Senator Judd Gregg of NH, appearing on CNN this morning said Obama’s massive budget proposal will bankrupt the country:
Partial transcript via Gateway Pundit:
“Your listeners have to understand how staggering the numbers are. We’re talking about a deficit in the trillion-dollar range for as far as the eye can see. We’re talking about deficits which are 4% to 5% of GDP – which is not sustainable under any form of government. We’re talking about a public debt – this is a debt that people own of the federal government – that will be around 80% of GDP. Historically, it’s been around 40% of GDP in the out years. The practical implication of this is bankruptcy for the United States. There’s no other way around it.”
The CBO projected last week that Obama’s budget would produce a dismal 9.3 trillion in deficits over the next decade.
But Obama insisted on Friday that his agenda is still on track.
“What we will not cut are investments that will lead to real growth and prosperity over the long term,” Obama said. “That’s why our budget makes a historic commitment to comprehensive health care reform. That’s why it enhances America’s competitiveness by reducing our dependence on foreign oil and building a clean energy economy.”
Obama’s $3.6 trillion budget for the 2010 fiscal year beginning Oct. 1 contains ambitious programs to overhaul the U.S. health care system and initiate new “cap-and-trade” rules to combat global warming.
That’s an example of what pundits mean when they say Obama “can’t get the words to match the situation”.
60 Minutes reporter Steve Kroft incredulously asked Obama if he was “punch drunk” during their interview, as they were discussing the very dire state of the economy,and he kept giggling inappropriately.
What in the world is going on with him?
Powerline lists a few of the earmarks Dems think are worth risking financial ruin for.
For instance: Removing tattoos from gang members (California): $200,000.