Obama's Promise On Debt Reduction!

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Obama's Promise On Debt Reduction!

Post by Admin on Fri Aug 05, 2011 9:41 am

“In the short term, Democrats and Republicans now agree we’ve got to reduce the debt by about $4 trillion over the next 10 years. And I know that sounds like a lot of money — it is. But it’s doable if we do it in a balanced way.” Barack Hussein Obama

That’s actually wrong on three counts. First, Obama’s plan doesn’t reduce the national debt at all. It reduces by $4 trillion dollars the amount that Obama originally promised to add to the debt through deficit spending in his earlier budget projections. Obama’s plan adds at least $7 trillion to the national debt by its end, with projections rapidly increasing thereafter. Secondly, Republicans have a plan to cut deficit spending — not debt in the short term — by over $6 trillion, using the far less rosy baseline figures of the CBO over the Pollyannaish predictions of growth coming from the OMB.Source/More Here.


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