Posted tagged ‘US debt’

Obama Says US Debt Load Unsustainable

May 15, 2009

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.

Hillary Clinton: Human Rights a “Distraction”

March 1, 2009

hillary18US Secretary of State Hillary Clinton Sunday urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis.Clinton made the plea shortly before leaving China, the final stop on a four-nation Asian tour that also took her to Japan, Indonesia and South Korea, where she worked the crowds to try to restore America’s standing abroad.

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

“By continuing to support American Treasury instruments the Chinese are recognising our interconnection. We are truly going to rise or fall together,” Clinton said at the US embassy here.

Clinton had sought to focus on economic and environmental issues in Beijing, saying Washington’s concerns about the human rights situation in China should not be a distraction from those vital matters.

Continue reading

More on this at the Hot Air blog.