CBO's Elmendorf: The U.S. is Entering Unfamiliar Territory
The Path is Unsustainable
According to the Congressional Budget Office (CBO) President Obama's proposed budget will add more than $9.7 Trillion to the national debt by 2020.
In fact, these shortfalls are so huge that they will force the U.S.to continue borrowing at these levels, pushing the national debt to 90 percent of U.S. GDP by 2020, the CBO said.
What's more, interest payments on the debt would also skyrocket by $800 billion over the same period as the Uncle Sam continues to mortgage the future.
"The U.S. is entering unfamiliar territory in its level of public debt," said CBO Chief Douglas Elmendorf recently.
"It will be larger over the next decade than it's been in half a century," Elmendorf continued, "The choice is not whether to change course from current policy but how quickly and in what way."
Meanwhile, the native are getting restless.
Here's one thing I do know—the status quo cannot possibly be maintained.
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