecedented $3.6 trillion budget plan on the table Americans are on the hook for 10-year deficits of $9.27 trillion that cannot be blamed on President Bush. While he did inherit a mountain of debt President Obamas appetite for government expansion is pushing taxpayers to the brink. On his watch Congress has put taxpayers on the hook for bailing out Wall Street spending billions in economic stimulus and carrying a back-breaking budget.
Earlier this month the administration put up a facade of restraint by cutting $17 billion from next years budget but to most the gesture was laughable. Even USA Today pointed out that its the equivalent of cutting a $100 grocery bill by returning a 50-cent pack of gum. Despite the deficit President Obama is putting his foot on the accelerator of a massive health care overhaul. The spending and proposed spending are beyond irresponsible; theyre endangering our economy and mortgaging our future in exchange for political porridge.
Additional Resources
Associated Press: White House: Budget deficit to top $1.8 trillion
