Obama Says US Debt Load Unsustainable

000-0404012252From Bloomberg:

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Now he figures it out? Now? After tripling the deficit, spending billions trillions on bailouts and “stimulus” that achieved pretty much nothing and continuing the biggest federal power grab in history? Riiiiiight….

There is one way Obama can prove he believes even one word of what he said yesterday – cancel all the new spending in his 2010 budget that we cannot afford. If he would restrict the federal government to spending only the money it actually has, I would believe he has seen the light.

 I won’t be holding my breath.

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