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Obama’s spending plan will expand the deficit this year to about four times the previous record, and cause a $1.38 trillion shortfall in fiscal 2010. The U.S. will need to raise $3.25 trillion this year to finance its objectives, up from less than $1 trillion in 2008, according to Goldman Sachs Group Inc., one of 16 primary dealers of U.S. government securities that are obligated to bid at Treasury auctions.
Ten-year yields climbed from 5.2 percent in October 1993, about a year after Clinton was elected, to just over 8 percent in November 1994. Clinton then adopted policies to reduce the deficit, resulting in sustained economic growth that generated surpluses from his last four budgets and helped push the 10-year yield down to about 4 percent by November 1998.
***
The surpluses of the Clinton administration turned into record deficits as George W. Bush ramped up spending, including financing of the wars in Iraq and Afghanistan.
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Chinese Premier Wen Jiabao said in March that China was “worried” about its $767.9 billion investment and was looking for government assurances that the value of its holdings would be protected.
The nation bought $5.6 billion in bills and sold $964 million in U.S. notes and bonds in February, according to Treasury data released April 15. It was the first time since November that China purchased more securities due in a year or less than longer-maturity debt.
Treasury Secretary Timothy Geithner, who will travel to Beijing next week, will encourage China to boost domestic demand and maintain flexible markets, a Treasury spokesman said yesterday.
Obama spokesman Robert Gibbs said the president is confident that his budget and economic plans will cut the deficit and bring down the nation’s debt.
Translation: They know what they're doing, they are looking ahead, similar has happened before, and theyre doing what they can to get us out of this mess.
Last edited by delusianne; 05-29-2009 at 10:53 AM..
Reason: left out a whole section somehow.
The nation is already bankrupt and owned by the Chinese. Meanwhile Obama and company are out hob-nobbing with Hollywood giving speeches about how much progress has been made. Why not, Hollywood is the make believe world.
WTF is his definition of progress anyway??? One step closer to socialism???
So let's hear it from the liberal statist drones who have their blinders securely in place..... "Obama can do no wrong - he is the messiah"....
The nation is already bankrupt and owned by the Chinese. Meanwhile Obama and company are out hob-nobbing with Hollywood giving speeches about how much progress has been made. Why not, Hollywood is the make believe world.
WTF is his definition of progress anyway??? One step closer to socialism???
So let's hear it from the liberal statist drones who have their blinders securely in place..... "Obama can do no wrong - he is the messiah"....
Ten-year yields climbed from 5.2 percent in October 1993, about a year after Clinton was elected, to just over 8 percent in November 1994. Clinton then adopted policies to reduce the deficit, resulting in sustained economic growth that generated surpluses from his last four budgets and helped push the 10-year yield down to about 4 percent by November 1998.
***
The surpluses of the Clinton administration turned into record deficits as George W. Bush ramped up spending, including financing of the wars in Iraq and Afghanistan.
***
Chinese Premier Wen Jiabao said in March that China was “worried” about its $767.9 billion investment and was looking for government assurances that the value of its holdings would be protected.
The nation bought $5.6 billion in bills and sold $964 million in U.S. notes and bonds in February, according to Treasury data released April 15. It was the first time since November that China purchased more securities due in a year or less than longer-maturity debt.
Treasury Secretary Timothy Geithner, who will travel to Beijing next week, will encourage China to boost domestic demand and maintain flexible markets, a Treasury spokesman said yesterday.
Obama spokesman Robert Gibbs said the president is confident that his budget and economic plans will cut the deficit and bring down the nation’s debt.
Translation: They know what they're doing, they are looking ahead, similar has happened before, and theyre doing what they can to get us out of this mess.
Yes they will save us all. The economic turnaround will be because the government saved the economy. Not because most Americans are hardworking and persevere through any mess. America will turnaround despite the Government trying their best to screw us.
More likely from CNN (Commie News Network) or one of the other left wing statist propoganda outlets.
Keep those blinders fastened down tight little sheep......
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