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U.S. Treasury Says Debt Will Be Greater Than The Entire Economy This Year
Democrats' Endless Spending Moves Date Up Three Years
Sunday, June 05, 2011
This is simply another in a long list of reasons why any increase in the debt limit must be paired with significant spending reductions and real entitlement reforms. Independent economists have found that such high, sustained levels of debt relative to GDP could cost the country up to 1 million jobs. With the unemployment rate at 9.1 percent and close to 14 million Americans looking for work, it is time for President Obama to come forward with a serious proposal to get Washington’s spending under control.