President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall
Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period
Other policy changes, such as Obama's signature health-care initiative and a plan to dramatically expand the federal student loan program, would have significant effects on the budget, Elmendorf wrote, but they generally would be paid for and therefore would not drive deficits higher.
.... This must be the fault of George Bush....Add this on top of the Wars,Social Security and Medicaid and I would say we will be bankrupt by 2020. That might actually be the goal of the Government. Then the leftists will try to say look capitalism does not work and try to change the system. I really try to think if Obama really does not know what he is doing or is this their intention. Is the 16% un/under employed number going to be normal? Also today he has talked about now going for immigration reform. What will that cost us? No need to worry about illegals getting free healtcare if you legalize them.