Quote For The Week
The government is going to have to get serious about reducing our debt levels.
-President Barack Obama to his Economic Recovery Advisory Board, headed by former Federal Reserve Chairman Paul Volcker, earlier today.
While Washington goofs off, we remain on-course for financial disaster. Keep in mind:
• The Treasury Department announced today it will need to borrow $276 billion in the current quarter. It’s projected the government will need to borrow $478 billion in the first quarter of next year.
• The deficit for the 2009 budget year, which ended on September 30, hit an all-time high of $1.42 trillion, the largest level as a share of the total economy since the end of World War II. The Obama administration estimates that deficits over the next decade will total $9 trillion.
• Congress is expected to boost the current $12.1 trillion debt ceiling by around $1 trillion later this month.
The time to get “serious” has already passed…
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