The US Government is broke but keeps on spending.
Team Obama is going to quadruple the national deficit this year- no thanks to George Bush.
Already the deficit for the year is 50% greater than expected.
The Washington Examiner reported, via Instapundit:
“Even today, with Obama just beginning to manage the government, Geithner’s Treasury department must offer higher interest rates on bonds it sells to finance planned deficits because bondholders worry about Washington’s future repayment ability if taxes are not soon hugely increased. But those increases would kill economic growth, sending government revenues spiraling downward and eventually leaving Washington only one choice – repudiation of debt or bankruptcy. Either way, American prosperity will be a distant memory for generations to come. Intervention cannot come too soon.”
