WASHINGTON (Reuters) – President Barack Obama said on Tuesday that worrying about the U.S. government’s finances “keeps me awake at night” and the country needed to start planning now to tackle soaring deficits.
In a pair of interviews on CNBC and Bloomberg television, Obama defended increasing government spending to prevent the recession from worsening, and warned the unemployment rate may hit 10 percent this year, a level not seen since 1983.
“There’s no doubt that we’ve got a serious problem in terms of our long-term deficits and debt,” he told CNBC. “I make no apologies for having acted short term to deal with our recession.”
But he said once the recession ends, “we’re going to have to close that gap between the amount of money coming in and the amount of money going out.” (more…)
If Obama wants a good night sleep, stop outspending every US President in history.
His spending has gone to two main destinations: Government and failing US companies. Neither did anything to help the economy.
He is currently pushing for a health care plan that will only cover 1/3 of uninsured Americans IN TEN YEARS. Yet he believes that his health care medicine show is worth devaluing the dollar further and making us more dependent on countries like China (btw, if you don’t think that their are no concessions being made with China keeping them from calling in their credit, you are out in space without a rocket).
“We’re” means YOU.
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