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Uh, Obama? We Have a Problem: Interest Expense to Hit $1 Trillion in 4 Years

arpiem Wrote: Feb 06, 2013 10:48 AM
This is liberal smoke and mirrors. Largest percentage increase? If the debt is ten dollars and it increases to twenty dollars, it's a large percentage increase, but not the largest increase. Nope, obama holds that record, trumping all other presidents combined. Bush? The deficit decreased to $162 billion, until the Democrats took over Congress, and it jumped to $455 billion. The first year of obama it skyrocketed to $1.4 TRILLION. Clinton had nothing. The Republican Congress did and clinton just signed off on it. A surplus by taking items off budget? Right.

I hate to interrupt Obama’s “We Don’t Have a Spending Problem” World Tour. But reality intervened on Tuesday as the Congressional Budget Office released a report that says that the budget deficit will grow through 2023 and “will eventually require the government to raise taxes, reduce benefits and services, or undertake some combination of those two actions,” reports CBSNews- and all of that just to cover interest payments.

“In its annual Budget and Economic Outlook,” writes CBSNews, “the CBO said debt held by the public will be bigger by 2023 than in any year since...

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