THE WASHINGTON TIMES
By Joseph Curl POLITICAL THEATER | Wednesday, June 10, 2009
"The 'pay as you go' rule is very simple," Mr. Obama read from his teleprompter to a happy crowd of Blue Dog Democrats. "Congress can only spend a dollar if it saves a dollar elsewhere. And this principle guides responsible families managing a budget."
Mr. Obama's proposed budget would produce a $1.85 trillion deficit this year, more that four times the previous record set just last year by President George W. Bush, and $1.3 trillion next year. Over the next decade, the plan would incur $11.6 trillion in deficits - doubling the national debt, according to the nonpartisan Congressional Budget Office.
Washington borrows roughly half of every dollar it spends and about 46 cents of every dollar pouring into the federal government goes out the door to pay for debt. And just like homeowners whose bad credit prevents them from borrowing money, the United States could lose its triple-A credit rating within the next 10 years, Moody's Investors Service said last month.
In addition, top Chinese bankers, who own billions of dollars in U.S. debt, this month said the U.S. government should start issuing bonds in yuan rather than dollars. In April, before the G-20 economic summit in London, the head of the People's Bank of China called for the yuan to replace the dollar as the international reserve currency. Throughout, the Chinese have begun to balk at buying more U.S. debt, unsure of its future worth.
So how's that Hope & Change working out for you....?
Maybe China will take on the USA at another province?