Unbelievable~ Obama Says U.S. Long-Term Debt Load ‘Unsustainable’

Ok, this is RICH... Obama.. our president who has spent and spent more than any other president and seems intent on continuing to spend is now saying we can't have this debt because it is mortgaging our children's futures and will hurt our economy!!! Wait... this is what the Tea Party movement has been saying!! This is what CONSERVATIVES are saying!! They are saying it because they look at Obama's out of control spending and the massive debt he is wracking up and they can clearly see the BIG PROBLEMS on the horizon caused by this debt. Sooo now, Obama says it is unsustainable and a problem... but he keeps on spending. Does he want to destroy our nation???

Obama Says US Long-Term Debt Load 'Unsustainable'

By Roger Runningen and Hans Nichols

May 14 (Bloomberg) -- President Barack Obama calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“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.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.